安粮期货研究报告 安粮期货商品研究报告 玉米期货月报 安粮期货研究所 2025 年 11 月 投资咨询业务资格 皖证监函【2017】203 号 研究所 农产品小组 研究员: 潘兆敏 从业资格号：F3064781 投资咨询号：Z0022343 初审： 潘兆敏：从业资格号：F3064781 投资咨询号：Z0022343 复审： 赵肖肖：从业资格号：F0303938 投资咨询号：Z0022015 总部地址：安徽省合肥市包河区花园大道 986 号安粮中心 23-24 层 客服热线： 400—626—9988 网站地址：www.alqh.com 2 / 8 安粮期货研究报告 1 / 8 安粮期货研究报告 综述：盘面承压难改 底部拉锯延续 核心观点： 根据当前基本面，新季玉米市场整体供应宽松格局未变。港口库存偏低虽对价格有一定 支撑，但下游需求仍显疲软—深加工盈利改善并未带动需求显著提升，饲用消费亦以刚性为 主。尽管进口谷物数量下降，小麦替代仍有效填补供应；不过随着小麦价格接近政策底、新 玉米收获收尾，其对玉米的替代效应预计减弱，部分需求有望回归。目前市场多空交织，进 入关键博弈期。短期来看，玉米下行趋势尚未结束，或继续 ...

Report Industry Investment Rating No relevant content provided. Report's Core View - In October, the polyethylene market was characterized by ample supply, weak demand, and price pressure, with the supply-demand relationship dominating the overall trend. In November, the supply is expected to increase, the demand may have marginal improvement but the increase is limited, high inventory remains a core constraint, and the market is likely to continue its weak and volatile trend [4][5]. Summary by Relevant Catalogs Supply Side - In October, the total domestic polyethylene supply increased, with production rising both year-on-year and month-on-month, and different varieties showing growth. Maintenance losses decreased but with variety differentiation, and the capacity utilization rate increased slightly while the regional rates generally declined. New capacity plans and the resumption of previously shut-down plants in November will further increase supply pressure [7][8][5]. - In terms of inventory, at the end of October, there was a differentiated pattern of decreasing production enterprise inventory and slightly increasing social inventory. High inventory is a key factor suppressing the market, and if demand improvement falls short of expectations, inventory accumulation pressure may persist [12][13][5]. - In October, the import prices of polyethylene decreased across the board, the overall import volume rebounded but with different performances among varieties, and the import profits of different varieties showed differentiation [15][16][17]. Demand Side - In October, the overall downstream operating rate of polyethylene increased slightly, with differentiated performance in different sectors. The demand for agricultural films increased significantly while that for packaging films declined slightly. The overall demand was weak, and enterprises mainly made rigid purchases. In November, there is room for marginal improvement in demand, but the growth may be limited due to macro - economic uncertainties [4][5][18]. Cost and Profit - In October, the cost of oil - based polyethylene production decreased, and the loss narrowed; the cost of coal - based production increased, and the profit margin was compressed. The profit of oil - based enterprises was still in the loss range but the loss decreased, while the profit of coal - based enterprises decreased significantly [4][22][26]. - In October, the price differences between polyethylene and related varieties showed a differentiated trend. The average price difference between PE - PVC:01 contract narrowed, while that between PE - PP:01 contract widened [27]. Summary - In October, the polyethylene market was characterized by ample supply, weak demand, and price pressure. In November, the supply pressure will increase, the demand may improve marginally, high inventory will continue to suppress the market, and the cost support is weak. The market is likely to continue its weak and volatile trend [4][5][29].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - Corn futures prices rose slightly, and the option implied volatility remained stable. The futures main contract C2601 closed at 2141 yuan/ton. [1][2] - Soybean meal futures prices continued to rise, and the option implied volatility decreased slightly. The futures main contract M2601 closed at 3026 yuan/ton. [1][2] 3) Summaries by Relevant Catalogs Futures Market Data Statistics - Corn main - contract C2601 closed at 2141 yuan/ton, up 11 yuan with a 0.52% increase. The trading volume was 637365, an increase of 23242, and the open interest was 917237, a decrease of 13914. [3] - Soybean meal main - contract M2601 closed at 3026 yuan/ton, up 5 yuan with a 0.17% increase. The trading volume was 1248829, a decrease of 167595, and the open interest was 1595045, a decrease of 54240. [3] Option Market Data Statistics - Corn option trading volume was 88151, a decrease of 10905. The trading volume PCR was 0.424, a decrease of 0.140. The open interest was 239955, an increase of 6767, and the open - interest PCR was 0.308, a decrease of 0.007. [8] - Soybean meal option trading volume was 462403, a decrease of 65620. The trading volume PCR was 0.616, a decrease of 0.014. The open interest was 834523, a decrease of 1998, and the open - interest PCR was 0.692, an increase of 0.022. [8] Option Volatility Situation - The weighted implied volatility of corn options was 10.57%, an increase of 0.07 with a 0.62% change rate. The 30 - day historical volatility was 10.53%, and the 30 - day volatility quantile was 0.59. [19] - The weighted implied volatility of soybean meal options was 16.27%, a decrease of 0.21 with a - 1.25% change rate. The 30 - day historical volatility was 16.46%, and the 30 - day volatility quantile was 0.37. [19]

