玉米期价大幅下跌，期权隐波小幅回升豆粕期价小幅下跌，期权隐波持续下降

Report Overview - The report focuses on the commodity option data of corn and soybean meal on September 15, 2025, including futures market data, option market data, and option volatility [1][2] 1. Report Industry Investment Rating - No investment rating information is provided in the report 2. Core Viewpoints - Corn futures prices dropped significantly, and option implied volatility rose slightly [1][2] - Soybean meal futures prices declined slightly, and option implied volatility continued to fall [1][2] 3. Summary by Directory 3.1 Futures Market Data Statistics - Corn futures (C2511) closed at 2167 yuan/ton, down 30 yuan or 1.37%, with a trading volume of 637,412 and an open interest of 835,212. The trading volume increased by 335,136, and the open interest decreased by 16,551 [2][3] - Soybean meal futures (M2601) closed at 3042 yuan/ton, down 37 yuan or 1.20%, with a trading volume of 1,450,741 and an open interest of 2,050,694. The trading volume increased by 712,120, and the open interest increased by 64,488 [2][3] 3.2 Option Market Data Statistics - Corn option trading volume was 117,622, an increase of 66,378, with a trading volume PCR of 0.824 (up 0.086). The open interest was 332,231, an increase of 1,156, and the open interest PCR was 0.528 (down 0.022) [2][8] - Soybean meal option trading volume was 295,003, an increase of 146,268, with a trading volume PCR of 0.612 (up 0.095). The open interest was 903,801, an increase of 3,840, and the open interest PCR was 0.593 (up 0.009) [2][8] 3.3 Option Volatility Situation - Corn option weighted implied volatility was 10.12%, up 0.64 percentage points or 6.75%. The 30 - day historical volatility was 15.22%, and the 30 - day volatility quantile was 0.98 [2][17] - Soybean meal option weighted implied volatility was 14.45%, down 0.23 percentage points or 1.59%. The 30 - day historical volatility was 12.41%, and the 30 - day volatility quantile was 0.08 [2][17]