Morning bean option comment

The order flow on the globex was modest for a good chunk of the overnight session until business picked over the last hour. So far, 68% of the activity has come in K. Front month vol has popped .7% as a result of 350 ATM puts, along with over 1K units between 1380 and 1400 calls being bought on the screen. May vol has had a decent range week on week as it has traded back and forth from 15.7% after the report last Friday, all the way up to where it is currently at 17.1%. Outside of the spot contract, the other months have been rather quiet. On the back end of the curve, there has continued to be X call buying as another 300 contracts were purchased in the 1500 line, bringing the total to 1,500 since the last hour of yesterday’s session. Currently, K is up .7 to 17.1%, M up .2 to 16.9%, N up .2 to 17.4%, Q up .2 to 19.4%, U up .1 to 20.1%, X up .2 to 20.4%, F up .1 to 19.6%, H up .1 to 19.5%, and K unchanged at 19.3%.

Good morning…..Soybean straddles
K 1360 45-46 1/2 IV 17.1%
M 1340 66-68 IV 16.9%
N 1340 84 1/2-87 IV 17.3%
Q 1320 112-115 IV 19.4%
U 1260 124-127 IV 20.1%
X 1220 146 1/2-149 1/2 IV 20.3%
F 1240 163-167 IV 19.6%
H 1240 177 1/2-181 1/2 IV 19.5%
K 1240 187-192 IV 19.3%

– Macquarie Trader