玉米期价小幅上涨，期权隐波持续下降豆粕期价小幅回升，期权隐波稳定下降

Report Industry Investment Rating - No relevant content provided Core Viewpoints - Corn futures prices rose slightly, and the implied volatility of corn options continued to decline. The futures price of the main contract C2511 was reported at 2,202 yuan/ton, with an option trading volume of 46,100 lots, an open interest of 328,332 lots, a trading volume PCR of 0.645, and the option weighted implied volatility was 10.08% [1][2]. - Soybean meal futures prices rebounded slightly, and the implied volatility of soybean meal options decreased steadily. The futures price of the main contract M2601 was reported at 3,088 yuan/ton, with an option trading volume of 127,211 lots, an open interest of 897,077 lots, a trading volume PCR of 0.439, and the option weighted implied volatility was 14.92% [1][2]. Summary by Directory 1. Futures Market Data Statistics - For the corn futures main contract C2511, the closing price was 2,202 yuan/ton, with a rise of 5 yuan and a gain of 0.23%. The trading volume was 358,208 lots, a decrease of 155,665 lots, and the open interest was 852,554 lots, a decrease of 7,872 lots [3]. - For the soybean meal futures main contract M2601, the closing price was 3,088 yuan/ton, with a rise of 22 yuan and a gain of 0.72%. The trading volume was 798,021 lots, a decrease of 7,598 lots, and the open interest was 2,001,532 lots, a decrease of 13,158 lots [3]. 2. Option Market Data Statistics - For corn options, the trading volume was 46,100 lots, a decrease of 46,425 lots, the trading volume PCR was 0.645, a decrease of 0.128, the open interest was 328,332 lots, an increase of 4,755 lots, and the open interest ratio was 0.547, an increase of 0.001 [8]. - For soybean meal options, the trading volume was 127,211 lots, a decrease of 11,172 lots, the trading volume PCR was 0.439, a decrease of 0.153, the open interest was 897,077 lots, an increase of 8,689 lots, and the open interest ratio was 0.585, a decrease of 0.003 [8]. 3. Option Volatility Situation - For corn options, the option weighted implied volatility was 10.08%, a decrease of 0.41 percentage points and a decline rate of 3.94%. The 30 - day historical volatility was 14.92%, and the 30 - day volatility quantile was 0.97 [18]. - For soybean meal options, the option weighted implied volatility was 14.92%, a decrease of 0.29 percentage points and a decline rate of 1.89%. The 30 - day historical volatility was 11.88%, and the 30 - day volatility quantile was 0.05 [18].