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NCND | Before last report I sold a couple 1060 calls and bought some 980 puts at even money. Calls are 35 in the money and puts 20 in the money. I'm leaving them in place.
I also sold a 1040 call for 50 cents which I'm still holding.
Bought some 1020 May calls last week as protection against those positions.
Also added some 970 May puts last week versus going to the November given time value.
I made the moves in the May contract because November is too expensive. It will offer protection though still.
Might be too late to get them on at favorable values today I dunno. Haven't checked.
Good luck
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Some kind of Soybean option spread on a bearish report?
