1. Report Industry Investment Rating - No information provided in the document 2. Core Viewpoints of the Report - Oilseed and oil - related agricultural products show a strong - side oscillatory trend, while other agricultural products maintain an oscillatory pattern. Soft commodities like sugar rebound and cotton shows a bullish trend, and grains such as corn and starch are weakly and narrowly consolidating. It is recommended to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market Overview - Various agricultural product futures have different price changes, trading volumes, and open interest changes. For example, the latest price of soybean No.1 (A2509) is 4,140, down 43 with a decline of 1.03%, and its trading volume is 18.43 million lots and open interest is 14.76 million lots [3] 3.2 Option Factors - Volume and Open Interest PCR - Different option varieties have different volume and open interest PCR values and their changes, which are used to describe the strength of the option - underlying market and the turning point of the market [4] 3.3 Option Factors - Pressure and Support Levels - From the perspective of option maximum open interest at strike prices, the pressure and support levels of different option - underlying products are determined. For instance, the pressure level of soybean No.1 is 4300 and the support level is 4100 [5] 3.4 Option Factors - Implied Volatility - Different option varieties have different implied volatility values, including at - the - money implied volatility, weighted implied volatility, call and put implied volatility, and the difference between implied and historical volatility [6] 3.5 Option Strategies and Recommendations 3.5.1 Oilseed and Oil Options - **Soybean No.1 and No.2**: USDA's July report adjusted the supply - demand balance of soybeans. Soybean No.1 shows an oversold rebound pattern. It is recommended to construct a neutral short - call + short - put option combination strategy and a long - collar strategy for spot hedging [7] - **Soybean Meal and Rapeseed Meal**: Analyze the purchase volume of soybean meal and its market trend. It is recommended to construct a neutral short - call + short - put option combination strategy and a long - collar strategy for spot hedging [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: Analyze the fundamentals and market trends of palm oil. It is recommended to construct a long - biased short - call + short - put option combination strategy and a long - collar strategy for spot hedging [10] - **Peanuts**: Analyze the fundamentals and market trends of peanuts. It is recommended to construct a bear - spread strategy with put options and a long - collar strategy for spot hedging [11] 3.5.2 Agricultural By - product Options - **Pigs**: Analyze the fundamentals and market trends of pigs. It is recommended to construct a short - biased short - call + short - put option combination strategy and a covered call strategy for spot hedging [11] - **Eggs**: Analyze the fundamentals and market trends of eggs. It is recommended to construct a bear - spread strategy with put options, a short - biased short - call + short - put option combination strategy [12] - **Apples**: Analyze the fundamentals and market trends of apples. It is recommended to construct a neutral short - call + short - put option combination strategy [12] - **Jujubes**: Analyze the fundamentals and market trends of jujubes. It is recommended to construct a short - biased short - strangle option combination strategy and a covered call strategy for spot hedging [13] 3.5.3 Soft Commodity Options - **Sugar**: Analyze the fundamentals and market trends of sugar. It is recommended to construct a neutral short - call + short - put option combination strategy and a long - collar strategy for spot hedging [13] - **Cotton**: Analyze the fundamentals and market trends of cotton. It is recommended to construct a bull - spread strategy with call options, a long - biased short - call + short - put option combination strategy, and a covered call strategy for spot hedging [14] 3.5.4 Grain Options - **Corn and Starch**: Analyze the fundamentals and market trends of corn. It is recommended to construct a bear - spread strategy with put options and a short - biased short - call + short - put option combination strategy [14]

| 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 农产品期权策略早报概要：油料油脂类农产品偏强震荡，油脂类，农副产品维持震荡行情，软商品白糖反弹回升震 荡上行，棉花多头上涨，谷物类玉米和淀粉弱势窄幅盘整。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 表1：标的期货市场概况 农产品期权 2025-07-25 农产品期权策略早报 2025-7-25 2 农产品期权研究 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | ...

