Bean Option Recap

Funds continued to pile on their longs in grains and cereals.  I’m hearing fund managers believe the weather problems in 3 out of the past 4 years will again surface this summer and no one wants to miss it.  For example, fund corn positions went from short 50K just a couple of months ago to long 250K currently on not much news and corn rallied $1.00.  Just think what will happen if we get a normal weather pattern.  Funds could actually flip their corn position.  Don’t get complacent.  I believe we will see some major swings this summer.  Bean vol was firm.  SK 21 up 1, SN 22.875 up .625, SN 22.375 up .125, SX 20375 unch.”

 

Straddles

 

SK 1480 44.5-46

SM 1460 88-90

SN 1460 112-115

SX 1220 143-145

 

ADM Bot 200 May 1500 Calls 8.75-9.375

ABN Bot 1200 Jul 1400/1300 Put spds 23-23.75 db

JP Morgan Sold 300 Jul 1500 Calls 37-38.25

JP Morgan Sold 200 Nov 1420 Calls 17.75

FI Sold 500 June 1500 Calls/ Bot 500 May 1500 Calls 17 credit

GFI Bot 1100 Nov 1160/1100 Put spds 19.375-19.75 db

Obrien Bot 500 Jul1 520/1620 Call spds 20 db

Obrien Bot 300 May 1490 Calls 13.5

Rosenthal Bot 200 May 1480 Calls 18

ADM Bot 500 May 1550 Calls 2

Rosenthal Sold 200 WK3 1480 Calls 7.5

GFI Bot 500 Jul 1500/1520 call spds 6.5 db

Rosenthal Bot 800 May 1500 Calls 10-11.25

Obrien Sold 300 May 1400 Puts 3

ABN Bot 400 Jul 1550 Calls/ Sold 400 May 1500 Calls 14-15 db

EDF Sold 500 May 1360 Puts .75

Rosenthal Bot 500 May 1470 Puts 19.5-20

 

Jon Karmin and Jeff Pogonitz Brokerage

 

 

Data source: Jon Karmin (JSK) and Jeff Pogonitz (POG)