Bean Option Recap From Jon Karmin

Beans traded higher today as it was learned from COT that there are significant shorts in the market (surprise!).  We traded up to the gap left in mid-August in SX of 1037-1037.75 where the market met some resistance.  It was a perfect technical move and only exceeded the gap by .25 cents before we broke back to modestly higher for the day.  We had to run out some shorts before this market goes lower.  Without one weather related rally the shorts have experienced very little pain during the break this summer and one thing I’ve learned over the years is there is very seldom easy money in this business.  SV vol 18.5 up .5, SX 19 unch, SF 18.25 down .25, SH vol 18.25 down .25.

 

Straddles

 

SV 1030 39-40

SX 1030 58.5-59.5

SF 1040 84.5-86

SH 1040 104-106

 

FI Sold 500 Nov 1060/1000 Put spds 28.75 credit

Obrien Sold 1600 Nov 1000 Puts/ Sold 1600 Nov 1060 Calls 34.5 credit

Jefferies Bot 1000 Nov 1020/970 Put Spds 14.875 db/ Bot 220 Nov futures 1032

Obrien Bot 500 Nov 1000 Puts 16.5/ Bot 140 Nov futures 1034

ICAP Bot 200 Nov 1020/990 Put spds 9.75 db

Obrien Sold 350 Nov 1000 Straddles 67.25-67.5

Rosenthal Bot 500 Nov 1050 Calls 23-23.25

Obrien Sold 200Nov 870 Puts .875

Obrien Bot 200 Nov 1100 Puts 72.25/ Bot 160 Nov futures 1035

ADM Bot 1000 Oct 1050 Calls 13-13.5

Macquarie Bot 500 Oct 1020 Puts 13.25-14.75/ Bot 210 Nov futures 1031-1036

ADM Sold 300 Oct 1020 Straddles 40.5

 

Jon Karmin (JSK)/Jeff Pogonitz (POG) Brokerage

 

Data source: Jon Karmin and Jeff Pogonitz bean option brokers