1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The agricultural product options market shows a mixed trend, with oilseeds and oils being weakly volatile, while other sectors such as by - products, soft commodities, and grains are in a state of shock. 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 Related Catalogs 3.1 Futures Market Overview - The report provides the latest prices, price changes, trading volumes, and open interest of various agricultural product futures, including soybeans, soybean meal, palm oil, etc. For example, the latest price of soybean No.1 (A2511) is 3,940, down 16 points or 0.40% [3] 3.2 Option Factors 3.2.1 Volume and Open Interest PCR - It presents the volume PCR and open - interest PCR of different agricultural product options, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively. For instance, the volume PCR of soybean No.1 is 0.68, with a change of 0.31 [4] 3.2.2 Pressure and Support Levels - The pressure and support levels of various agricultural product options are given, determined by 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 3,900 [5] 3.2.3 Implied Volatility - The implied volatility data of different agricultural product options are provided, including at - the - money implied volatility, weighted implied volatility, and its changes. For example, the at - the - money implied volatility of soybean No.1 is 11.46, and the weighted implied volatility is 13.09, down 0.52 [6] 3.3 Option Strategies and Recommendations 3.3.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The fundamental situation of soybeans is analyzed, and it is recommended to construct a neutral call + put option selling strategy and a long collar strategy for spot hedging [7] - **Soybean Meal and Rapeseed Meal**: Based on the fundamental and market analysis, it is recommended to construct a bear spread strategy for put options, a short - biased call + put option selling strategy, and a long collar strategy for spot hedging [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: Considering the supply and demand situation of oils, it is recommended to construct a bull spread strategy for call options, a long - biased call + put option selling strategy, and a long collar strategy for spot hedging [10] - **Peanuts**: Given the price decline and market situation of peanuts, it is recommended to construct a bear spread strategy for put options and a long collar strategy for spot hedging [11] 3.3.2 By - product Options - **Pigs**: Based on the supply and demand and market trends of pigs, it is recommended to construct a short - biased call + put option selling strategy and a covered call strategy for spot hedging [11] - **Eggs**: Considering the egg inventory and market situation, it is recommended to construct a bear spread strategy for put options and a short - biased call + put option selling strategy [12] - **Apples**: According to the apple inventory and market trends, it is recommended to construct a neutral call + put option selling strategy [12] - **Red Dates**: Based on the red date inventory and market situation, it is recommended to construct a neutral wide - straddle option selling strategy and a covered call strategy for spot hedging [13] 3.3.3 Soft Commodity Options - **Sugar**: Given the domestic sugar price and market situation, it is recommended to construct a short - biased call + put option selling strategy and a long collar strategy for spot hedging [13] - **Cotton**: Considering the cotton inventory and market trends, it is recommended to construct a long - biased call + put option selling strategy and a covered call strategy for spot hedging [14] 3.3.4 Grain Options - **Corn and Starch**: Based on the corn import and market situation, it is recommended to construct a bear spread strategy for put options and a short - biased call + put option selling strategy [14]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The agricultural product sector includes beans, oils, agricultural by - products, soft commodities, grains, and others. The market shows a mixed trend, with oil and fat - related agricultural products in a weak and volatile state, while some products like apples show a warming - up trend. Overall, the market is complex and diverse [2][7][9][11]. - 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 According to Relevant Catalogs 3.1 Futures Market Overview - Different agricultural product options have different price trends, trading volumes, and open interest changes. For example, the price of soybean No. 1 (A2511) is 3,991, down 7 with a decline rate of 0.18%, and its trading volume is 8.17 million lots, a decrease of 1.78 million lots [3]. 3.2 Option Factors 3.2.1 Volume - to - Open - Interest PCR - Each option variety has its own volume - to - open - interest PCR and its changes. For instance, the volume PCR of soybean No. 1 is 0.47, a decrease of 0.15, and the open - interest PCR is 0.37, a decrease of 0.04 [4]. 3.2.2 Pressure and Support Levels - From the perspective of options, each option variety has corresponding pressure and support levels. For example, the pressure level of soybean No. 1 is 4,500, and the support level is 4,000 [5]. 3.2.3 Implied Volatility - The implied volatility of different option varieties varies. For example, the at - the - money implied volatility of soybean No. 1 is 11.51%, and the weighted implied volatility is 14.55%, an increase of 0.68% [6]. 