农产品期权策略早报-20250730

Group 1: Overall Market Summary - Agricultural product options strategy morning report date is July 30, 2025 [1] - Oilseeds and oils agricultural products are in a strong - side oscillatory trend, while oils, agricultural by - products maintain an oscillatory market, soft commodity sugar has a slight oscillation, cotton's bullish rise has declined, and grains such as corn and starch are in a weak and narrow - range consolidation [2] - The strategy is to construct an option portfolio strategy mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2] Group 2: Futures Market Overview - The latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various agricultural product option underlying futures contracts are presented, including soybeans, soybean meal, palm oil, etc. [3] Group 3: Option Factor - Volume and Open Interest PCR - The volume PCR, volume change, open interest PCR, and open interest change of various agricultural product options are provided, which are used to describe the strength of the option underlying market and the turning point of the underlying market [4] Group 4: Option Factor - Pressure and Support Levels - The pressure points, support points, and the maximum open interests of call and put options of various agricultural product options are given, which are determined from the exercise prices of the maximum open interests of call and put options [5] Group 5: Option Factor - Implied Volatility - The at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average, call implied volatility, put implied volatility, HISV20, and the difference between implied and historical volatility of various agricultural product options are presented [6] Group 6: Strategy and Recommendations for Different Agricultural Product Options Oilseeds and Oils Options - Soybeans (Soybean 1 and Soybean 2): USDA July report adjusts the supply - demand balance of US soybeans in the 25/26 season, soybean 1 shows an oversold rebound pattern. Option strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [7] - Soybean Meal and Rapeseed Meal: The purchase volume of soybean meal in different months is provided, and the market shows a pattern of weak consolidation and then oversold rebound. Option strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [9] - Palm Oil, Soybean Oil, and Rapeseed Oil: Palm oil's export and production data affect the market, showing a bullish trend. Option strategies include constructing a bullish short call + put option combination strategy and a long collar strategy for spot hedging [10] - Peanuts: The peanut market has a weak consolidation pattern under bearish pressure. Option strategies include constructing a bearish spread strategy of put options and a long collar strategy for spot hedging [11] Agricultural By - product Options - Pigs: The pig price shows a weak upward trend under bearish pressure. Option strategies include constructing a bearish short call + put option combination strategy and a covered call strategy for spot hedging [11] - Eggs: The egg price is in a weak consolidation pattern. Option strategies include constructing a bearish spread strategy of put options, a bearish short call + put option combination strategy [12] - Apples: The apple market shows a pattern of weak bearishness gradually rebounding. Option strategies include constructing a neutral short call + put option combination strategy [12] - Red Dates: The red date market has a pattern of rebound and then decline. Option strategies include constructing a bearish wide - straddle option combination strategy and a covered call strategy for spot hedging [13] Soft Commodity Options - Sugar: The sugar market shows an oversold rebound pattern. Option strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [13] - Cotton: The cotton market shows a pattern of low - level rebound and then slight oscillation. Option strategies include constructing a bullish spread strategy of call options, a bullish short call + put option combination strategy, and a covered call strategy for spot hedging [14] Grain Options - Corn and Starch: The corn market shows a weak bearish pattern. Option strategies include constructing a bearish spread strategy of put options and a bearish short call + put option combination strategy [14] Group 7: Option Charts - Charts of various agricultural product options are presented, including price trend charts, volume and open interest charts, open interest - PCR charts, implied volatility charts, historical volatility cone charts, etc., for different agricultural products such as soybeans, soybean meal, palm oil, etc. [16][33][50]