农产品期权 2025-07-24 农产品期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 农产品期权策略早报概要：油料油脂类农产品偏强震荡，油脂类，农副产品维持震荡行情，软商品白糖反弹回升震 荡上行，棉花多头上涨，谷物类玉米和淀粉弱势窄幅盘整。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The agricultural product sector mainly includes beans, oils, agricultural by - products, soft commodities, grains, and others. The overall market shows different trends: oilseeds and oils are in a strong - side shock, oils and agricultural by - products are in a shock, soft commodities like sugar are in a rebound and shock upward, cotton is in a bullish rise, and grains like corn and starch are in a weak and narrow - range consolidation. The strategy is to construct option portfolio strategies mainly as sellers, as well as spot hedging or covered strategies to enhance returns [2][8] Summary According to Relevant Catalogs 1. Futures Market Overview - Different agricultural product futures have different price changes, trading volumes, and open interests. For example, the latest price of soybean No.1 (A2509) is 4,176, down 22 with a decline rate of 0.52%, and its trading volume is 16.04 million lots with a change of 4.99 million lots, and open interest is 17.53 million lots with a change of - 0.70 million lots [3] 2. Option Factor - Volume and Open Interest PCR - The volume and open interest PCR of different agricultural product options show different trends. For example, the volume PCR of soybean No.1 option is 0.57 with a change of 0.12, and the open interest PCR is 0.49 with a change of 0.04 [4] 3. Option Factor - Pressure and Support Levels - From the perspective of the maximum open interest of call and put options, the pressure and support levels of different agricultural product options are different. For example, the pressure level of soybean No.1 is 4500 and the support level is 4100 [5] 4. Option Factor - Implied Volatility - The implied volatility of different agricultural product options also varies. For example, the at - the - money implied volatility of soybean No.1 is 8.81%, and the weighted implied volatility is 10.87% with a change of 0.69% [6] 5. Strategies and Recommendations for Different Agricultural Product Options 5.1 Oils and Oilseeds Options - **Beans (Soybean No.1, Soybean No.2)**: The USDA July report adjusted the supply - demand balance of US soybeans. Soybean No.1 showed a rebound after over - decline. The implied volatility of soybean No.1 option is at a relatively high level compared to the historical average. The recommended strategies include constructing a neutral call + put option selling combination strategy and a long collar strategy for spot hedging [7] - **Bean Meal, Rapeseed Meal**: The purchase volume of bean meal in different months is different. Bean meal showed a rebound after a weak consolidation. The implied volatility of bean meal option is slightly above the historical average. The recommended strategies include constructing a neutral call + put option selling combination strategy and a long collar strategy for spot hedging [9] - **Palm Oil, Soybean Oil, Rapeseed Oil**: The MPOB June report showed the supply - demand situation of palm oil. Palm oil showed a bullish rise. The implied volatility of palm oil option is declining to a level below the historical average. The recommended strategies include constructing a bullish call + put option selling combination strategy and a long collar strategy for spot hedging [10] - **Peanuts**: The price of peanuts showed a weak consolidation. The implied volatility of peanut option is at a relatively low level. The recommended strategies include constructing a bearish put option spread strategy and a long collar strategy for spot hedging [11] 5.2 Agricultural By - product Options - **Pigs**: The domestic pig price was in a downward trend. The implied volatility of pig option is at a relatively high level compared to the historical average. The recommended strategies include constructing a bearish call + put option selling combination strategy and a covered call strategy for spot hedging [11] - **Eggs**: The domestic egg price rebounded. Eggs showed a weak - side shock. The implied volatility of egg option is at a relatively high level. The recommended strategies include constructing a bearish put option spread strategy and a bearish call + put option selling combination strategy [12] - **Apples**: The inventory of apples in cold storage is at a low level. Apples showed a weak rebound. The implied volatility of apple option is below the historical average. The recommended strategies include constructing a neutral call + put option selling combination strategy [12] - **Jujubes**: The inventory of jujubes decreased slightly. Jujubes showed a rebound and then a decline. The implied volatility of jujube option is declining. The recommended strategies include constructing a bearish wide - straddle option selling combination strategy and a covered call strategy for spot hedging [13] 5.3 Soft Commodity Options - **Sugar**: The shipping data of Brazilian sugar showed a change. Sugar showed a