3.3 Strategies and Recommendations for Different Option Varieties 3.3.1 Oil and Oilseed Options - **Soybean No. 1 and No. 2**: The US soybean good - rate remains stable. The Brazilian soybean CNF premium and import cost show certain changes. Option strategies include constructing a selling neutral call + put option combination strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal and Rapeseed Meal**: The domestic soybean crushing volume and开机率 change. Option strategies involve constructing a selling neutral call + put option combination strategy and a long collar strategy for spot hedging [9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The domestic oil inventory is relatively sufficient. Option strategies include constructing a bull spread strategy for palm oil and selling option combination strategies for different situations [10]. - **Peanuts**: The price of peanut kernels drops. Option strategies include constructing a bear spread strategy and a long collar strategy for spot hedging [11]. 3.3.2 Agricultural By - product Options - **Pigs**: The demand is average, and the slaughter volume is large. Option strategies include constructing a selling bearish call + put option combination strategy and a covered call strategy for spot [11]. - **Eggs**: The inventory of laying hens is expected to increase. Option strategies include constructing a bear spread strategy and a selling bearish call + put option combination strategy [12]. - **Apples**: The cold - storage inventory is at a low level. Option strategies include constructing a selling neutral call + put option combination strategy [12]. - **Red Dates**: The inventory in physical warehouses decreases. Option strategies include constructing a selling neutral strangle option combination strategy and a covered call strategy for spot hedging [13]. 3.3.3 Soft Commodity Options - **Sugar**: The domestic sugar price shows a volatile trend. Option strategies include constructing a selling bearish call + put option combination strategy and a long collar strategy for spot hedging [13]. - **Cotton**: The spinning and weaving factory开机率 changes, and the commercial inventory decreases. Option strategies include constructing a selling bullish call + put option combination strategy and a covered call strategy for spot [14]. 3.3.4 Grain Options - **Corn and Starch**: The import of corn is regularly auctioned, and the domestic corn price drops. Option strategies include constructing a bear spread strategy and a selling bearish call + put option combination strategy [14].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The agricultural product options market shows diversified trends. Oilseeds and oils are in a relatively strong and volatile state, while some agricultural by - products and soft commodities are in a volatile or weak state. - 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 Relevant Catalogs 3.1 Futures Market Overview - Different agricultural product futures have different price changes. For example, the latest price of soybean No.1 (A2511) is 4,068, up 24 with a growth rate of 0.59%, while the price of corn (C2511) is 2,187, down 5 with a decline rate of 0.23% [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of different options vary. For example, the volume PCR of soybean No.1 is 0.47, down 0.07, and the open interest PCR is 0.37, up 0.01, which can be used to analyze the strength and turning points of the option underlying market [4]. 3.3 Option Factors - Pressure and Support Levels - From the perspective of the maximum open interest of call and put options, the pressure and support levels of different options 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 Factors - Implied Volatility - The implied volatility of different options also shows different characteristics. For example, the weighted implied volatility of soybean No.1 is 16.15%, up 1.00%, and the difference between implied and historical volatility is 0.12 [6]. 3.5 Strategy and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The fundamentals of soybeans are affected by factors such as USDA's adjustment of planting area and yield, and the market shows a volatile pattern. Options strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal and Rapeseed Meal**: The market of soybean meal shows a pattern of weak consolidation and then rebound. Options strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The fundamentals of oils are affected by factors such as USDA's report and India's replenishment. Palm oil shows a bullish trend. Options strategies include constructing a bull spread combination strategy for calls and a long collar strategy for spot hedging [10]. - **Peanuts**: The peanut market shows a pattern of weak consolidation under bearish pressure. Options strategies include constructing a bear spread combination strategy for puts and a long collar strategy for spot hedging [11]. 3.5.2 Agricultural By - products Options - **Pigs**: The supply of pigs is relatively loose, and the demand is stimulated by low prices. The market shows a weak consolidation pattern. Options strategies include constructing a bearish call + put option combination strategy and a covered call strategy for spot [11]. - **Eggs**: The inventory of laying hens is expected to increase, and the market shows a bearish pattern. Options strategies include constructing a bear spread combination strategy for puts and a bearish call + put option combination strategy [12]. - **Apples**: The cold - storage inventory of apples is at a low level, and the market shows a pattern of continuous recovery. Options strategies include constructing a neutral call + put option combination strategy [12]. - **Red Dates**: The inventory of red dates is decreasing, and the market shows a short - term bullish pattern. Options strategies include constructing a bull spread combination strategy for calls and a wide - straddle option combination strategy [13]. 