Potash Corp. of Saskatchewan (POT: sentiment, chart, options) has been popular among put traders today, after the fertilizer firm slashed its second-quarter earnings forecast. According to data from WhatsTrading.com, the equity has seen more than 35,000 puts change hands so far today, more than tripling its average intraday volume of roughly 11,400 contracts.

Most active has been the July 85 put, which has seen more than 12,500 contracts cross the tape today. The 85 strike is already home to peak put open interest in the front-month series, with about 25,900 contracts in residence. However, not all of today's activity can be attributed to the bears. At 11:28 a.m. Eastern, a block of 8,325 July 85 puts crossed the tape at the bid price of $2.65, suggesting they were sold. In order for the POT put writer to profit, the stock must maintain a foothold atop the $85 level by July options expiration.

Elsewhere in the options pits, the agricultural issue's July 80 and July 90 puts have been active, with roughly 3,200 and 5,700 contracts changing hands, respectively. On the call side, the July 90 strike is most popular, with 4,137 contracts traded on open interest of fewer than 4,100 contracts.

Heading into the close, the shares of POT have surrendered 61 cents, or 0.65%, to flirt with the $92.90 region. Helping to contain the stock's gains is its 10-month moving average, currently lingering near the round-number $90 level.