Bullish option speculators have swarmed Archer Daniels Midland Company (ADM: sentiment, chart, options) today, with call volume soaring to roughly seven times the norm. More specifically, according to data from WhatsTrading.com, the agricultural issue has seen more than 3,100 calls change hands so far today, compared to its average intraday volume of fewer than 500 bullish bets. The optimistic uprising echoes the recent trend on the International Securities Exchange (ISE), where speculators during the past couple of weeks have bought to open more than twice as many ADM calls than puts.

Digging deeper into today's unusual call volume, it appears we've discovered a September-dated spread strategy centering on ADM. Early this morning, a block of 1,500 September 29 calls and 1,500 September 32 calls changed hands, with both blocks marked "spread." The 29-strike calls crossed the tape for $0.98, closer to the ask price at the time, suggesting they were bought. Meanwhile, the 32-strike calls traded for $0.28, closer to the bid price, implying they were sold.

By initiating a long call spread, the trader is betting the shares of ADM will be at or above the $32 level by September expiration. However, they're not confident enough to buy a lone call on the stock hence the sold call, which limits the investor's risk and helps offset the cost of the call purchase.

At last check, the stock was lingering near the $26.77 level, down 80 cents, or 2.9%, from yesterday's close.