Morning bean option comment

Decent volume overnight on globex as 2,800 contracts traded by 745am.  Vol slightly firmed up across the board, as it mirrored the rally in the flat price. A majority of the volume so far has come in the front month.  After trading on its highs at 16.7%, K has since softened .2% as 300 were sold on globex.  On the back end of the curve, there were customers looking for some downside coverage as they purchased 250 1000 puts. Before the halt in trading, K was up .1 to 16.5%, M up .1 to 17.9%, N unchanged at 18.6%, Q unchanged at 20.2%, U up .1 to 20.4%, X up .3 to 20.6%, F unchanged at 19.4%, H up .2 to 19.5%, K up .3 to 19.3%, and N unchanged at 19.2.

Soybean straddles

K 1410  32-33 1/2                          IV 16.7%

M 1360  63-65                                IV 18%

N 1360  86-88 1/2                          IV 18.7%

Q 1320  111-113 1/2                      IV 20.2%

U 1260  121-124                             IV 20.5%

X 1200  141-143 1/2                       IV 20.5%

F 1220  156-160                              IV 19.5%

H 1220  172-176 1/2                       IV 19.5%

K 1220  181 1/2-186 1/2                 IV 19.3%

N 1240  194-200                              IV 19.2%

          Macquarie trader