Bean Option Recap From Jon Karmin 2/04/15

Beans gave back a good chunk of yesterday’s gains as traders saw that the rally was mostly just house cleaning.  Funds pressed beans for 6-8 sessions selling 40,000 contracts and were taken to the cleaners yesterday but as reality sank in that nothing has really changed fundamentally they piled back into the short trade.  I don’t believe we really wash this thing out until after planting intentions the end of next month but it is really difficult to make much of a fundamental bull argument aside from occasional oversold short covering.  Vol came off of yesterday’s pop.  SH vol 19.25 down 1.75, SJ vol 19 down .5, SK vol 20 down .5, SN vol 20.25 unchanged, SX vol 19.5 unchanged

 

Straddles

SH 970 32-33

SJ 980 55.5-56.5

SK 980 72-73

SN 980 99.5-101

SX 960 125-126.5

 

Players

JP Morgan Bot 1000 March 960 Puts 9.5-10

Rand Bot 250 Jul 960 Puts 38

Macquarie Bot 1500 Jul 940 Puts/ Sold 1500 Jul 1080 Calls 9.625 db/ Bot 840 Jul futures 990

Macquarie Bot 1500 March 970 Puts/ Sold 3000 March 950 Puts .125-.25 db/ Sold 150 March futures 975.5

Rand Sold 250 Jul 860 Puts 9.5

ABN Sold 900 Jul 1020 Calls 35.5-36

JP Morgan Sold 200 March 980/10000 Call spds 7.5 credit

Jefferies Bot 1000 May 950/900 Put spds 13.25 db

Macquarie Bot 400 March 970/900 Put spds 13.75-13.875 db/ Bot 117 March futures 974

Marex Bot 7000 May 800 Puts 1-1.5

FI Sold 2000 March 990/950 Put spds 17.5-17.75 credit

TJM Bot 500 May 850 Puts 3.25-3.375

EDF Sold 200 N/X CSO 40 Calls 10

ADM Bot 300 March 1060 Calls .875

Macquarie Sold 300 Jul 1080 Calls 18.125/ Bot 70 Jul futures 988

FI Sold 300 March 990 Straddles 35.5

Macquarie Bot 1000 May 980 Puts/ Sold 1000 March 980 Puts 16.5 db

XFA Bot 500 May 800 Puts 1.5-1.625

Mizuho Sold 500 March 930 Puts/ Bot 500 March 1030 Calls 6.5 credit/ Sold 185 March futures 970

 

 

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

 

Data source: Jon Karmin and Jeff Pogonitz bean option brokers