Bean Option Recap From Jon Karmin

We go as the meal goes.  It is pure and simple.  The shorts in this market have taken it on the chin.  With an enormous crop coming in but slightly later than expected we had a near perfect squeeze where processors cannot fill the meal pipeline demands.  Every trader of any worth that I’ve been talking to did not see this coming and that’s probably exactly why it did.  The record shorts could only take so much pain and the squeeze was executed to perfection.  It will be very interesting to see how the market reacts when pipeline demands are met in the very near future.  SZ vol 25.5 up 1.25, SF vol 23.5 up .75,

SH vol 23.5 up .75, SX15 vol 19.375 up .5.

 

Straddles

SZ 1000 57-59

SF 1000 78.5-80

SH 1000 103-105

SX15 980 148-150

 

Macquarie Bot 1000 Nov 960 Puts 6.25/ Bot 370 Nov futures 967

Macquarie Bot 200 Nov 930 Puts 1.125/ Bot 12 Nov futures 967

DRAX Sold 250 Jan 1000/1050 Call spds 14.625 credit/ Bot 50 Jan futures 975

Obrien Bot 300 May 1060 Calls 31-31.5

Macquarie Bot 500 Jan 940/900 Put spds 11.25 db / Bot 70 jan futures 972

Obrien Bot 200 Jul 1100 Calls 29.25

Obrien Sold 250 Jan 1050 Calls 12.125

Obrien Sold 500 Dec 1000 Calls 17.375-18

Obrien Bot 250 May 1060 Calls/ Sold 250 Jan 1050 Calls 19.75 db

TJM Sold 300 Nov 960 puts 3

ABN Bot 800 Jan 1000 Calls 28.5-28.75

ABN Sold 250 Jan 980 Straddles 75

ABN Bot 2000 Nov 1000 Puts 24.125-24.25/ Bot 1760 Nov futures 977

DRAX Sold 750 Dec 920 puts/ Sold 750 Dec 1020 Calls 20-22.5 credit

Obrien Bot 200 Dec 920 Puts 7.75/ Bot 32 Jan futures 982

Rosenthal Sold 400 Jul 940 Puts 39

ABN Bot 500 Jan 940 Puts/ Sold 1000 Jan 900 Puts .75 credit/ Sold 25 Jan futures 983

TJM Sold 400 Nov 940 calls 40.5/ Bot 386 Nov futures 980

FI Bot 1000 Nov15  800 Puts 13.25-13.5/ Bot 120 Nov15 futures 986

Obrien Sold 200 Jan 900 Puts 12.375/ Sold 36 Jan futures 976

Jefferies Sold 500 Jan 1060 Calls 13

ADM Bot 1000 Jan 900/870 Put spds 4.375-4.5 db

JP Morgan Bot 1000 Jul 1180 calls 17.125-18

Mizuho Sold 1250 Nov 1000 Calls 2.25-5

ICAP Bot 500 Jan 960 Puts 24.75-25

Jefferies Bot 200 Mch 1040 Puts 75/ Bot 200 Mch futures 999

ABN Bot 500 Jan 1010 Calls/ Sold 500 Jan 970 Puts 1.5 db

Goldenberg Bot 200 Mch 1040 Puts 76/ Bot 200 Mch futures 997

Jefferies Bot 200 Mch 1100 Puts 115.5/ Bot 200 Mch futures 1003

Jefferies Bot 500 Mch 1040 Calls 35.5-36

Jefferies Bot 200 Mch 1080 Puts 100/ Bot 200 Mch futures 1003

EDF Bot 200 Dec 940 calls/ Sold 200 Jan 1000 Calls 29 db

ABN Bot 700 Jan 1020 calls/ Sold 700 Jan 980 Puts even

Obrien Bot 750 Nov 1000 Puts 12-12.5

 

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

 

Data source: Jon Karmin and Jeff Pogonitz bean option brokers