rebound after a decline. The implied volatility of sugar option is at a relatively low level. The recommended strategies include constructing a neutral call + put option selling combination strategy and a long collar strategy for spot hedging [13] - **Cotton**: The operating rates of spinning and weaving mills decreased, and cotton inventory decreased. Cotton showed a rebound. The implied volatility of cotton option is at a relatively low level. The recommended strategies include constructing a bullish call option spread strategy, a bullish call + put option selling combination strategy, and a covered call strategy for spot hedging [14] 5.4 Grain Options - **Corn, Starch**: The spot price of corn was weak, and the futures market was also weak. Corn showed a downward trend. The implied volatility of corn option is at a relatively low level. The recommended strategies include constructing a bearish put option spread strategy and a bearish call + put option selling combination strategy [14]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The agricultural product sector includes beans, oils, agricultural by - products, soft commodities, grains, and others. The overall trend is that oilseeds and oils are in a strong - side oscillation, oils and agricultural by - products are in a sideways movement, soft commodities like sugar are rebounding and rising, cotton is on a bullish trend, and grains such as corn and starch are in a weak and narrow - range consolidation. It is recommended to construct option combination strategies mainly based on sellers and spot hedging or covered strategies to enhance returns [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Various agricultural product futures show different price changes, trading volumes, and open interest changes. For example, the latest price of soybean No.1 (A2509) is 4,215, up 21 with a 0.50% increase, trading volume of 11.04 million lots (down 1.93 million lots), and open interest of 18.23 million lots (up 0.23 million lots) [3]. 3.2 Option Factor - Volume and Open Interest PCR - The volume and open interest PCR of different option varieties are presented. For instance, the volume PCR of soybean No.1 is 0.44 (up 0.06), and the open interest PCR is 0.45 (up 0.01) [4]. 3.3 Option Factor - Pressure and Support Levels - The pressure and support levels of different option varieties are given. For example, the pressure level of soybean No.1 is 4500, and the support level is 4100 [5]. 3.4 Option Factor - Implied Volatility - The implied volatility data of different option varieties are provided. For example, the at - the - money implied volatility of soybean No.1 is 8.69%, and the weighted implied volatility is 10.18% (down 0.34%) [6]. 3.5 Option Strategies and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The USDA July report adjusted the supply - demand balance of US soybeans. The implied volatility of soybean No.1 is at a relatively high level compared to historical averages. It is recommended to construct a neutral short call + put option combination strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal and Rapeseed Meal**: The domestic soybean meal market has shown a slight improvement in trading volume. The implied volatility of soybean meal is slightly above the historical average. It is recommended to construct a neutral short call + put option combination strategy and a long collar strategy for spot hedging [9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The MPOB June report shows the supply - demand situation of Malaysian palm oil. The implied volatility of palm oil is declining. It is recommended to construct a bullish short call + put option combination strategy and a long collar strategy for spot hedging [10]. - **Peanuts**: The peanut market has a weak downstream consumption. The implied volatility of peanuts is at a relatively low historical level. It is recommended to construct a bearish put option spread strategy and a long collar strategy for spot hedging [11]. 3.5.2 Agricultural By - products Options - **Pigs**: The domestic pig price has stabilized after a decline. The implied volatility of pig options is at a relatively high level compared to historical averages. It is recommended to construct a bearish short call + put option combination strategy and a covered call strategy for spot hedging [11]. - **Eggs**: The inventory of laying hens is expected to increase. The implied volatility of egg options is at a relatively high level. It is recommended to construct a bearish put option spread strategy and a bearish short call + put option combination strategy [12]. - **Apples**: The cold - storage inventory of apples is at a low level in the past five years. The implied volatility of apple options is below the historical average. It is recommended to construct a neutral short call + put option combination strategy [12]. - **Red Dates**: The inventory of red dates has decreased slightly. The implied volatility of red dates is declining. It is recommended to construct a bearish short strangle option combination strategy and a covered call strategy for spot hedging [13]. 