With #UkraineWar in focus, lots of #futures traders talking about Wheat. This has certainly impacted #ZW_F. We’ve seen a number of limit up days and the composite profile is thin. Here’s a way I’m playing Wheat….
I sold the May 980/990/1485/1495 Iron Condor for 4.25/cents per spread. As long as #ZW_F is trading above 995 and below 1485 in 43 days I'll get the max profit...but likely manage before...
This is a VERY affordable trade. Buying power should be around $225/spread and that's your max loss. It's 1:1 risk/reward, but actually better because the short legs have a .20 delta which means I have 60%+ chance of capturing the full profit.
I have nothing to do with this trade to manage unless we trade belwo 995 or above 1480. Will likely pull 50% of the trade off in about 2 weeks to avoid expiration gamma risk.
This is what the composite profile looks like with the "box" overlayed... 
This is the risk curve....
If you've never done one of these, please paper trade it and get used to how it "feels." But when IV is elevated and you want o play without blowing out on an ill-managed directional trade...this is a good idea to have in your playbook.
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