Report Industry Investment Rating - Not provided in the given content Core Views - The new - season corn maintains a supply - loose pattern. Although low port inventory supports prices, downstream demand lacks growth, the deep - processing industry is in continuous loss, and feed consumption is mainly rigid. Wheat substitution has effectively supplemented the market supply, but its substitution effect is expected to weaken as wheat prices approach the policy bottom and new - season corn is listed. Currently, long and short factors are intertwined, and the market is in a key game stage. In the short term, the downward trend of corn has not reversed, and it is expected to continue to test the 2100 yuan/ton support level. The listing rhythm of new - season corn should be focused on. If the decline is fully released in time and space, the market driving logic may gradually switch later. Attention should be paid to the progress of new - grain listing and the recovery of downstream demand [5][41] Summary by Directory 1. Corn Market Structure - As of the end of September, the corn index price dropped below the 2150 yuan/ton support level. It is expected to continue to decline and may even over - decline to below 2100 yuan/ton. Recently, the supply in North China has increased, and the price has been low. The rotation of state - owned grain reserves and the arrival of imported substitutes have increased market supply. Downstream enterprises have sufficient inventories, and the demand for corn replenishment from feed enterprises is suppressed. Overall, the corn index may decline further [7] - The overall structure presents a Contango structure, with 01 contract at a discount to 05 contract and 05 contract at a discount to 09 contract [8] 2. Market行情 Analysis 2.1 Corn Market Supply is Loose, Laying the Foundation for Low Prices - **Supply - demand balance and cost decline**: The new - season corn market shows "slightly increased supply and stable rigid demand". In 2025, the national corn output is expected to be 29,616 tons, a year - on - year increase of 0.4%. Since July 1, the import corn auction has supplemented the market, and wheat substitution has squeezed the corn consumption space. The planting cost in Northeast China has decreased, and the estimated port - collection price is around 2100 yuan/ton, close to the current futures price [11] - **Reduction in import demand**: In August 2025, the import of major grains decreased significantly year - on - year. From January to August, the cumulative import of corn was 88 tons, a year - on - year decrease of 78%. The decrease in imports is related to China's policies to promote corn self - sufficiency and adjust the feed structure [15] - **Decrease in wheat substitution**: In 2025, the wheat output increased by about 4% month - on - month. Due to weak downstream demand, wheat has a price advantage over corn, and the substitution is expected to be between 2000 - 3000 tons. As the price difference between wheat and corn narrows, the substitution will gradually decrease [18] 2.2 Downstream Demand Remains Rigid but without Increment, with Limited Boosting Effect - **Pig price and capacity reduction**: In the feed - breeding sector, the policy has promoted the reduction of sow inventory since July, but the process is slow. As of August 2025, the national pig inventory was 424.47 million, and the sow inventory was 40.48 million, still higher than the normal level. The pig price is below the cost, and the industry may further reduce capacity [22] - **Loss in deep - processing industry**: Corn consumption is mainly in feed - breeding and deep - processing. The deep - processing industry is facing continuous losses, and the profit pressure restricts the increase in the start - up rate and raw - material procurement demand [24] 2.3 Low Port Inventory Increases Price Elasticity - As of September 19, the corn inventory in northern and southern ports has decreased to a medium - low level in recent years. The decrease in northern port inventory may be due to the exhaustion of grass - roots surplus grain