From Friday Afternoon, Bean Option Recap From Jon Karmin

Nice short covering rally in beans today.  We were a bit oversold combined with some rumblings about frost and a weaker dollar all contributed to an evening up rally  before the weekend.  There was good buying in SX at $10 yesterday and some of the shorts who were pressing this market to achieve a $9 handle gave up for the time being.  Informa released their numbers for next Thursday’s report and (no surprise) we’ve got a big crop.  Any extended rallies should be sold but I don’t think we can break much more before the all-important USDA number at 11AM Thursday.  We had good pit volume today and my take on it was that paper was trying to take advantage of today’s run up to increase their short position.  SV vol 21.5 up .75, SX vol 20.5 umch, SF vol 19.25 unch, SH vol 19 unch.

 

Straddles

SV 1020 41.5-42.5

SX 1020 61-62

SF 1020 85.5-87.5

SH 1020 106-107.5

 

Obrien Bot 250 Oct 1060/1080 Call spds 2 db

Jefferies Bot 7000 Nov 950 Puts/ Sold 10500 Nov 900 Puts 4.5-5.5 db

Tenco Sold 400 Nov 1000 Straddles/ Bot 400 Oct 1000 Straddles 19 credit

EDF Sold 200 Nov 940/990 Call spds 35.75-36.25 credit

Obrien Sold 200 Nov 1010 Calls/ Bot 200 Nov 990 Puts 1.25 credit

ADM Bot 700 Nov 980 Puts 19.75

Jefferies Bot 1800 Nov 940 Puts/ Sold 3600 Nov 900 Puts/ Bot 1800 Nov 860 Puts 3.125 db

Mizuho Sold 350 Nov 940/990 Call spds 35.375-36.75 credit

ABN Bot 200 Nov 920 Puts/ Sold 200 Nov 1100 Calls 1-1.5 db

ABN Bot 250 Nov 960/920 Put spds 7.5 db

Rosenthal Sold 400 Nov 1060 Calls 11.625/ Bot 108 Nov futures 1010

Obrien Bot 1500 Nov 1040 calls 16.5-19.25

FI Bot 750 Oct 980/940 Put spds 7.5 db

Obrien Bot 400 Nov 1020 Calls 25.75-26.125

Jefferies Sold 500 Nov 960 Puts 12.875/ Sold 120 Nov futures 1009

Obrien Sold 300 may 1060/1120 Call spds 20.75 credit

DRAX Bot 2000 Nov 950 Puts/ Sold 3000 Nov 900 Puts 4.625-4.875 db

ADM Sold 200 Oct 1030 calls 15.25-15.5

ADM Bot 200 Oct 1050 Puts 42.5-43

ABN Bot 300 Nov 940 Puts 7-7.25

Mizuho Sold 200 Nov 950/1000 Call spds 35.875-36 credit

ABN Bot 250 Nov 980 Puts/ Sold 500 Nov 940 Puts/ Bot 250 Nov 900 Puts 4.5 db

 

 

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

 

Data source: Jon Karmin and Jeff Pogonitz bean option brokers