3.5.3 Soft Commodities Options - **Sugar**: The production of sugar in Brazil shows a decline, and the market shows a bearish pattern. Options strategies include constructing a bearish call + put option combination strategy and a long collar strategy for spot hedging [13]. - **Cotton**: The开机 rate of spinning and weaving factories is relatively low, and the market shows a short - term weak pattern. Options strategies include constructing a bullish call + put option combination strategy and a covered call strategy for spot [14]. 3.5.4 Grains Options - **Corn and Starch**: The planting area and yield of corn are expected to increase, and the market shows a weak pattern. Options strategies include constructing a bear spread combination strategy for puts and a bearish call + put option combination strategy [14].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The agricultural products sector mainly includes beans, oils and fats, agricultural by - products, soft commodities, grains, and others. Different varieties show different market trends, and corresponding option strategies are proposed for each variety [8]. - For the overall market, oil and fat - related agricultural products are in a relatively strong and volatile state, while other products such as soft commodities and grains show different degrees of volatility and trends. Strategies suggest constructing option combination strategies mainly on the short - selling side, as well as spot hedging or covered strategies to enhance returns [2] Summary by Relevant Catalogs 1. Market Overview of Underlying Futures - Multiple agricultural product futures show different price changes, trading volumes, and open interest changes. For example, the price of soybean No. 1 (A2511) is 4,049, down 22 with a decline rate of 0.54%, and the trading volume is 16.68 million lots, down 5.56 million lots [3]. 2. Option Factors - Volume and Open Interest PCR - Different agricultural product options 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. Option Factors - Pressure and Support Levels - The pressure and support levels of different agricultural product options are analyzed. For example, the pressure level of soybean No. 1 is 4,500 and the support level is 4,100 [5]. 4. Option Factors - Implied Volatility - The implied volatility of different agricultural product options is presented, including at - the - money implied volatility, weighted implied volatility, and its changes compared with the annual average [6]. 5. Option Strategies and Recommendations 5.1 Oil and Fat Options - **Soybean No. 1 and No. 2**: Fundamental data shows changes in import costs and weather conditions. The market of soybean No. 1 shows a pattern of short - term consolidation. Option strategies include constructing short - neutral call + put option combination strategies and long - collar strategies [7]. - **Soybean Meal and Rapeseed Meal**: The fundamentals of soybean meal show changes in daily提货量, basis, and inventory. The market shows a pattern of weak consolidation and then a rebound. Option strategies include constructing short - neutral call + put option combination strategies and long - collar strategies [9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The fundamentals of palm oil show changes in production, inventory, and exports. The market of palm oil shows a bullish trend. Option strategies include constructing bull - spread call option strategies, short - bullish call + put option combination strategies, and long - collar strategies [10]. - **Peanut**: The fundamentals show changes in trading volume, price, and oil mill operation rate. The market shows a pattern of weak consolidation. Option strategies include constructing bear - spread put option strategies and long - collar strategies [11]. 5.2 Agricultural By - product Options - **Pig**: The fundamentals show a slight decline in the spot price of pigs. The market shows a pattern of weak consolidation. Option strategies include constructing short - bearish call + put option combination strategies and long - covered call strategies [11]. - **Egg**: The fundamentals show a weak operation of the spot price of eggs. The market shows a bearish trend. Option strategies include constructing bear - spread put option strategies, short - bearish call + put option combination strategies [12]. - **Apple**: The fundamentals show changes in production and inventory. The market shows a pattern of continuous recovery. Option strategies include constructing short - neutral call + put option combination strategies [12]. - **Jujube**: The fundamentals show an improvement in the market trading atmosphere and de - stocking process. The market shows a short - term bullish rebound. Option strategies include constructing bull - spread call option strategies, short - bullish strangle option combination strategies, and long - covered call strategies [13]. 