Bean Option Recap From Jon Karmin 2/26/15

Chart buying rallied beans but aside from some residual South American truck strike buying I don’t have a lot to explain the higher board.  The last few weeks have been basically directionless and a very difficult trade.  We talked about the prospect for a choppy trade early in the month and that is exactly what has happened.  We bounced almost to the day off the seasonal lows and have edged higher ever since with the occasional quick flush to the downside.  Last year was similar with business picking up in March.  We will see.

Bean vols:

April vol 19 ¾ up 2 ½

May vol 21 up 1

July vol 21 ½ up a ½

Nov vol 20 ½ up a ½

Bean straddles:

April 1020 str 45-47

May 1020 str 67 ½ -68 ½

July 1020 str 100 ½ -102

Nov 980 str 130 ½ -132

Bean players:

FI bot 200 July 1020 Puts 50-50.5

Jefferies Sold 1000 July 1000/1100 Call spds 38-38.5 credit

Tenco Bot 1500 May 1060 Calls 15.25-15.5/ Sold 450 May futures 1014

FI Sold 200 July 1040 Puts/ Bot 200 Nov 940 Puts 18.25-20 credit

Macquarie Bot 250 Nov 980 Straddles 128-130.75

Tenco Bot 800 April 1060 Calls 7-7.5

ADM Bot 300 Nov 1300 Calls 6.375-6.75

Macquarie Bot 350 Nov 980 straddles 129.5-130/ Sold 35 Nov futures 988-990

Marex Sold 250 May 1000/1040 Call spds 18.625 credit

Marex sold 800 July 1020 Puts/ Sold 800 July 1040 Calls 91-91.25 credit

ABN Bot 500 Nov bean 960 Puts/ Sold 1250 Dec corn 370 Puts 18.5-19 db

Jefferies Sold 200 short dated May 960 Puts 15.5

Macquarie Sold 300 May 1020 Straddles 68

FI Bot 700 April 1020/1030 Call spds 4.75-5.125 db

EDF Bot 200 May 1060 Straddles 75.5/ Bot 60 May futures 1023

DRAX Bot 200 Nov 900 Puts 29/ Bot 48 Nov futures 987

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

Data source: Jon Karmin and Jeff Pogonitz bean option brokers