Nutrien (NTR) shares are +26% YTD and has been seeing consistent large bullish positioning in the options market along with its peers Mosaic (MOS) and CF (CF). NTR was featured in our 9/27 write-up before this move occurred and those January 2023 $60 calls have gained 770% while we have also seen large buyers in June $80 and $85 calls, and similar upside positioning in MOS/CF since December.

Sorting the Hawk Database by current open interest:

Identifying trends is one of the most important parts of following options flow, and one major trend we have seen since Q4 2021 is bullish positioning across all the Energy, Ag and Metal companies.