玉米期价小幅波动，期权隐波小幅下降，豆粕期价小幅回升，期权隐波持续上升

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - Corn futures prices showed slight fluctuations, with the main futures contract C2509 closing at 2260 yuan/ton. Corn option trading volume was 99,520 lots, and the open interest was 501,612 lots. The option-implied volatility decreased slightly [2]. - Soybean meal futures prices rebounded slightly, with the main futures contract M2601 closing at 3091 yuan/ton. Soybean meal option trading volume was 356,912 lots, and the open interest was 1,072,147 lots. The option-implied volatility continued to rise [2]. 3. Summary by Directory 3.1 Futures Market Data Statistics - Corn (C2509): Closed at 2260 yuan/ton, down 2 yuan or 0.09%. Trading volume was 232,359 lots, a decrease of 35,998 lots. Open interest was 605,565 lots, a decrease of 32,610 lots [3]. - Soybean Meal (M2601): Closed at 3091 yuan/ton, up 19 yuan or 0.62%. Trading volume was 1,107,230 lots, a decrease of 436,933 lots. Open interest was 1,757,131 lots, an increase of 62,078 lots [3]. 3.2 Option Market Data Statistics - Corn Options: Trading volume was 99,520 lots, a decrease of 18,373 lots. The trading volume PCR was 0.532, an increase of 0.003. Open interest was 501,612 lots, a decrease of 2619 lots [8]. - Soybean Meal Options: Trading volume was 356,912 lots, a decrease of 104,136 lots. The trading volume PCR was 0.765, an increase of 0.021. Open interest was 1,072,147 lots, a decrease of 3249 lots [8]. 3.3 Option Volatility Situation - Corn Options: The option-weighted implied volatility was 12.30%, a decrease of 0.81 percentage points or 6.16%. The 30-day historical volatility was 8.42%, and the 30-day volatility quantile was 0.13 [17]. - Soybean Meal Options: The option-weighted implied volatility was 18.86%, an increase of 0.48 percentage points or 2.63%. The 30-day historical volatility was 11.40%, and the 30-day volatility quantile was 0.02 [17].