The Quiet Before the Q1 Storm?
BOPO fell another 7% today as bean oil extended its November slide, with funds unwinding length ahead of tomorrow’s CME bean oil options expiry, where a large sheet of out-of-the-money positions will evaporate. January atm volatility remains quiet in the low 30s, while March 2025 otm call options continue flashing stress with implied vols near 118% on the wings — the mid-curve remains the fragile part of the structure.
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