Bean Option Recap From Jon Karmin

I was out yesterday but this bean market continues its very orderly break.  I believe we will look back at this break from the highs and scratch our heads that more of us did not see it coming.  I’ve been looking for something to write about something that is even mildly bullish for the past two months but I couldn’t come up with anything other than short covering rallies.  The technical traders should have made money (using gaps, supports, resistance), the fundamentalists should have seen it (trading demand and weather), and option traders should have had a good year(plenty of cheap opportunities to capture moves).  However, I’m not seeing anyone doing cartwheels so it’s a pretty good guess that opportunities were missed.  Vol was firm on trading at contract lows. I can’t imagine vol will ease too much before the report next Thursday.  SV vol 20.75 up 1.75, SX vol 20.5 up 1.25, SF vol 19.25 up .5, SH vol 19 up .375.

 

Straddles

SV 1000 41-43

SX 1000 61-62

SF 1020 86-87.5

SH 1020 105-107

 

Jefferies Sold 250 Nov 1020/1040 Call spds 8.125 credit

Obrien Sold 200 Oct 1050 Puts 43.75

Obrien Bot 300 Oct 1080/1100 Call spds 1 db

ADM Bot 800 Nov 1160 Calls 1.625

ABN Bot 1250 Nov 960/920 Put spds 6.875-7.75 db

ADM Sold 350 Oct 1000 Straddles/ Bot 350 Oct 1020 Straddles .5 credit

ADM Sold 200 Oct 1020 Calls 15.875

ADM Sold 400 Jan 1000Calls 49.25-52.5

DRAX Sold 200 nov 1060 Puts 63.25

ABN Sold 1000 Nov 1030 Calls 18.25-19.25

ABN Bot 250 Nov 1080 Puts 80.5

ABN Sold 2000 Nov 1060/1100 Call spds 6 credit

Rand Bot 2500 Oct 1030 Calls 10.5/ Sold 800 Nov futures 1006.5

EDF Sold 200 Nov 1040/980 Put spds 29.75 credit

JP Morgan Bot 1000 Nov 920 Puts 5.875/ Bot 120 Nov futures 1005

ADM Sold 500 Mch 1100/1020 Put spds 48.25-49 credit

ABN Bot 300 Nov 920 Puts/ Sold 300 Nov 1100 calls 1.5 db

Macquarie Bot 700 Nov 980 Puts/ Sold 350 Nov 1020 Puts 1.375 db

Cunningham Bot 250 Nov15  1200 Calls 18

Macquarie Bot 1000 Nov 980 Puts / Sold 500 Nov 1010 Puts 7 db

ABN Sold 500 Nov 1060 Calls 10.375

ICAP Bot 1400 Nov 980 Puts/ Sold 700 Nov 1010 Puts 6.75 db

Tenco Bot 1500 Oct 980 Puts 11.5-12

ADM Sold 300 Nov 960 Puts 13.25-13.375

ICAP Sold 1000 Nov 1000 Puts 29-29.25/ Sold 420 Nov futures 1003.5

FI Sold 500 Jan 960 Straddles/ Bot 500 Jan 980 Straddles 6 credit

JP Morgan Bot 300 Oct 1060 Calls 4.125/ Sold 40 Nov futures 1005

 

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

 

Data source: Jon Karmin and Jeff Pogonitz bean option brokers