3.5.3 Soft Commodities Options - **Sugar**: Brazil's sugar exports have increased. The implied volatility of sugar options is at a relatively low historical level. It is recommended to construct a neutral short call + put option combination strategy and a long collar strategy for spot hedging [13]. - **Cotton**: The operating rates of spinning and weaving mills have declined, and the commercial inventory of cotton has decreased. The implied volatility of cotton options is at a relatively low level. It is recommended to construct a bullish call option spread strategy, a bullish short call + put option combination strategy, and a covered call strategy for spot hedging [14]. 3.5.4 Grains Options - **Corn and Starch**: The corn market is affected by import auctions, and the price is in a weak trend. The implied volatility of corn options is at a relatively low historical level. It is recommended to construct a bearish put option spread strategy and a bearish short call + put option combination strategy [14].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The agricultural product options market shows different trends: oilseeds and oils are weakening, fats and oils and agricultural by - products are oscillating, soft commodities like sugar are rebounding and rising, cotton is rising moderately, and grains such as corn and starch are weakly consolidating in a narrow range [2]. - It is recommended to construct option portfolio strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Different agricultural product futures show various price changes and trading volumes. For example, the latest price of soybean No.1 (A2509) is 4,189, up 23 with a 0.55% increase, and its trading volume is 12.97 million lots [3]. 3.2 Option Factors 3.2.1 Volume - Position PCR - Each option variety has different volume - position PCR values and their changes, which reflect the strength of the market and the turning point of the underlying asset's market. For instance, the volume PCR of soybean No.1 is 0.38, with a change of 0.10, and the position PCR is 0.44, with a change of - 0.03 [4]. 3.2.2 Pressure and Support Levels - The pressure and support levels of each option variety are analyzed. For example, the pressure level of soybean No.1 is 4,500 and the support level is 4,050 [5]. 3.2.3 Implied Volatility - The implied volatility of each option variety shows different trends. For example, the implied volatility of soybean No.1 is 9.26% for at - the - money options, and the weighted implied volatility is 10.52%, with a change of - 0.16% [6]. 3.3 Option Strategies and Recommendations 3.3.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The USDA July report shows changes in the supply - demand situation of US soybeans. The option strategy includes constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal and Rapeseed Meal**: The domestic trading situation of soybean meal is analyzed. Option strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [8][9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The MPOB June report shows the production, export, and inventory situation of Malaysian palm oil. Option strategies include constructing a long - biased short call + put option combination strategy and a long collar strategy for spot hedging [10]. - **Peanuts**: The peanut market has a weak consolidation trend under the bearish pressure line. Option strategies include constructing a bearish spread strategy for put options and a long collar strategy for spot hedging [11]. 3.3.2 Agricultural By - product Options - **Pigs**: The domestic pig price has a weakening trend after rising. Option strategies include constructing a short - biased short call + put option combination strategy and a covered strategy for spot hedging [11]. - **Eggs**: The egg market is in a weak downward trend. Option strategies include constructing a bearish spread strategy for put options and a short - biased short call + put option combination strategy [12]. - **Apples**: The apple market shows a weak rebound trend. Option strategies include constructing a neutral short call + put option combination strategy [12]. - **Jujubes**: The jujube market rebounds and then falls back. Option strategies include constructing a short - biased wide - straddle option combination strategy and a covered hedging strategy for spot [13]. 3.3.3 Soft Commodity Options - **Sugar**: The Brazilian sugar export data is released. The sugar market shows a rebound after a decline. 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 rebound and upward trend. Option strategies include constructing a bullish spread strategy for call options, a long - biased short call + put option combination strategy, and a covered strategy for spot [14]. 3.3.4 Grain Options - **Corn and Starch**: The corn market is under a bearish trend. Option strategies include constructing a bearish spread strategy for put options and a short - biased short call + put option combination strategy [14].

