Bean Option Recap From Jon Karmin

Very interesting but not surprising reaction to the  USDA numbers today.  The market took no prisoners as many traders were in the very crowded long corn short bean trade.  On a 2 by one ratio that position lost 42 cents…a staggering move.  As it became apparent that beans were not going to move much after the initial report reaction vol was annihilated.  This report tends to be a trend report so I anticipate the relationship and trend between beans and corn to continue in the near term.  SK vol 17.5 down 4.25, SM vol 17.5 down 2.5, SN vol 18.75 down 1.75,

SX vol 19.5 down 1.

 

Straddles

 

SK 970 35-36

SM 980 51-53

SN 980 70.5-72

SX 960 110-112

 

Macquarie Sold 600 May 990 Calls 9.75/ Bot 180 May futures 970

DRAX Bot 1000 May 970 Puts 18.125/ Bot 490 May futures 970

Rand Sold 1000 Jul 980 Straddles 71.5-72

Rosenthal Bot 500 May 970/940 Put spds 10-10.125 db

ABN Sold 500 SDFK 960 Straddles 32.5

ABN Bot 250 Jul 900 Puts/ Bot 250 Jul 1050 Calls 21 db

ADM Bot 500 SDFK 960 Straddles 33.5-34

DRAX Bot 500 May 970 Puts 16/ Bot 230 May futures 974

ICAP Sold 500 May 950 Puts 10

DRAX Bot 450 May 980 Puts 25.25/ Bot 260 May futures 967

JP Morgan Bot 1900 Jul 840 Puts 2-2.25