5.3 Soft Commodity Options - **Sugar**: The fundamentals show an expected increase in domestic production and a change in import policies. The market shows a weak bearish trend. Option strategies include constructing short - bearish call + put option combination strategies and long - collar strategies [13]. - **Cotton**: The fundamentals show changes in import and shipment volumes. The market shows a short - term weak trend. Option strategies include constructing short - bullish call + put option combination strategies and long - covered call strategies [14]. 5.4 Grain Options - **Corn and Starch**: The fundamentals show changes in corn auctions and inventory. The market shows a weak bearish trend. Option strategies include constructing bear - spread put option strategies, short - bearish call + put option combination strategies [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 in a strong - side volatile trend, while other products like eggs, soft commodities, and grains have their own specific trends. 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 options have different price changes. For example, the latest price of soybean No.1 (A2511) is 4,080, down 7 with a decline rate of - 0.17%. The trading volume and open interest of each variety also vary [3] 3.2 Option Factors - Volume and Open Interest PCR - The volume and open - interest PCR of different agricultural product options are different, which can be used to describe the strength of the option underlying market and the turning point of the underlying market [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 No.1 is 4,300 and the support level is 4,050 [5] 3.4 Option Factors - Implied Volatility - The implied volatility of different agricultural product options shows different characteristics. For example, the implied volatility of soybean No.1 option maintains a relatively high level of historical average fluctuations [6] 3.5 Option Strategies and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The fundamental situation of soybeans shows changes in import costs and weather in the US. In terms of options, the implied volatility of soybean No.1 is high, and the open - interest PCR is below 0.6. Recommended strategies include selling neutral call + put option combinations and constructing long collar strategies for spot hedging [7] - **Soybean Meal and Rapeseed Meal**: The fundamentals of soybean meal show changes in daily提货量, basis, and inventory. The implied volatility of soybean meal options is above the historical average, and the open - interest PCR is below 0.6. Recommended strategies are similar to those of soybean No.1 [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The fundamentals of palm oil show changes in production, inventory, and exports. Palm oil is in a bullish trend. The implied volatility of palm oil options is decreasing, and the open - interest PCR is above 1. Recommended strategies include constructing bullish call option spread combinations and selling bullish call + put option combinations [10] - **Peanut**: The peanut market has changes in trading volume, price, and oil mill operations. Peanut is in a weak - side volatile trend. Recommended strategies include constructing bearish put option spread combinations and long collar strategies for spot hedging [11] 3.5.2 Agricultural By - product Options - **Pig**: The spot price of pigs has declined. Pig is in a weak - side volatile trend. The implied volatility of pig options is rising, and the open - interest PCR is below 0.5. Recommended strategies include selling bearish call + put option combinations and covered strategies for spot [11] - **Egg**: The spot price of eggs is weak. Eggs are in a bearish trend. Recommended strategies include constructing bearish put option spread combinations and selling bearish call + put option combinations [12] - **Apple**: The apple market shows changes in production and inventory. Apples are in a gradually warming - up trend. Recommended strategies include selling neutral call + put option combinations [12] - **Jujube**: The jujube market has a good de - stocking process. Jujubes are in a short - term bullish trend. Recommended strategies include constructing bullish call option spread combinations and selling bullish wide - straddle option combinations [13] 3.5.3 Soft Commodity Options - **Sugar**: The domestic sugar market has an increasing production and tightened import policies. Sugar is in a weak - side bearish trend. Recommended strategies include selling bearish call + put option combinations and long collar strategies for spot hedging [13] - **Cotton**: The cotton market has changes in import and shipment. Cotton is in a short - term weak trend. Recommended strategies include selling bullish call + put option combinations and covered strategies for spot [14] 3.5.4 Grain Options - **Corn and Starch**: The corn market has changes in auctions, inventory, and production costs. Corn is in a weak - side bearish trend. Recommended strategies include constructing bearish put option spread combinations and selling bearish call + put option combinations [14]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoint The overall trend of agricultural products shows that oilseeds and oils are in a strong - oscillating state, while other products such as agricultural by - products, soft commodities, and grains are in an oscillating or weak - oscillating state. 