and the hoarding of traders, while the decrease in southern port inventory reflects the decrease in arrival volume and stable downstream picking - up. Low port inventory weakens the buffer effect, making price fluctuations more sensitive to supply and demand changes [37] 3. Market Outlook - The new - season corn maintains a supply - loose pattern. Low port inventory supports prices, but downstream demand lacks growth. Although the import of grains has decreased, wheat substitution still supplements the market. As wheat prices approach the policy bottom and new - season corn is listed, the substitution effect is expected to weaken. The market is in a key game stage. In the short term, the downward trend of corn has not reversed, and it is expected to test the 2100 yuan/ton support level. Attention should be paid to the listing rhythm of new - season corn and the recovery of downstream demand [41]

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints of the Report - In September, the supply pressure of domestic polyethylene remained, with total production increasing year-on-year and decreasing month-on-month, and LLDPE showing double growth. The inventory was differentiated between upstream and downstream, with production enterprise inventory expanding and social inventory decreasing but with slow digestion. Import prices were differentiated, the quantity decreased, and the profit margins varied greatly. Downstream demand recovered less than expected, cost support was limited, and profits were under pressure. The market was dominated by supply and demand [4]. - In October, the supply pressure of domestic polyethylene is expected to increase, while demand may experience moderate growth with limited increase due to macro - economic uncertainties. The inventory pressure may ease from mid - to late October, and the market is likely to show a weak and volatile trend, and the specific trend depends on downstream demand release and new capacity commissioning progress [5]. Summary by Relevant Catalogs Supply Side - **Supply Pressure in September and October**: In September, the total domestic polyethylene production increased year - on - year but decreased month - on - month, with LLDPE showing double growth. The total production in September was 270,648 tons, a decrease of 12,067 tons from the previous month and an increase of 41,672 tons from the same period last year. LLDPE production in September was 125,520 tons, an increase of 653 tons from the previous month and 27,387 tons from the same period last year. In October, the supply pressure is expected to increase due to fewer planned maintenance of devices, restart of previously maintained devices, and new capacity commissioning [7][9]. - **Inventory Situation**: In late September, the inventory of polyethylene production enterprises increased, with the total reaching 458,300 tons, a month - on - month increase of 31,300 tons. The inventory of coal - based enterprises was 68,300 tons, and that of two - oil enterprises was 390,000 tons. The social inventory decreased, with the total at 534,800 tons, a month - on - month decrease of 27,200 tons. It is expected that the inventory pressure may ease from mid - to late October [12][13][14]. - **Import Situation**: In September, the import prices of polyethylene were regionally differentiated, with most major regions' LLDPE prices falling month - on - month. The import quantity continued to decline, with the import volume in August being 950,150 tons, a month - on - month decrease of 156,900 tons. The import profit margins of different varieties varied significantly [16][17][18]. Demand Side - **Demand in September**: In September, the overall downstream开工率 of polyethylene was 42.57%, a month - on - month increase of 2.85%. The raw material inventory of downstream enterprises increased, indicating increased raw material stocking willingness. However, the overall demand intensity did not meet expectations, and the market was in a weak balance [21][22]. - **Demand Outlook in October**: In October, the demand is in the traditional peak season with release potential, such as increased demand for packaging films due to Double Eleven and for agricultural films due to cooling in the north. But due to macro - economic uncertainties, downstream enterprises are cautious, and demand is expected to grow moderately with limited increase [5][23]. Cost and Profit - **Cost**: In September, the cost of oil - based polyethylene decreased month - on - month to 7,548.04 yuan/ton, a decrease of 15.64 yuan/ton. The cost of coal - based polyethylene increased slightly to 6,410.8 yuan/ton, an increase of 75.19 yuan/ton [26][27]. - **Profit**: In