Bean Option Recap From Jon Karmin

The march continues south.  The USDA numbers confirmed what everyone already knew.  This crop is big and getting bigger. The charts are decimated and I don’t see anyone picking a bottom yet.  Some of the smart shorts have taken a little off the table by moving their put strikes lower and still maintain a short position.  We had a little short covering rally on the close with some of the weaker shorts getting out but I believe the fundamentals are too compellingly negative for beans to rally very much.  As often is the case vol took it on the chin after the report and particularly after the market bottomed out for the time being.  SV vol 20 down 2, SX vol 20 down .5, SF vol 19 down .25, SH vol 19 down .25.

 

Straddles

SV 980 32-34

SX 980 55-56.5

SF 980 80-82

SH 980 99-101

 

Rosenthal Bot 250 Oct 1000 Calls 14-15.5

Bunge Bot 500 WK2 980 Puts 7.5-7.75

JP Morgan Sold 250 May 1320 Calls/ bot 250 Jul 1320 Calls 1.25-1.375 db

DRAX Sold 1000 Jan 1000/980 Put spds 9 credit/ Sold 80 Jan Fututres 997

DRAX Sold 1000 Jan 1000 Puts/ bot 1500 Jan 960 Puts 3.5 credit

Marex Bot 850 Nov 960 Puts/ Sold 850 Oct 960 Puts 8.5 db

FC Stone Sold 300 May 1020 Straddles 111

Bunge Bot 300 Nov 920 Puts/ SOls 300 Nov 1060 Calls 3 credit// Bot 100 Nov futures 994.5

Obrien Sold 1500 Jan 980 Puts/ Bot 3000 Jan 900 Puts 11.5-13.5 credit

Rosenthal Bot 300 Nov 910 Puts 5.875

Obrien Sold 500 Nov 1000/960 Put spds 17.5 credit

Macquarie Bot 1000 Oct 1090 Calls .875

FI Sold 200 Oct 1020 Calls 7.5-7.625

Macquarie Sold 300 Jan 1000 Straddles 81.5

Jefferies Sold 2000 Nov 950 Puts 15.5-16/ Sold 680 Nov futures 977

ADM Sold 200 Jan 1000 Calls 31.25-31.5

ABN Sold 200 Nov 1010/1050 Call spds 7.75 credit

ADM Bot 500 Oct 1020/970 Puts spds 35-36.5 db

Marex Sold 200 Nov 960 Puts./ Bot 200 Oct 960 Puts 10.5 credit

ABN Bot 1000 Nov 1100 calls 1.5

Jefferies Sold 300 Nov 980/1020 call spds 14.625 credit

Bunge Sold 1500 Jul 880 Puts 18-18.5

Macquarie Bot 300 Nov 990 Puts 36.75/ Bot 180 Nov futures 972

ICAP Bot 500 Oct 950 Puts/ Sold 1000 Oct 920 Puts/ Bot 500 Oct 890 Puts 3.5 db

Bunge Bot 200 Nov 920 Puts/ Sold 200 Nov 1060 calls 5.5 db/ Bot 59 Nov futures 974

Obrien Bot 200 May 1220 Calls 4.25

Rosenthal Bot 1000 Oct 1000/1020 call spds 3.75 db

Obrien Bot 200 Nov 1000 Calls 16.25-16.5

FI Sold 200 Nov 1060/1000 Put spds 47.25 credit

Obrien Sold 1800 Jan 980 Puts/ Bot 3600 jan 920 Puts 4 credit

MAREX Bot 7000 Nov 1000/960 Put spds / Sold 3500 Nov 1060/1020 Put spds 8.5 db

Obrien Sold 650 Nov 1000/950 Put spds 24.375 credit

Macquarie Bot 500 Nov 1000 Calls 16.5/ Sold 185 Nov futures 976

ICAP Sold 1000 Nov 1000/970 Put spds 16.5 credit/ Sold 180 Nov futures 976

Obrien ?(hse 684 TJM) Bot 500 Nov 1000 Calls 17.5-18.5

 

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

 

Data source: Jon Karmin and Jeff Pogonitz bean option brokers