BRF SA (BRFS) is down .15 to 22.25 today. BRF is in the middle of the 52 week range.

Today paper traded 4900 BRF Jun 20 calls over 2450 BRF Sep 22.5 calls for a .80 debit. The ADV is 358 contracts.? The OI is over 10000 in Jun and 460 in Sep.

The volume went up in two blocks in between the markets.? The Jun calls are most likely a close, and a good one, as BRFS has made a massive run since mid-Feb.? The trader is most likely taking profits on the Jun and rolling that into the Sep. since the 22.5s were marked on the offer.

30-day implied volatility is 28%.?? 10-day implied volatility is 22%.? 30 day implied volatility is trading above the 10 Day Historical volatility.

BRF SA is a Brazil-based company engaged in the food processing industry.?