Bean Option Recap

Beans traded all over the map today but the story after the report which was true with corn as well were spreads.  In beans SN had a stellar performance and was up sharply while SX was basically unchanged.  Funds processed the number and then decided to add to their length which resides in old crop.  With the report behind us we will now trade weather which as far as I’m concerned is not a story.  Projected La Nina will give us a beneficial weather pattern for the next few months which will open up significant downside to new crop corn and beans.  Time will tell.  Vol was firm early but came off after the report up front and saw some firmness in back with SX put buying.

Sm vol 17.5 down 1.25, SN vol 18.25 down .375, SQ 20.5 down .125, SX 20.75 down .25.

 

Straddles

SM 1490 42-44

SN 1490 74-76

SQ 1420 106-108

SX 1220 136-138

 

JP Morgan Bot 300 Jul 1500/1600 Call spds 20 db

JP Morgan Bot 300 Jul 1500/1600 Call spds 19.125 db/ Sold 84 Jul futures 1466

JP Morgan Bot 300 Jul 1500/1600 Call spds 18.5 db/ Sold 57 Jul futures 1464

Bache Bot 200 Jan 1160 Puts/ Sold 400 Jan 1080 Puts 1 db

Fimat Bot 450 June 1450 Puts/ Sold 450 Jul 1450 Puts 14 credit

EDF Bot 500 SDFN 1210 Puts 20-21.5

ADM Bot 200 June 1460 puts 21.5/ Bot 200 Jul futures 1464

ABN Bot 1500 Jul 1300 Puts 2.125-2.25/ Bot 70 Jul futures 1464

ADM Bot 200 Jul 1460 Puts 36

Rosenthal Bot 200 WK2 1450 Puts 2

ABN Sold 500 Jul 1500/1600 Call spds 19.125 credit/ Bot 140 Jul futures 1470

FI Sold 200 Nov 1240/1180 Put spds 39.25 credit

ADM Bot 200 Nov 1220 Straddles 134

ADM Sold 300 Jul 1450 Puts 22.25-22.75

ADM Bot 250 Nov 1220 Puts/ Sold 250 Aug 1420 Puts 13 db

GFI Bot 500 Nov 1160 Puts 40.25-41

FI Bot 200 Aug 1550 Calls 14.75

JP Morgan Bot 200 Jul 1520 Calls 22.75/ Sold 76 Jul futures 1487

EDF Bot 500 Jul 1600 Calls 6.375-6.5

EDF Bot 200 Jul 1500 Calls 31.25-32

ADM Bot 500 June 1460/1420 Put spds 7.5 db

JP Morgan Bot 200 Jul 1400 Puts/ Bot 200 Jul 1600 calls 15.5 db

 

Jon Karmin and Jeff Pogonitz Brokerage

 

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