September, the profits of both oil - based and coal - based polyethylene production enterprises declined. The profit of oil - based enterprises was - 289.11 yuan/ton, a month - on - month decrease of 14.71 yuan/ton, and the profit of coal - based enterprises was 764.53 yuan/ton, a month - on - month decrease of 15.25 yuan/ton [28]. - **Price Difference**: In September, the price difference between polyethylene and related varieties was differentiated. The average price difference between PE - PVC:01 contract was 2,298.82 yuan/ton, a month - on - month increase of 12.44 yuan/ton, while the average price difference between PE - PP:01 contract was 275.23 yuan/ton, a month - on - month decrease of 15.25 yuan/ton [29]. Summary - In September, the domestic polyethylene market was in a weak balance. Supply pressure remained, inventory was differentiated, import quantity decreased, downstream demand recovered moderately, cost support was limited, and profits were under pressure. The market was mainly dominated by supply and demand [32].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Corn futures prices rose slightly, with the futures main contract C2601 closing at 2,144 yuan/ton, and the option implied volatility decreased slightly [1][2] - Soybean meal futures prices fell slightly, with the futures main contract M2601 closing at 2,889 yuan/ton, and the option implied volatility continued to rise [1][2] Summary by Relevant Catalogs 1. Futures Market Data Statistics - Corn main contract C2601 closed at 2,144 yuan/ton, up 6 yuan or 0.28%, with a trading volume of 597,677 (down 75,378) and an open interest of 849,415 (up 49,071) [3] - Soybean meal main contract M2601 closed at 2,889 yuan/ton, down 6 yuan or -0.21%, with a trading volume of 746,759 (down 200,095) and an open interest of 1,985,599 (up 1,290) [3] 2. Option Market Data Statistics - Corn option trading volume was 133,679 (down 41,494), the trading volume PCR was 0.727 (down 0.152), the open interest was 451,544 (up 3,895), and the open interest ratio was 0.383 (down 0.014) [8] - Soybean meal option trading volume was 225,780 (down 127,165), the trading volume PCR was 0.840 (down 0.081), the open interest was 1,066,736 (up 4,203), and the open interest ratio was 0.559 (down 0.005) [8] 3. Option Volatility Situation - The weighted implied volatility of corn options was 16.18% (down 0.30, -1.84%), and the 30 - day historical volatility was 10.39% with a 30 - day volatility quantile of 0.55 [19] - The weighted implied volatility of soybean meal options was 20.92% (up 0.46, 2.27%), and the 30 - day historical volatility was 14.79% with a 30 - day volatility quantile of 0.25 [19]

Report Summary 1. Industry Investment Ratings - High: Silver, Gold, Copper, Aluminum, Iron Ore, Bean Meal, Soybean Oil, Ethylene Glycol, Polypropylene, Plastic, Methanol [2][3][4][5][6] - Medium: Polysilicon, Coke, PTA, PVC [2][4][5][6] - Low: Carbonate Lithium, Rebar, Stainless Steel, Corn, Glass [2][3][4][5] - Relatively Low: Alumina, Soda Ash [3][5] 2. Core Views - The prices of various commodities are affected by multiple factors, including supply - demand relationships, cost changes, policy impacts, and geopolitical situations. During the National Day holiday, due to the closure of the domestic market and potential fluctuations in the overseas market, there are many uncertainties, so it is recommended to control positions to avoid risks. 3. Summary by Commodity Precious Metals - **Silver**: Positive factors include strong industrial demand, the Fed's interest - rate cut cycle, and tight supply in the delivery area. Negative factors are the risk of technical correction and an increase in speculative short positions [2]. - **Gold**: Positive factors are its geopolitical hedging function, the Fed's interest - rate cut cycle, and central banks' gold purchases. Negative factors are the potential strengthening of the dollar and U.S. bond yields [2]. Base Metals - **Copper**: Positive factors are the Fed's interest - rate cut and shortages in copper ore raw materials. Negative factors are the high price not being recognized by downstream and the risk of the market moving in the opposite direction of the bullish expectation [2]. - **Aluminum**: Positive factors are limited supply increase and strong demand in some sectors. Negative factors are continuous inventory accumulation and high prices suppressing consumption [3]. - **Alumina**: Positive factors are high raw material costs and potential supply shortages due to environmental inspections. Negative factors are new production capacity release and imported goods' impact [3]. - **Iron Ore**: Positive factors are steel mills' pre - holiday restocking and