Bearish flow noted in Archer Daniels (ADM) with 6,312 puts trading, or 3x expected. Most active are May-25 46.5 puts and 4/25 weekly 45.5 puts, with total volume in those strikes near 5,800 contracts. The Put/Call Ratio is 2.48, while ATM IV is up over 3 points on the day. Earnings are expected on April 29th.
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