Bearish flow noted in Archer Daniels (ADM) with 1,179 puts trading, or 2x expected. Most active are Oct-25 62 puts and Dec-25 67.5 calls, with total volume in those strikes near 1,000 contracts. The Put/Call Ratio is 3.02, while ATM IV is up nearly 2 points on the day. Earnings are expected on October 29th.
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