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. Detailed Summaries by Content 3.1 Futures Market Overview - The latest prices, price changes, trading volumes, and open interest of various agricultural product futures are presented, including soybeans, soybean meal, palm oil, etc. For example, the latest price of soybean No.1 (A2509) is 4,109, down 6 points with a decline of 0.15% [3]. 3.2 Option Factors - **Volume and Open Interest PCR**: The volume and open interest PCR of various options are calculated, which 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 0.50, and the open interest PCR is 0.39 [4]. - **Pressure and Support Levels**: The pressure and support levels of various option underlying assets are analyzed from the perspective of the strike prices with the largest open interest of call and put options. For example, the pressure level of soybean No.1 is 4,200, and the support level is 4,050 [5]. - **Implied Volatility**: The implied volatility of various options is analyzed, including at - the - money implied volatility and weighted implied volatility. For example, the at - the - money implied volatility of soybean No.1 is 9.52% [6]. 3.3 Option Strategies and Recommendations - **Oilseeds and Oils Options** - **Soybean No.1 and No.2**: Fundamentals show that the import cost of Brazilian soybeans has increased, and the weather in the US soybean - producing areas may have a positive impact. The market is in a weak - oscillating state. Option strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal and Rapeseed Meal**: The daily提货 volume of soybean meal has decreased slightly, and the basis has increased. The market shows a pattern of weak consolidation followed by a rebound. Option strategies are similar to those of soybeans, including neutral option combination strategies and long collar strategies for spot hedging [8][9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The production and inventory of palm oil have increased. The market is in a long - position high - level consolidation state. Option strategies include constructing a long - biased call + put option combination strategy and a long collar strategy for spot hedging [10]. - **Peanuts**: The trading volume has decreased, and the price has declined. The market is in a weak - oscillating state. Option strategies include constructing a bear spread strategy for directional trading and a long collar strategy for spot hedging [11]. - **Agricultural By - product Options** - **Pigs**: The spot price has declined slightly. The market is in a weak - oscillating state. Option strategies include constructing a short - biased call + put option combination strategy and a covered call strategy for spot hedging [11]. - **Eggs**: The spot price has declined significantly. The market is in a weak - bearish state. Option strategies include constructing a bear spread strategy for directional trading and a short - biased call + put option combination strategy [12]. - **Apples**: The expected output has increased, and the market is in a state of continuous recovery. Option strategies include constructing a neutral call + put option combination strategy [12]. - **Jujubes**: The inventory has decreased, and the market is in a short - term bullish state. Option strategies include constructing a bull spread strategy for directional trading, a wide - straddle option combination strategy, and a covered call strategy for spot hedging [13]. - **Soft Commodity Options** - **Sugar**: The domestic market is in a state of continuous production increase, and the market is in a weak - bearish state. Option strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [13]. - **Cotton**: The import and shipment of US cotton are normal, and the market is in a short - term weak state. Option strategies include constructing a long - biased call + put option combination strategy and a covered call strategy for spot hedging [14]. - **Grain Options** - **Corn and Starch**: The auction volume and成交 rate of corn are normal, and the market is in a weak - bearish state. Option strategies include constructing a bear spread strategy for directional trading and a short - biased call + put option combination strategy [14].

Group 1: Report Summary - The report is an agricultural product options strategy morning report dated August 8, 2025 [1] - It provides an overview of the futures market, option factors, and offers strategies and suggestions for various agricultural product options [2] Group 2: Market Overview - Oilseed and oil options show a strong and volatile trend, while agricultural by - product options maintain a volatile market. Soft commodity sugar shows a slight fluctuation, and cotton's bullish rise has declined. Corn and starch in the grain category are in a weak and narrow - range consolidation [2] - Table 1 shows the latest prices, price changes, trading volumes, and open interest of various option underlying futures contracts [3] Group 3: Option Factors Volume and Open Interest PCR - Table 2 presents the volume and open - interest PCR of different option varieties, which are used to describe the strength of the option underlying market and the turning point of the underlying market [4] Pressure and Support Levels - Table 3 shows the pressure points, support points, and the maximum open interest of call and put options for each option variety [5] Implied Volatility - Table 4 provides the implied volatility data of different option varieties, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility [6] Group 4: Strategy and Suggestions Oilseed and Oil Options - For soybeans (including soybeans No.1 and