Bean option recap from Jon Karmin

Classic blow off the top action yesterday in SN.  The slate has been wiped clean.  The only traders left in SN and SN/SX are ones with very strong stomachs.  The highs are in for time being.  We could take another run up higher but I don’t believe it will be until we get near first notice or into delivery.  The violent break I spoke of earlier in the week and we experienced yesterday may only be the first leg of more violent swings to come over the next 6 weeks in SN.  Vol was off early and firmed as traders evened up before the holiday weekend.  SN 23 up .5 after down as much as .75.  SX vol 20 up .5.

Straddles

SN 1480 76-78

SX 1240 127-130

Have a safe holiday!

ABN Sold 1200 jul 1500/1540 call spds 12.75-13 old 250 Nov 1400 Calls 29.5 db

Bunge Sold 300 SDFN 1220 Puts 15

Tenco bot 500 jul 1380 Puts 7.75/ Bot 75 Jul futures 1480

Tenco sold 250 Nov 1000/1100 Call spds 88.625 credit

Tenco bot 250 Nov 1240/1100 Puts spds / Sold 250 Nov 1400 Calls 29.5 db

Bunge Sold 300 SDFU 1200 Puts 31

Bunge Sold 200 N/X CSO 150 Calls 91

ADM Bot 250 jul 1500 puts 51-52.5

ADM Sold 250 june 1470 puts 3-3.75

JP Morgan Bot 250 jul 1460 puts/ Sold 250 Jul 1500 calls even

JP Morgan Sold 1000 Jul 1540 Calls 15-15.25/ Bot 270 jul futures 1475

Bunge Bot 500 Nov 1200/1100 Put spds 27.5 db

Straddles>  Jul 1480  76-78/ Nov 1240 127-130

VOLS> July 23 up .5/ Nov 20 up .5

Jon Karmin and Jeff Pogonitz Brokerage