Bean Option Recap From Jon Karmin 2/11/15

Beans pressed support early but it was a failed attempt as shorts covered all day sending futures higher.  It appears we are going to remain in this trading range but as is usually the case when traders get complacent the market can move and catch people off guard.  I like being short the market going into planting intentions next month but don’t see any values in options right now.  I believe there will be opportunity if vol gets pumped at some point to find a way to play it but I just don’t see anything compelling right now.  If you trade futures shorting the SN/SX futures spread is a good short but it must be done in tolerable quantities because you cannot define the risk as with options so it is difficult to get good leverage for a bear play. Sometimes the best trade is no trade at all.

 

Bean vol:

March vol 16 ½ down ¾

April vol 16 ¾ down a ½

May vol 18 ¼ down a ½

July vol 19 ½ unchanged

Nov vol 19 ¼ unchanged

 

Bean Straddles:

SH 980 20-21 ½

SJ 980 45 ½ -46 ½

SK 980 63 ½ -64 ½

SN 980 93 -94

SX 960 122 ½ -124

 

Bean option players:

EDF Bot 500 March 960 Puts 8

JP Morgan Sold 250 May 1020 Calls 14

Rand Bot 800 May 920 Puts/ Sold 200 April 970 Straddles 3 db

Tenco bot 200 may 1000 Calls 20

Obrien Bot 250 Nov 860 Puts/ Sold 500 Nov 800 Puts 1.5 db

FI Bot 765 May 980 Puts / Sold 765 March 980 Puts 19-19.5 db/ Sold 107 March futures 970

Jefferies Bot 200 March 1030 Calls .5

Jefferies Bot 250 March 960 Puts 3.875-4.5

Macquarie Sold 250 March 990 Calls 4/ Bot 66 March futures 973

Macquarie Sold 250 March 990 Calls 5.5/ Bot 78 March futures 978

Rosenthal Sold 500 Jul 860 Puts 8.75-9

Rosenthal Bot 250 Nov 840 Puts 18.75

Rosenthal Bot 250 N/X CSO 30/50 Call spds 6.75 db

ABN Sold 500 May 1000 Calls 21.75-21.875/ Bot 200 May 1000 Calls 978

ADM Bot 300 March 1000 Calls 3

Obrien Bot 250 May 850 Puts 2.5-2.625

EDF Bot 200 May 850 Puts 2.5

ABN Sold 500 May 940 Puts/ Sold 500 May 1010 Calls 35-35.5 credit

ICAP Sold 300 Jul 900 Puts/ bot 300 Jul 1060 Calls 3 db/ Sold 240 Jul futures 984

FI Sold 500 May 900 Puts/ Bot 500 May 1050 Calls .5 credit/ Sold 185 May futures 973

ICAP Bot 750 May 1020 Calls 16.25-16.5/ Sold 240 May futures 981

Rosenthal Bot 1000 March 980 Puts 12.25-13.25

Rosenthal Bot 225 March 990 Calls 4.75

 

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

 

Data source: Jon Karmin and Jeff Pogonitz bean option brokers