Report Summary 1. Investment Rating The document does not provide an investment rating for the industry. 2. Core Viewpoint The overall trend of agricultural products shows that oilseeds and oils have weakened, while oils, agricultural by - products are in a volatile market. Soft commodity sugar continues to be weak, cotton rises moderately, and grains such as corn and starch are in a weak and narrow - range consolidation. The recommended strategy is to construct an option portfolio strategy mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2]. 3. Summary by Category 3.1 Futures Market Overview - Different agricultural product futures have different price trends, trading volumes, and open interest changes. For example, the latest price of soybean No.1 (A2509) is 4,110, up 12 (0.29%), with a trading volume of 13.66 million lots and an open interest of 19.98 million lots [3]. 3.2 Option Factors - **Volume and Open Interest PCR**: These indicators are used to describe the strength of the option underlying market and the turning point of the underlying market. For example, the volume PCR of soybean No.1 is 0.40, with a change of 0.03, and the open interest PCR is 0.49, with a change of 0.01 [4]. - **Pressure and Support Levels**: Determined from the strike prices of the maximum open interest of call and put options. For example, the pressure level of soybean No.1 is 4,500, and the support level is 4,100 [5]. - **Implied Volatility**: The weighted implied volatility of different agricultural products shows different trends. For example, the weighted implied volatility of soybean No.1 is 11.61%, with a change of 0.26% [6]. 3.3 Option Strategies for Different Products 3.3.1 Oilseeds and Oils - **Soybean No.1 and No.2**: The USDA July report adjusted the supply - demand balance of US soybeans. The option strategies include constructing a bearish option bear - spread combination, selling a neutral call + put option combination, and a long collar strategy for spot hedging [7]. - **Soybean Meal and Rapeseed Meal**: The domestic soybean meal market has a weak recovery, and the option strategies include selling a bearish call + put option combination and a long collar strategy for spot hedging [8][9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The Malaysian palm oil market has changes in export and inventory. The option strategies include selling a bullish call + put option combination and a long collar strategy for spot hedging [10]. - **Peanut**: The peanut market has a weak downward trend. The option strategies include constructing a bearish option bear - spread combination and a long collar strategy for spot hedging [11]. 3.3.2 Agricultural By - products - **Pig**: The pig price has a recovery trend. The option strategies include selling a neutral call + put option combination and a covered call strategy for spot [11]. - **Egg**: The egg market is in a weak downward trend. The option strategies include constructing a bearish option bear - spread combination, selling a bearish call + put option combination [12]. - **Apple**: The apple market has a weak rebound. The option strategy is to sell a neutral call + put option combination [12]. - **Jujube**: The jujube market has a rebound and then a decline. The option strategies include selling a bearish wide - straddle option combination and a covered call strategy for spot hedging [13]. 3.3.3 Soft Commodities - **Sugar**: The sugar market has a super - bearish rebound. The option strategies include selling a neutral call + put option combination and a long collar strategy for spot hedging [13]. - **Cotton**: The cotton market has a moderate upward trend. The option strategies include constructing a bullish option bull - spread combination, selling a neutral call + put option combination, and a covered call strategy for spot [14]. 3.3.4 Grains - **Corn and Starch**: The corn market is in a weak downward trend. The option strategies include constructing a bearish option bear - spread combination, selling a bearish call + put option combination [14].

Group 1: Report Overview - The report is an agricultural product options strategy morning report dated July 9, 2025 [1][2] - The agricultural product sector is divided into beans, oils, agricultural by - products, soft commodities, grains, and others [8] - The report provides option strategies and suggestions for selected varieties in each sector [8] Group 2: Market Conditions Futures Market - Different agricultural product futures have various price trends. For example, soybean No.1 (A2509) closed at 4,106 with a 0.39% increase, while soybean meal (M2509) closed at 2,936 with a 0.07% decrease. There are also differences in trading volume and open interest changes [3] Option Factors - Volume and open - interest PCR are used to describe the strength of the option underlying market and the turning point of the underlying market. For instance, the volume PCR of soybean No.1 is 0.47 with a change of - 0.14, and the open - interest PCR is 0.46 with a change of - 0.04 [4] - Pressure and support levels are determined from the strike prices of the maximum open positions of call and put options. For example, the pressure level of soybean No.1 is 4,500 and the support level is 4,100 [5] - Implied volatility shows the market's expectation of future price fluctuations. For example, the average implied volatility of soybean No.1 is 9.515%, and the weighted implied volatility is 11.77% with a change of 0.09% [6] Group 3: Option Strategies and Suggestions Oilseeds and Oils Options - **Soybean No.1 and No.2**: For soybean No.1, the fundamental situation of US soybeans is neutral. The option strategies include constructing a bear spread of put options, selling a neutral call + put