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Put Education. Practical Application 6/29/22

September 2022 CBOT Wheat Puts Continuing Report

After the Close Friday June 24, 2022:

After tracking the September wheat puts daily from April 14th, 2022, on May 20th, we went a week to update as of the close of business on May 27th and no updates were issued for four weeks until today, June 24th, 2022.

A “tic” is the smallest amount a price can change. For grain and soybeans futures, a tic is a quarter cent. For options, a tic is one-eighth of a cent. Options prices, aka premiums, values, are written on quote machines as a whole number dash a single digit of 0 through 7, which are the eighths of a cent. Example: 22-2 = twenty-two and two eighths of a cent, which will be read as twenty-two and a quarter cent.

September 2022 CBOT wheat futures settled at $9.36½ today (June 24th, 2022), down $2.29¾ from four weeks ago. We are closely tracking the $9.00, $10.00 and $11.00 puts. During the past four weeks, September wheat traded as high as $11.78¼ and as low as $9.27¼.

Here is what happened to option values during those four weeks with 27 May quotes on the left and 24 June quotes on the right:

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