Options Trading News

Bunge is shooting higher after Citigroup reiterated it as a top pick today, and one trader is looking for more volatility.

BG is up 3.91 percent to $61.34, on pace for the highest close since May 29. The agribusiness and food company tested resistance at $58 again but bounced starting on Monday. It is now

More than 7,800 BG options have traded, compared to the total daily average of 1,500 in the last month. Almost 5,000 August 57.50 puts have changed hands, with the biggest block of 3,700 bought for the ask of $1.60, according to optionMONSTER's Depth Charge system. The previous open interest had been just 69, so this was a new position.

Just seconds after those puts changed hands, the largest block of BG stock traded. A print of 148,000 shares was bought for $59.58.

So it appears that the overall position is a long volatility play, looking for shares to rise or fall sharply in the coming weeks. (See our Education section)