Bean Option Recap From Jon Karmin

Meal pipeline is flush, bean price support levels decimated, 450 M carry out…bulls have very little to hang on to.  If we go back to commentary and $9 beans only 60 days ago very little has changed fundamentally to the bean market except that we rallied $1.80 off the lows and are still $1 above that level.  I believe a very dangerous complacency has settled into this market and those whom don’t respect the downside will be punished severely much as the disrespecting shorts were punished on the way up.  We may see a flight to cash(longs getting out)  after the debacle in crude.  We settled SF with a 9 handle for the first time since October and it is not beyond the realm of possibility that we will not see a $10 handle close in SF for the foreseeable future.  Vol was soft.  SF vol 20.625 down 1, SG vol 21.125 down .375, SH vol 21.125 down .625, SX vol 19.25 down .375.

 

Straddles

SF 1000 42.5-43.5

SG 1000 64-65.5

SH 1000 79-81

SX 980 141-144

 

ABN Bot 400 May 1100 Calls/ Bot 600 March 960 puts 110-110.5 db

Mizuho Sold 1000 March 1020 Straddles 82.25-83

ICAP Sold 500 May 980/900 Put spds 21.75 credit

ABN Bot 2000 March 1020 puts/ Sold 2000 Jan 1020 Puts 16.25-16.375 db/ Bot 920 March futures 1024/ Sold 1040 Jan futures 1018

Rosenthal Bot 200 Jan 980/960 Put spds 4.5 db

ICAP Sold 650 Jul 1100/1140 Call spds 10.125 credit

Mizuho Sold 1000 March 1010 Straddles 81.25-81.5

ADM Sold 400 March 1040 Calls 24-28.5

Rand Bot 1000 Jan 970 Puts 9.5-9.75

ADM Bot 200 March 1000/950 Put spds 18 db

Macquarie Bot 500 Jul 1000/940 Put spds 23-23.75 db

Mizuho Sold 750 March 1000 Puts 34-35.5

Rosenthal Bot 500 Jan 990 Puts 15.25-15.5

Rosenthal Bot 200 SDFF 980/960 Put spds 7 db

DRAX Bot 1000 Jan 980/930 Put spds 8.75-9.25 db

Obrien Bot 300 May 1060/1140 Call spds/ Sold 300 May 940 Puts 2 credit

Rand Bot 200 March 1000/940 Put spds 20.875 db/ Bot 40 Mch futures 1008

Jefferies Sold 250 Jan 1000/980 Put spds 7.125- 8  credit

Rosenthal Sold 300 Jan 960 Puts/ Sold 300 Jan 1050 Calls 13-13.25 credit

Macquarie Bot 350 SDFF 980 Straddles 38-38.5

Rosenthal Bot 200 Jan 1000/960 Put spds / Sold 200 Jan 1040 Calls 4 db

FI Bot 3000 Jan 980/950 Put spds 7.75 db

 

 

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

 

Data source: Jon Karmin and Jeff Pogonitz bean option brokers