ZL opened slightly higher tonight.. Lets update our Trade Econmics
Buy 1 Dec ZL (Bean Oil) Future @ 33.06
Buy 1 Dec 32 put for .32
Total Risk is therefore 1.06 cents on the future + .32 for the hedge = 1.38cents..
1st Target is 36.5 or 3.44 cents for a R/R profile of 2.5-1.
We may decide to sell a Covered call at some point, pending the price action over the coming weeks.