Bean Option recap From Jon Karmin

Very interesting day on the grain floor.  We had what felt like a capitulation in Dec meal.  Meal made new highs for the move and closed lower.  It was not quite a key reversal but when a market is squeezed there is very often a very small window to exit on the way down.  I feel we are passing through that window now but there are some fundamental reasons for the meal rally so time will tell.  Meal has been the leader and really the primary factor in my opinion on why beans and corn have rallied the past couple of weeks.  If meal does indeed fail it will be a take no prisoners for the rest of the grain markets on the way down.  SZ vol 24.25 up 1.75, SF vol 22.75 up 1, SH vol 21.875 up .375.

 

Straddles

SZ 960 54-56

SF 970 74-76

SH 980 99-100

 

Jefferies Bot 400 Jan 1080/1040 Put spds 32.5 db

Jefferies Bot 200 Jan 1060 Puts 84.75/ Bot 200 Nov futures 980

Macquarie Bot 300 Nov 980 Calls 9/ Sold 141 Nov futures 978

Macquarie Sold 1000 SDFH 920 Puts 5.5-5.75

DRAX Bot 500 Jan 1000/1050 call spds 16.5 db/ Sold 110 Jan futures 985

Jefferies Bot 500 March 1000 Calls 43.75

Macquarie Bot 300 Jan 1000 calls 28.375/ Sold 132 Jan futures 981

Rosenthal Bot 200 Nov 970/950 Put spds 5 db

Macquarie Bot 1500 Nov 980 Calls 7-7.5

FC Stone Sold 500 Nov 970/980 Call spds 5.25-5.375/ Bot 80 Nov futures 976

Rosenthal Bot 800 Jul 940 Puts 40.5-42.75

Macquarie Bot 400 Jan 960 Puts 28/ Bot 160 Jan futures 981

Rand Bot 500 Nov 1000 Calls 2.125-2.25

ADM Bot 300 Nov 960 Calls 21-21.5

ADM Bot 400 Jan 1000/1040 Call spds 14.25 db

Macquarie Bot 500 Jan 1000 Calls 29

ABN Sold 2000 March 1060 Calls/ Bot 2000 Jan 1040 Calls 6.625-6.75 credit

JP Morgan Sold 1500 Jan 860 Puts 5.625-5.75/ Sold 150 Jan futures 980

FI Bot 250 NOV15  900/800 Put spds 24.5 db

ICAP Bot 500 Jan 1000/1040 Call spds 14 db

DRAX Bot 800 March 1000/1060 call spds 21.875-22 db/ Sold 160 March futures 988

ADM Bot 200 Nov 950/930 Put spds 2 db

DRAX Sold 500 Jan 1000 Calls 28

Macquarie Sold 200 May 1000/1080 Call spds 29.625 credit/ Bot 40 May futures 996

JP Morgan Bot 200 March 1200 Calls 4

EDF Sold 400 Jan  890/940 Call spds 36-36.5 credit

 

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

 

Data source: Jon Karmin and Jeff Pogonitz bean option brokers