No.2), the U.S. soybean good - rate has increased, and Brazilian soybean CNF premiums, import costs, and crushing margins have changed. The soybean market has shown a pattern of rebound, decline, and then slight consolidation. Options strategies include constructing a neutral call + put option combination for volatility, and a long collar strategy for spot hedging [7] - For soybean meal and rapeseed meal, the daily提货量 of soybean meal has increased, and the basis has changed. The market has shown a pattern of decline, rebound, and then weakening. Strategies include constructing a neutral call + put option combination for volatility and a long collar strategy for spot hedging [9] - For palm oil, soybean oil, and rapeseed oil, the production and export of palm oil have changed. The palm oil market has shown a bullish rise and high - level consolidation. Strategies include constructing a bullish call + put option combination for volatility and a long collar strategy for spot hedging [10] - For peanuts, the peanut oil market is in the off - season, and the market has shown a pattern of decline, rebound, and then weakening. Strategies include constructing a bearish spread of put options for direction and a long collar strategy for spot hedging [11] Agricultural By - product Options - For live pigs, the average slaughter weight and frozen product inventory rate have changed. The market has shown a pattern of decline, rebound, and then consolidation. Strategies include constructing a bearish call + put option combination for volatility and a long - spot + short - out - of - the - money call option strategy for spot hedging [11] - For eggs, the inventory of laying hens has increased. The market has shown a pattern of decline and weakening. Strategies include constructing a bearish spread of put options for direction, a bearish call + put option combination for volatility [12] - For apples, the expected apple production has increased. The market has shown a pattern of rise, decline, and then slight consolidation. Strategies include constructing a neutral call + put option combination for volatility [12] - For red dates, the inventory of red dates has decreased. The market has shown a pattern of rebound, rise, and then decline. Strategies include constructing a bearish wide - straddle option combination for volatility and a long - spot + short - out - of - the - money call option strategy for spot hedging [13] Soft Commodity Options - For sugar, the number of ships waiting to load sugar in Brazilian ports and the expected sugar production have changed. The market has shown a pattern of decline, rebound, and then rise. Strategies include constructing a neutral call + put option combination for volatility and a long collar strategy for spot hedging [13] - For cotton, the opening rates of spinning and weaving mills and cotton inventory have changed. The market has shown a pattern of rise, decline, and then weakening. Strategies include constructing a bullish call + put option combination for volatility and a long - spot + long - put + short - out - of - the - money call option strategy for spot hedging [14] Grain Options - For corn and starch, the new corn listing and market sentiment have affected the market. The corn market has shown a pattern of decline and consolidation. Strategies include constructing a bearish spread of put options for direction, a bearish call + put option combination for volatility [14]

Group 1: Report Overview - Report Title: Agricultural Product Options Strategy Morning Report [1] - Date: August 7, 2025 - Analysts: Lu Pinxian, Huang Kehan, Li Renjun [2] Group 2: Market Summary - Overall Trend: Oilseeds and oils are showing a strong and volatile trend, while other agricultural products are mostly in a volatile state [2] - Futures Market: The report provides detailed data on the latest prices, price changes, trading volumes, and open interests of various agricultural product futures contracts [3] Group 3: Option Factors - Volume and Open Interest PCR: The report presents the volume and open interest PCR data for different option varieties, which can be used to analyze market sentiment and potential turning points [4] - Pressure and Support Levels: The pressure and support levels for each option variety are identified based on the maximum open interest of call and put options [5] - Implied Volatility: The implied volatility data, including at-the-money implied volatility, weighted implied volatility, and historical volatility, are provided for each option variety [6] Group 4: Strategy and Recommendations - Oilseeds and Oils Options - Soybean Options: Based on the analysis of fundamentals, market trends, and option factors, specific option strategies are recommended, such as selling neutral call and put option combinations and constructing long collar strategies for spot hedging [7] - Other Oilseeds and Oils Options: Similar analyses and strategy recommendations are provided for other oilseeds and oils options, including soybean meal, rapeseed meal, palm oil, soybean oil, rapeseed oil, and peanut [8][9][10][11] - Agricultural By-Product Options - Pig and Egg Options: For pig and egg options, the report analyzes the fundamentals, market trends, and option factors, and recommends corresponding option strategies, such as selling bearish call and put option combinations and constructing long collar strategies [11][12] - Other Agricultural By-Product Options: Similar analyses and