Puts Purchased on Sanderson Farms

Shares of Sanderson Farms SAFM are higher on the session by 1.07%, currently trading at $46.48. The stock has been moving largely higher over the past three months and is currently trading above the 50-day and 200-day moving averages. Options traders are buying puts on the name today. A short while ago the June 2011 $40.00 put was purchased 2,000 times, on the offer, on open interest of 2,125 contracts. Overall put volume is now running at 5.58x the daily average with 96% of all puts traded being purchases on the offer. Sanderson Farms, Inc. is a poultry processing company engaged in the production, processing, marketing and distribution of fresh and frozen chicken products.