Archer Daniels put volume heavy and directionally bearish

Bearish flow noted in Archer Daniels with 12,804 puts trading, or 8x expected. Most active are Feb-23 82.5 puts and Mar-23 80 puts, with total volume in those strikes near 10,700 contracts. The Put/Call Ratio is 13.20, while ATM IV is up over 1 point on the day. Earnings are expected on January 26th.