I was assigned 2 DF Jan09 35 puts last week.  I waited a couple of days and sold the Mar09 22.50 calls for $80.50 in my taxable account.  I own these shares at 32.38 including the accumulated dividends.

DF has been hurt as a result of increasing agriculture prices and recently announced a reduced outlook for the near future.  DF is also going to issue an additional 18.7 million shares thereby diluting ownership, although they say they will use the proceeds to pay down debt.  On the other hand, Morgan Stanley upgraded DF to overweight saying that they thought the downside on near term earnings was overdone.