ADM wheel: cash-secured put & covered-call yields
Archer Daniels Midland Company · Consumer staples · $82.47 close on Oct 5, 2026
What the Oct 5, 2026 close says about ADM
At 31.7% implied volatility, the options market is pricing a one-standard-deviation move of about $9.27 (11.2%) in ADM by Nov 20, 2026, 46 days out.
Selling the $77.50 put (−0.27Δ) for $1.90 means assignment would leave a cost basis of $75.60, 8.3% below the $82.47 close.
The 74-day 0.30Δ put pays 1.4× the premium of the 46-day one for 1.6× the time — more premium per day on the 46-day contract ($0.041 vs $0.037).
At 0.30Δ on the Nov 20 expiry the put yields 2.45% on its strike and the call 2.29% on spot: puts and calls pay within 10% of each other on ADM this session.
Moving down to the $75 put (−0.20Δ) buys 3.0% more room below spot and keeps 61% of the 0.30Δ premium.
Open interest in the stored window totals 9,663 contracts; the largest single line is the $95 call expiring Dec 18 with 1,601 (16.6% of the window).
By options volume ADM ranks #112 of 514 names in our universe.
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on ADM
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $77.50 | −0.27 | $1.90 Oct 5 | $190.00 | $7,750 | 2.45% | 19.5% | $75.60 | 96 | 73 |
| 0.20Δ | $75 | −0.20 | $1.15 Oct 5 | $115.00 | $7,500 | 1.53% | 12.2% | $73.85 | 162 | 42 |
Snapshot #1309 · session 2026-10-05 · captured 22:10 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 46
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $77.50 | −0.30 | $2.72 Oct 5 | $272.00 | $7,750 | 3.51% | 17.3% | $74.78 | 112 | 4 |
| 0.20Δ | $75 | −0.23 | $2.20 Oct 5 | $220.00 | $7,500 | 2.93% | 14.5% | $72.80 | 105 | 2 |
Snapshot #1309 · session 2026-10-05 · captured 22:10 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 74
Covered calls on ADM
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $87.50 | 0.33 | $1.89 Oct 5 | $189.00 | 2.29% | 18.2% | 8.39% | 66.6% | 309 | 98 |
| 0.20Δ | $92.50 | 0.17 | $0.85 Oct 5 | $85.00 | 1.03% | 8.2% | 13.19% | 104.7% | 189 | 33 |
Snapshot #1309 · session 2026-10-05 · captured 22:10 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 46
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $90 | 0.29 | $2.15 Oct 5 | $215.00 | 2.61% | 12.9% | 11.74% | 57.9% | 1,368 | 6 |
| 0.20Δ | $95 | 0.18 | $1.00 Oct 5 | $100.00 | 1.21% | 6.0% | 16.41% | 80.9% | 1,601 | 2 |
Snapshot #1309 · session 2026-10-05 · captured 22:10 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 74
ADM volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 31.7%session 2026-10-05
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Oct 5, 2026
- Open interest, stored window
- 9,663 contractssession 2026-10-05
- Largest open-interest line
- $95 call · Dec 18 · 1,601
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #112 of 514 optionable names by options volume
How these numbers are made
One end-of-day snapshot per session from a 15-minute-delayed feed. A premium is a contract’s last trade, used only if it printed that session, sits above intrinsic value and is in order with its neighbours; deltas are the feed’s own. Expiries are the first at least 30 and 60 days out, and nothing under 30 days is annualized. Not investment advice. Full methodology.
- We are building our own daily implied-volatility history (1 of 252 sessions so far); IV rank and percentile need a full year of it.
- Our data provider does not license announced earnings dates, and we do not publish estimates.
- Our data feed carries last trades, not live bid/ask quotes, so we cannot show a spread.