strategy recommendations are provided for other agricultural by-product options, including apple, jujube, and cotton [12][13][14] - Soft Commodity Options - Sugar and Cotton Options: The report analyzes the fundamentals, market trends, and option factors of sugar and cotton options, and recommends corresponding option strategies, such as selling neutral call and put option combinations and constructing long collar strategies [13][14] - Grain Options - Corn and Starch Options: For corn and starch options, the report analyzes the fundamentals, market trends, and option factors, and recommends corresponding option strategies, such as constructing bearish call spread strategies and selling bearish call and put option combinations [14] Group 5: Charts - The report includes various charts for different option varieties, such as price charts, volume and open interest charts, PCR charts, implied volatility charts, and historical volatility cone charts, which can help investors visualize the market trends and option factors [16][33][50][68][86][106][125][146][167][184]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The agricultural products sector is mainly divided into beans, oils, agricultural by - products, soft commodities, grains, and others. The overall market shows different trends, with oilseeds and oils in a relatively strong and volatile state, oils and agricultural by - products in a volatile trend, soft commodity sugar slightly fluctuating, cotton's upward trend weakening, and grains such as corn and starch in a weak and narrow - range consolidation. It is recommended to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [2][8] 3. Summary According to Related Catalogs 3.1 Futures Market Overview - Different agricultural product futures show various price changes, trading volumes, and open interest changes. For example, the latest price of soybean No.1 (A2509) is 4,133, up 7 with a 0.17% increase, trading volume of 11.13 million lots, and open interest of 11.04 million lots. While the price of eggs (JD2509) is 3,360, down 141 with a 4.03% decrease, trading volume of 30.84 million lots, and open interest of 23.20 million lots [3] 3.2 Option Factor - Volume and Open Interest PCR - Volume and open interest PCR are used to describe the strength of the option underlying market and the turning point of the market. For example, the volume PCR of soybean No.1 is 0.59, up 0.18, and the open interest PCR is 0.39, up 0.01, indicating the market situation of soybean No.1 [4] 3.3 Option Factor - Pressure and Support Levels - From the perspective of the exercise prices with the largest open interest of call and put options, the pressure and support levels of the option underlying are analyzed. For instance, the pressure level of soybean No.1 is 4,300 and the support level is 4,050 [5] 3.4 Option Factor - Implied Volatility - Implied volatility includes at - the - money implied volatility and weighted implied volatility. For example, the at - the - money implied volatility of soybean No.1 is 8.715, and the weighted implied volatility is 12.19, down 1.39 [6] 3.5 Strategy and Recommendations 3.5.1 Oils and Oilseeds Options - **Soybean No.1 and No.2**: Based on the analysis of fundamentals such as the US soybean good rate and Brazilian soybean premiums, and considering option factors like implied volatility and open interest PCR, 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**: Analyzing fundamentals such as daily提货量 and basis, and option factors, strategies involve 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**: Considering fundamentals like Malaysian palm oil production and exports, and option factors, strategies include constructing a long - biased short call + put option combination strategy and a long collar strategy for spot hedging [10] - **Peanuts**: Given the fundamentals of the peanut oil market and option factors, strategies include constructing a bear spread strategy for put options and a long collar strategy for spot hedging [11] 3.5.2 Agricultural By - product Options - **Pigs**: Based on fundamentals such as average slaughter weight and frozen product inventory rate, and option factors, strategies include constructing a short - biased short call + put option combination strategy and a covered call strategy for spot [11] - **Eggs**: Considering fundamentals like laying hen inventory and option factors, strategies include constructing a bear spread strategy for put options, a short - biased short call + put option combination strategy [12] - **Apples**: Analyzing fundamentals such as expected apple production and option factors, strategies include constructing a neutral short call + put option combination strategy [12] - **Red Dates**: Based on fundamentals like inventory and option factors, strategies include constructing a short - biased wide - straddle option combination strategy and a covered call strategy for spot hedging [13] 3.5.3 Soft Commodity Options - **Sugar**: Considering fundamentals such as Brazilian sugar shipping and production forecasts, and option factors, strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [13] - **Cotton**: Based on fundamentals like spinning and weaving factory operating rates and cotton inventory, and option factors, strategies include constructing a long - biased short call + put option combination strategy and a covered call strategy for spot [14] 3.5.4 Grain Options - **Corn and Starch**: Given fundamentals such as new corn listing and market sentiment, and option factors, strategies include constructing a bear spread strategy for put options and a short - biased short call + put option combination strategy [14]