overseas demand resilience. Negative factors are increased global shipments and high port inventories [3]. - **Rebar**: Positive factors are macro - policy support and potential demand improvement. Negative factors are the failure of the "Golden September and Silver October" peak season [3][4]. - **Stainless Steel**: Positive factors are increased raw material prices. Negative factors are inventory accumulation and high production [4]. Energy and Chemicals - **Carbonate Lithium**: Positive factors are increased raw material costs and strong demand. Negative factors are high production rates and weak market sentiment [2][3]. - **Polysilicon**: Positive factors are policy support and increased downstream acceptance. Negative factors are over - capacity and slow inventory reduction [2]. - **Coke**: Positive factors are supply contraction and high raw material costs. Negative factors are weak demand and potential supply pressure [4]. - **PTA**: Positive factors are production reduction plans by leading enterprises. Negative factors are weak cost support and low downstream inventory replenishment willingness [5]. - **Ethylene Glycol**: Positive factors are geopolitical premiums. Negative factors are increased supply and weak demand [5]. - **Soda Ash**: Positive factors are strong cost support. Negative factors are over - production in the peak season and weak downstream demand [5]. - **Glass**: Positive factors are policy expectations and reduced inventory pressure. Negative factors are increased supply and high intermediate - trader inventories [5]. - **PVC**: Positive factors are cost support and low valuation. Negative factors are high supply and weak demand [6]. - **Polypropylene**: Positive factors are reduced supply due to maintenance and potential demand improvement. Negative factors are weak demand, high supply, and potential cost reduction [6]. - **Plastic**: Positive factors are the peak demand season and pre - holiday inventory replenishment. Negative factors are weak cost support and high supply [6]. - **Methanol**: Positive factors are expected device restart and supply disruptions. Negative factors are high domestic production and low - cost imports [6]. Agricultural Products - **Bean Meal**: Positive factors are increased soybean drought area and a long - term supply gap. Negative factors are sufficient short - term supply and weak demand [4]. - **Soybean Oil**: Positive factors are the same as bean meal. Negative factors are unclear bio - fuel policies and high inventory [4]. - **Corn**: Positive factors are short - term supply shortages and inventory replenishment demand. Negative factors are increased production and policy - driven supply reduction [4]. - **Cotton**: Positive factors are low commercial inventory and cost support. Negative factors are potential global economic slowdown and high supply expectations [4][5].

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - Corn futures prices showed slight fluctuations, and the implied volatility of corn options decreased slightly [1][2] - Soybean meal futures prices rose significantly, and the implied volatility of soybean meal options remained stable [1][2] 3. Summary According to Related Catalogs 3.1 Futures Market Data Statistics - Corn futures contract C2511 closed at 2165 yuan/ton, up 1 yuan or 0.05%, with a trading volume of 398,761 lots (an increase of 20,327 lots) and an open interest of 729,266 lots (a decrease of 17,708 lots) [3] - Soybean meal futures contract M2601 closed at 2967 yuan/ton, up 37 yuan or 1.26%, with a trading volume of 1,262,657 lots (an increase of 36,004 lots) and an open interest of 1,937,464 lots (a decrease of 97,619 lots) [3] 3.2 Option Market Data Statistics - Corn option trading volume was 92,930 lots (an increase of 7,676 lots), with a volume PCR of 0.544 (a decrease of 0.201), an open interest of 371,768 lots (an increase of 14,667 lots), and an open interest PCR of 0.518 (a decrease of 0.007) [8] - Soybean meal option trading volume was 291,780 lots (a decrease of 41,682 lots), with a volume PCR of 0.693 (a decrease of 0.334), an open interest of 989,264 lots (a decrease of 6,368 lots), and an open interest PCR of 0.560 (an increase of 0.007) [8] 3.3 Option Volatility Situation - The weighted implied volatility of corn options was 10.93% (a decrease of 0.67 percentage points or 5.75%), and the 30 - day historical volatility was 14.72%, with a 30 - day volatility quantile of 0.95 [18] - The weighted implied volatility of soybean meal options was 14.68% (an increase of 0.06 percentage points or 0.40%), and the 30 - day historical volatility was 15.21%, with a 30 - day volatility quantile of 0.27 [18]