option combination, and a long collar strategy for spot hedging [7] - **Soybean Meal and Rapeseed Meal**: For soybean meal, the daily average trading volume increased, and the delivery volume decreased week - on - week. The option strategies include selling a bearish call + put option combination and a long collar strategy for spot hedging [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: For palm oil, the expected production decreased, and the export volume increased in June 2025. The option strategies include selling a neutral call + put option combination and a long collar strategy for spot hedging [10] - **Peanuts**: The spot price of peanuts was stable, and the trading was light. The option strategies include constructing a bear spread of put options and a long collar strategy for spot hedging [11] Agricultural By - product Options - **Pigs**: The supply was tight at the beginning of the month, and the demand decreased. The option strategies include selling a neutral call + put option combination and a long - call covered strategy for spot [11] - **Eggs**: The inventory of laying hens increased. The option strategies include constructing a bear spread of put options, selling a bearish call + put option combination [12] - **Apples**: The cold - storage inventory decreased. The option strategy is to sell a neutral call + put option combination [12] - **Jujubes**: The inventory decreased slightly, and the consumption was in the off - season. The option strategies include selling a bearish wide - straddle option combination and a long - call covered strategy for spot hedging [13] Soft Commodity Options - **Sugar**: The spot price was weak in June, and the sales volume was limited in the off - season. The option strategies include selling a neutral call + put option combination and a long collar strategy for spot hedging [13] - **Cotton**: The market was in a narrow - range shock. The option strategies include constructing a bull spread of call options, selling a neutral call + put option combination, and a long - call covered strategy for spot [14] Grain Options - **Corn and Starch**: Corn planting has ended, and the price may be affected by weather. The option strategy is to sell a neutral call + put option combination [14]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The agricultural products options market shows mixed trends. Oilseeds and oils have weakened, while grains like corn and starch are gradually warming up after a narrow - range consolidation. Soft commodities such as sugar continue to be weak, and cotton is rising moderately. Strategies suggest building option combination strategies with a focus on sellers, along with spot hedging or covered strategies to enhance returns [2] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Different agricultural product futures have various price changes. For example, soybean meal (M2509) rose 0.37% to 2,971, while soybean oil (Y2509) fell 0.50% to 7,980. Volume and open - interest also vary among different products [3] 3.2 Option Factors - Quantity and Position PCR - The PCR indicators of different agricultural product options show different trends. For instance, the volume PCR of soybean (A2509) is 0.27 with a change of 0.01, and the position PCR is 0.48 with a change of 0.01 [4] 3.3 Option Factors - Pressure and Support Levels - Each agricultural product option has its own pressure and support levels. For example, the pressure level of soybean (A2509) is 4,500, and the support level is 4,100 [5] 3.4 Option Factors - Implied Volatility - Implied volatility varies among different agricultural product options. For example, the at - the - money implied volatility of soybean is 9.915%, and the weighted implied volatility is 12.20% with a change of 0.05 [6] 3.5 Strategies and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean (A2509)**: Fundamental data shows significant soybean purchases in different months. The market has a weak - shock trend. Option strategies include selling a neutral call + put option combination and a long collar strategy for spot hedging [7] - **Soybean Meal (M2509)**: The cost of far - month soybean meal is in the range of 2,850 - 3,020 yuan/ton. The market has a weak - shock pattern. Strategies involve selling a neutral call + put option combination and a long collar strategy for spot hedging [9] - **Palm Oil (P2509)**: High - frequency data shows production and export changes. The market has a long - term high - drop trend. Strategies include selling a neutral call + put option combination and a long collar strategy for spot hedging [10] - **Peanut (PK2510)**: The spot market has a weak supply - demand pattern. The market has a weak - shock and warming - up trend. Strategies include a long collar strategy for spot hedging [11] 3.5.2 Agricultural By - product Options - **Pig (LH2509)**: The pig price has been rising recently. The market has a warming - up and then blocked - drop trend. Strategies include selling a neutral call + put option combination and a covered call strategy for spot [11] - **Egg (JD2509)**: The egg inventory is expected to increase in the future. The market has a weak - shock and downward trend. Strategies include selling a bearish call + put option combination [12] - **Apple (AP2510)**: The apple cold - storage inventory is decreasing, and the market has a weak - bearish and upward - recovery trend. Strategies include selling a neutral call + put option combination [12] - **Jujube (CJ2509)**: The jujube inventory has a slight decrease. The market has a rebound - warming - up and upward trend. Strategies include selling a bullish wide - straddle option combination and a covered call strategy for spot [13] 3.5.3 Soft Commodity Options - **Sugar (SR2509)**: Brazilian sugar - shipping data shows changes. The market has an oversold - rebound and upward trend. Strategies include selling a neutral call + put option combination and a long collar strategy for spot hedging [13] - **Cotton (CF2509)**: Spinning and weaving factory operating rates and cotton inventory data are provided. The market has a low - level rebound and upward trend. Strategies include a bullish call spread combination, selling a neutral call + put option combination, and a covered call strategy for spot [14] 3.5.4 Grain Options - **Corn (C2509)**: The corn oil market price is stable, and the corn germ market has a high - price drop. The market has a narrow - range consolidation trend. Strategies include selling a neutral call + put option combination [14]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The agricultural product sector shows different trends: oilseeds and oils are weakening, fats and oils, and agricultural by - products are in a volatile market, soft commodity sugar continues to be weak, cotton is rising moderately, and grains such as corn and starch are gradually warming up and then trading in a narrow range. It is recommended to construct option portfolio strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Various agricultural product futures have different price changes, trading volumes, and open interest changes. For example, the latest price of soybean No.1 (A2509) is 4,148, up 4 with a 0.10% increase, trading volume is 8.67 million lots (down 4.46 million lots), and open interest is 19.92 million lots (down 0.13 million lots) [3] 3.2 Option Factor - Volume and Open Interest PCR - Different option varieties have different volume and open interest PCR values and their changes, which are used to describe the strength of option underlying market trends and whether there is a turning point. For example, the volume PCR of soybean No.1 is 0.61 (down 0.10), and the open interest PCR is 0.55 (down 0.03) [4] 3.3 Option Factor - Pressure and Support Levels - From the perspective of the strike prices with the largest open interest of call and put options, the pressure and support levels of option underlyings are determined. For example, the pressure level of soybean No.1 is 4,500 and the support level is 4,100 [5] 3.4 Option Factor - Implied Volatility - Different option varieties have different implied volatility indicators, including at - the - money implied volatility, weighted implied volatility, and their changes, as well as the difference between implied and historical volatilities. For example, the at - the - money implied volatility of soybean No.1 is 9.625%, the weighted implied volatility is 11.36% (down 0.26%), and the difference between implied and historical volatilities is - 1.99 [6] 3.5 Option Strategies and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The fundamentals show the situation of soybean purchases and the physical inventory days of feed enterprises. The market trend of soybean No.1 is a high - level decline after a rebound. It is recommended to construct a short neutral call + put option combination strategy and a long collar strategy for spot hedging [7] - **Soybean Meal and Rapeseed Meal**: The cost of soybean meal is in a certain range, and the market is affected by factors such as oil mill crushing volume and downstream buying interest. It is recommended to construct a short neutral call + put option combination strategy and a long collar strategy for spot hedging [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The fundamentals are affected by factors such as palm oil production and export data, and Canadian rapeseed inventory. It is recommended to construct a short neutral call + put option combination strategy and a long collar strategy for spot hedging [10] - **Peanuts**: The spot market is in a situation of weak supply and demand. It is recommended to construct a bear spread strategy of put options and a long collar strategy for spot hedging [11] 3.5.2 Agricultural By - products Options - **Pigs**: The pig price has been rising last week, and the market is affected by factors such as slaughter volume and weight. It is recommended to construct a short neutral call + put option combination strategy and a covered call strategy for spot [11] - **Eggs**: The egg inventory is expected to increase in the future, and the market is in a weak downward trend. It is recommended to construct a short bearish call + put option combination strategy [12] - **Apples**: The apple inventory is decreasing, and the market is in a weak rebound. It is recommended to construct a short bearish call + put option combination strategy [12] - **Jujubes**: The jujube inventory is slightly decreasing, and the market is in a rebound. It is recommended to construct a short bullish strangle option combination strategy and a covered call strategy for spot hedging [13] 3.5.3 Soft Commodity Options - **Sugar**: The Brazilian sugar shipping situation and production forecast affect the market. The sugar market is in a weak rebound. It is recommended to construct a short neutral call + put option combination strategy and a long collar strategy for spot hedging [13] - **Cotton**: The cotton spinning and weaving factory operating rates and inventory affect the market. The cotton market is in a mild upward trend. It is recommended to construct a bull spread strategy of call options, a short neutral call + put option combination strategy, and a covered call strategy for spot [14] 3.5.4 Grains Options - **Corn and Starch**: The corn oil market price is stable, and the corn market is in a volatile upward and then downward trend. It is recommended to construct a short neutral call + put option combination strategy [14]