MSG Capital

@HeatherCherone @wttw If only there was a way to change laws voters don't like.

NEW: Chicago voters in the November election will get a chance to condemn the aggressive immigration raids sweeping Chicago — and demand that the Trump administration compensate the city after terrorizing and traumatizing its residents. @wttw news.wttw.com/2026/07/22/chi…

@MSGCapital There was a large block in May, though not as large, with the exact same strikes in sep options at the time, bought for about the same price. Option expiration back then was 3 mos out, just as the Nov options are now. The block was done near the high.

If you’re a producer, the quoted tweet described you 3 weeks ago, and you’re starting to get bullish and lift hedges *after* a nearly 15% rally; I have a few things you may want to consider. (opinions to follow - see disclaimer at the end) 1. Assuming you carry a reasonable RP crop insurance policy (and hopefully ECO/SCO, too, but I digress), and your yield expectations and hedge/cash market positions haven’t changed; you’re probably much longer today than you were right before the report. This is largely because of the gamma of embedded put-like protection in your crop insurance. 2. If you’re buying rallies and selling breaks you are (by hamfistedly replicating a long straddle) essentially adding to your long gamma position via those trades. All that whipsawing actually increases your risk in a market that finishes little changed on the year. Because you’re probably already long gamma via your crop insurance, you should tend to sell rallies and buy breaks to help manage the associated theta. 3. If this doesn’t make any sense to you, track down someone who can explain it, and take the time to really understand. Of course, I’m speaking in broad generalities. Your specific situation should drive your hedging decisions. This is not advice, it’s my opinion only. Trading futures and options is risky and not for everybody. Past performance is not necessarily indicative of future results.

Tropical Storm #Bertha gusts got so strong in Panama City Beach today that it literally knocked the "F" out of a Waffle House sign...🥁

@kharyp "Dear responsible book owners: the laws we are asking for would not touch you. Background checks, safe storage, red flags. If your books are locked and your record is clean, the only thing you lose is a talking point." Bite me commie.

Dear responsible gun owners: the laws we are asking for would not touch you. Background checks, safe storage, red flags. If your rifle is locked and your record is clean, the only thing you lose is a talking point.

Closing vol-run Q-15.2% U-20.8% V-19.8% X-19.3% Z-18.4% F-17.7% H-16.6% K-15.6% N-15.0% #soybeans #corn Q-24.2% Z-25.0% #wheat Q-44.3% Z-36.0%

@GrainSurgeon ~$22M but who's counting?

@MSGCapital Is that a $20M position do I have that right?

<Deep Breath> Block buys 100,000 X 550-600 call spreads @ 4.2-4.4 #corn

Tropical Storm #Bertha is kicking up some big waves along the Florida Panhandle and the dolphins are loving it! This is Navarre Beach, where winds at times have been gusting over 40 mph! Credit: Beautiful Moments Photography

Re: #corn call spreads. They weren't tied, but of course we never know if they were delta hedged separately, hedged an existing position, rolled an existing position, etc...

@686Prism It's alot by any standard!

@MSGCapital isnt that massive for corn standards?

@neal_0202 As an option market-maker I hedge deltas with every trade. Position risks get managed as needed.

@MSGCapital going net long/short to manage the deltas of the spread or the legs*

Screen sells 1000 U 1200-1250 call spreads @ 20.4 #soybeans

@neal_0202 Not sure what you're asking...

@MSGCapital How do you carry inventory for these spreads?

Me (former Pit Committee & Floor Conduct Committee) trying to fix shady shit on the screen.

@agtradertalk A hot dog cart in Midtown, sure. But a street vendor in Flushing Queens, Little Village Chicago or East LA? Not a chance.

I had the CA FTB crawl up my ass for 2 years over a couple $$ of passive K1 income in a year I didn't step foot in the state, but a foreign citizen can open a whole goddamn restaurant on the street and get promoted by politicians.

@gman_in_gville Negative! But it was damn hot last week 100+ our last couple days.

@MSGCapital are you still there?

Screen buys 1000 U 1280-1340 call spreads @ 6.6 #soybeans

UPDATE: Capacitor blew. Easy fix. We cool honey bunny.

Had a huge storm in Naples & got a warning that the AC isn't cooling. 88° inside until I'm back to get it fixed next week.