Report Summary 1) Report Industry Investment Rating No content provided. 2) Core View of the Report - Corn futures prices showed slight fluctuations, while the implied volatility of corn options increased significantly. The futures price of the main corn contract C2511 closed at 2,158 yuan/ton, with an option trading volume of 128,119 lots, an open interest of 353,386 lots, a trading volume PCR of 0.920, and the most actively traded contract C2511 accounting for about 83% of the total trading volume. The weighted implied volatility of options was 11.91%, and the 30 - day historical volatility was 14.96% [1][2]. - Soybean meal futures prices dropped significantly, and the implied volatility of soybean meal options rebounded slightly. The futures price of the main soybean meal contract M2601 closed at 2,928 yuan/ton, with an option trading volume of 757,172 lots, an open interest of 977,245 lots, a trading volume PCR of 1.118, and the current trading volume concentrated in slightly out - of - the - money options. The weighted implied volatility of options was 14.54%, and the 30 - day historical volatility was 16.33% [1][2]. 3) Summary by Relevant Catalogs Futures Market Data Statistics | Contract | Closing Price (yuan/ton) | Change | Change Rate (%) | Trading Volume | Volume Change | Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | | C2511 | 2,158 | 11 | 0.51 | 564,657 | - 28,277 | 761,736 | - 36,214 | | M2601 | 2,928 | - 106 | - 3.49 | 2,372,830 | 1,326,352 | 2,007,056 | 61,070 | [3] Option Market Data Statistics | Option Underlying | Trading Volume | Volume Change | Trading Volume PCR | PCR Change | Open Interest | Open Interest Change | Open Interest Ratio | Ratio Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Corn | 128,119 | 14,582 | 0.920 | - 0.076 | 353,386 | - 3,459 | 0.517 | 0.016 | | Soybean Meal | 757,172 | 521,542 | 1.118 | 0.449 | 977,245 | 25,741 | 0.549 | - 0.050 | [8] Option Volatility Situation | Variety | Weighted Implied Volatility of Options (%) | Volatility Change (%) | Change Rate | 30 - Day Historical Volatility (%) | 30 - Day Volatility Quantile | | --- | --- | --- | --- | --- | --- | | Corn | 11.91 | 1.31 | 12.34% | 14.96 | 0.97 | | Soybean Meal | 14.54 | 0.41 | 2.91% | 16.33 | 0.33 | [18]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - Corn futures prices dropped significantly, with the futures main contract C2511 closing at 2147 yuan/ton. Corn option trading volume was 113,537 lots, and the open interest was 356,845 lots. The option weighted implied volatility was 10.60%, and the 30 - day historical volatility was 14.83%. The option implied volatility decreased slightly [1][2]. - Soybean meal futures prices rose slightly, with the futures main contract M2601 closing at 3034 yuan/ton. Soybean meal option trading volume was 235,630 lots, and the open interest was 951,504 lots. The option weighted implied volatility was 14.13%, and the 30 - day historical volatility was 12.97%. The option implied volatility remained stable [1][2]. Summary by Related Catalogs 1. Futures Market Data Statistics - For the corn futures main contract C2511, the closing price was 2147 yuan/ton, with a drop of 21 yuan and a decline rate of 0.97%. The trading volume was 592,934 lots, an increase of 288,038 lots, and the open interest was 797,950 lots, a decrease of 13,885 lots [3]. - For the soybean meal futures main contract M2601, the closing price was 3034 yuan/ton, with a rise of 20 yuan and an increase rate of 0.66%. The trading volume was 1,046,478 lots, an increase of 150,872 lots, and the open interest was 1,945,986 lots, a decrease of 74,549 lots [3]. 2. Option Market Data Statistics - For corn options, the trading volume was 113,537 lots, an increase of 62,855 lots. The trading volume PCR was 0.996, an increase of 0.525. The open interest was 356,845 lots, an increase of 6,246 lots, and the open interest ratio was 0.501, a decrease of 0.010 [8]. - For soybean meal options, the trading volume was 235,630 lots, an increase of 5,161 lots. The trading volume PCR was 0.669, a decrease of 0.083. The open interest was 951,504 lots, a decrease of 6,566 lots, and the open interest ratio was 0.600, an increase of 0.005 [8]. 3. Option Volatility Situation - For corn options, the option weighted implied volatility was 10.60%, a decrease of 0.08 percentage points and a decrease rate of 0.75%. The 30 - day historical volatility was 14.83%, and the 30 - day volatility quantile was 0.96 [18]. - For soybean meal options, the option weighted implied volatility was 14.13%, a decrease of 0.11 percentage points and a decrease rate of 0.78%. The 30 - day historical volatility was 12.97%, and the 30 - day volatility quantile was 0.10 [18].