Nutrien put volume heavy and directionally bearish

Bearish flow noted in Nutrien with 2,016 puts trading, or 3x expected. Most active are Jan-25 45 puts and 7/12 weekly 49 calls, with total volume in those strikes near 1,600 contracts. The Put/Call Ratio is 4.20, while ATM IV is up over 1 point on the day. Earnings are expected on August 7th.