Bearish flow noted in Archer Daniels with 5,373 puts trading, or 1.7x expected. Most active are 8/2 weekly 66 puts and 8/2 weekly 65 puts, with total volume in those strikes near 1,900 contracts. The Put/Call Ratio is 1.80, while ATM IV is up over 7 points on the day. Earnings are expected on July 30th.
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