Pure Hedge – Grains

Bill AllenGeneral Commentary

9/22/23

Corn, Soybeans and Wheat all closed a little higher today, but were mostly lower for the week. December’23 Corn closed up 2 cents and settled at 477 1/4, up one cent for the week. Last week on the 19th corn hit it’s one month low and the 52-week low at 467 3/4. November’23 Soybeans were up 2 1/2 cents today, and settled at 1296 1/4, but were down 44 cents for the week. Today’s low in November’23 Soybeans was the lowest level in a month at 1292 1/2. December’23 Wheat was up 3 3/4 cents today, and settled at 579 1/4, but were 24 3/4 cents lower for the week. The one month low and the 52-week low for December’23 Wheat is 570, it traded there last on 9/12. The next crop report is one week from today, on the 29th of September. Until the crop report, look for any harvest or export news, and the always changing developments in Ukraine.

SOYBEAN CALLS

MONTHSTRIKEPRICECOST
NOV ’23 1296 1/41350C8 1/8$406.25
1400C2 3/4$168.75
1450C1 3/8$75
1500C7/8$37.50
1600C3/8$25
ATM X1300C 24 1/8ATM STRADDLE 52EXPIRES 10/27/23
MAR ’24 1324 3/41400C28 7/8$1443.75
 1500C12$600
 1600C5 3/8$268.75
1700C2 7/8$143.75
1800C1 3/4$87.50
ATM H1320C 57 1/8ATM STRADDLE 109 1/2EXPIRES 2/23/24
JUL ’24 1333 1/41500C25 5/8$1281.25
1600C13 7/8$693.75
1700C7 7/8$393.75
1800C4 3/4$237.50
1900C3 1/8$156.25
ATM N 1340C 69 1/2ATM STRADDLE 145 5/8EXPIRES 6/21/24

SOYBEAN PUTS

MONTHSTRIKEPRICECOST
NOV ’23 1296 1/41250P8 7/8$443.75
1200P2 1/2$125
1150P1$50
1100P5/8$31.25
1050P1/4$12.50
ATM X1300P 27 7/8ATM STRADDLE 52EXPIRES 10/27/23
MAR ’24 1324 3/41260P26 3/4$1337.50
 1200P12$600
 1100P3 1/4$162.50
1000P1 1/4$62.50
900P 1/2$25
ATM H1320P 52 3/8ATM STRADDLE 109 1/2EXPIRES 2/23/24
JUL ’24 1333 1/41260P39 1/4$1962.50
 1200P21 3/8$1068.75
 1100P7 1/8$356.25
1000P2 5/8$131.25
900P1 1/8$56.25
ATM N1340P 76 1/8ATM STRADDLE 145 5/8EXPIRES 6/21/24

CORN CALLS

MONTHSTRIKEPRICECOST
DEC ’23 477 1/4500C6 3/8$318.75
550C1 1/4$62.50
600C1/2$25
650C1/4$12.50
700C1/8$6.25
ATM Z480c 13 1/8ATM STRADDLE 29EXPIRES 11/24/23
MAR ’24 492 1/4550C6 3/8$318.75
 600C2 3/8$118.75
 650C1 1/8$56.25
700C5/8$31.25
800C1/4$12.50
ATM H490C 23 1/4ATM STRADDLE 44 1/4EXPIRES 2/23/24
JUL ’24 505 1/2550C18$900
 600C9$450
650C4 3/4$237.50
700C2 3/4$137.50
800C1 1/8$56.25
ATM N500C 35 1/4ATM STRADDLE 65 1/8EXPIRES 6/21/24

CORN PUTS

MONTHSTRIKEPRICECOST
DEC ’23 477 1/4450P4 1/4$212.50
425P1 1/8$56.25
400P1/4$12.50
375P1/8$6.25
350P1/8$6.25
ATM Z480P 15 7/8ATM STRADDLE 29EXPIRES 11/24/23
MAR ’24 492 1/4450P6 1/8$306.25
 420P1 7/8$93.75
 400P7/8$43.75
370P1/4$12.50
350P1/8$6.25
ATM H490P 21ATM STRADDLE 44 1/4EXPIRES 2/23/24
JUL ’24 505 1/2450P10 1/2$525
420P4 5/8$231.25
400P2 5/8$131.25
370P1 1/8$56.25
350P5/8$31.25
ATM 500P 29 7/8ATM STRADDLE 65 1/8EXPIRES 6/21/24

WHEAT CALLS

MONTHSTRIKEPRICECOST
DEC ’23 579 1/2650C8 1/2$425
700C4 3/8$218.75
 750C2 1/2$125
 800C1 5/8$81.25
900C7/8$43.75
ATM Z580C 25 1/8ATM STRADDLE 50 3/4EXPIRES 11/24/23
MAR ’24 606 1/2700C16 1/2$825
800C7 5/8$381.25
900C4 1/4$212.50
1000C2 1/2$125
1100C1 5/8$81.25
ATM H600C 42 1/8ATM STRADDLE 77 7/8EXPIRES 2/23/24
JUL ’24 633 1/2800C18 1/4$912.50
900C10 5/8$531.25
1000C6 5/8331.25
1100C4 3/8$218.75
1200C3$150
ATM N630C 56ATM STRADDLE 108 5/8EXPIRES 6/21/24

WHEAT PUTS

MONTHSTRIKEPRICE COST
DEC ’23 579 1/2550P11 1/8$556.25
 525P4 3/4$237.50
 500P1 7/8$93.75
475P3/4$37.50
450P3/8$18.75
ATM Z580P 25 5/8ATM STRADDLE 50 3/4EXPIRES 11/24/23
MAR ’24 606 1/2550P13 1/2$675
500P3 3/4$187.50
450P1$50
400P1/4$12.50
350P1/8$6.25
ATM H600P 35 3/4ATM STRADDLE 77 7/8EXPIRES 2/23/24
 JUL ’24 633 1/2600P36 1/2$1825
550P16 3/4$837.50
500P6 1/2$325
450P2 1/8$106.25
400P5/8$31.25
ATM N630P 52 5/8ATM STRADDLE 108 5/8EXPIRES 6/21/24