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Archer Daniels put volume heavy and directionally bearish

Bearish flow noted in Archer Daniels (ADM) with 3,234 puts trading, or 5x expected. Most active are Jun-25 45 puts and Apr-25 45 puts, with total volume in those strikes near 3,000 contracts. The Put/Call Ratio is 17.77, while ATM IV is up over 1 point on the day. Earnings are expected on April 29th.

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