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - The agricultural product sector is divided into beans, oils, agricultural by - products, soft commodities, grains, and others. For each sector, options strategies and suggestions are provided for selected varieties. The overall market shows different trends for each product type, such as the oil - bearing and oil - related agricultural products showing a strong - side shock, while grains like corn and starch are in a weak and narrow - range consolidation [2][8] 3. Summary by Related Catalogs 3.1 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 futures contracts are presented. For example, the latest price of bean one (A2509) is 4,133, with a price increase of 7 and a price change rate of 0.17% [3] 3.2 Option Factors - Volume and Open Interest PCR - Volume PCR and open interest PCR are used to describe the strength of the option underlying market and the turning point of the underlying market respectively. For instance, the volume PCR of bean one is 0.41, with a change of - 0.14, and the open interest PCR is 0.38, with a change of - 0.01 [4] 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of each option variety are analyzed from the perspective of the strike prices with the largest open interests of call and put options. For example, the pressure level of bean one is 4300, and the support level is 4100 [5] 3.4 Option Factors - Implied Volatility - The implied volatility of each option variety is presented, including at - the - money implied volatility, weighted implied volatility, and its change, annual average implied volatility, call and put implied volatility, historical volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of bean one is 8.295, and the weighted implied volatility is 13.57, with a change of 1.53 [6] 3.5 Option Strategies and Suggestions 3.5.1 Oil - Bearing and Oil Options - **Beans (Bean One, Bean Two)**: For bean one, the implied volatility is at a relatively high level compared to the historical average. The open interest PCR is below 0.60, indicating a weak - side shock. Directional strategy: None; Volatility strategy: Construct a short - neutral call + put option combination strategy; Spot long - hedging strategy: Construct a long collar strategy [7] - **Bean Meal, Rapeseed Meal**: For bean meal, the daily average提货量 of major oil mills increased week - on - week, and the basis also increased. The implied volatility is at a relatively high level compared to the historical average. Directional strategy: None; Volatility strategy: Construct a short - neutral call + put option combination strategy; Spot long - hedging strategy: Construct a long collar strategy [9] - **Palm Oil, Soybean Oil, Rapeseed Oil**: For palm oil, the yield increased in July, but the export volume decreased. The implied volatility is at a relatively low level compared to the historical average. Directional strategy: None; Volatility strategy: Construct a short - bullish call + put option combination strategy; Spot long - hedging strategy: Construct a long collar strategy [10] - **Peanut**: The peanut market is in the off - season, with low downstream demand. The implied volatility is at a relatively low level. Directional strategy: Construct a bearish put spread strategy; Volatility strategy: None; Spot long - hedging strategy: Hold spot long + buy put option + sell out - of - the - money call option [11] 3.5.2 Agricultural By - product Options - **Pig**: The average weight of pig slaughter increased last week, and the cold - storage capacity rate increased. The implied volatility is at a relatively high level compared to the historical average. Directional strategy: None; Volatility strategy: Construct a short - bearish call + put option combination strategy; Spot long - covered call strategy: Hold spot long + sell out - of - the - money call option [11] - **Egg**: The inventory of laying hens increased at the end of July. The implied volatility is at a relatively high level. Directional strategy: Construct a bearish put spread strategy; Volatility strategy: Construct a short - bearish call + put option combination strategy; Spot hedging strategy: None [12] - **Apple**: The estimated apple production increased. The implied volatility is at a relatively high level compared to the historical average. Directional strategy: None; Volatility strategy: Construct a short - neutral call + put option combination strategy; Spot hedging strategy: None [12] - **Jujube**: The inventory of jujube decreased week - on - week. The implied volatility is at a relatively high level compared to the historical average. Directional strategy: None; Volatility strategy: Construct a short - bearish strangle option combination strategy; Spot covered - hedging strategy: Hold spot long + sell out - of - the - money call option [13] 3.5.3 Soft Commodity Options - **Sugar**: The number of ships waiting to load sugar in Brazilian ports increased, and the estimated sugar production in the 2025/26 season decreased slightly. The implied volatility is at a relatively low level. Directional strategy: None; Volatility strategy: Construct a short - neutral call + put option combination strategy; Spot long - hedging strategy: Construct a long collar strategy [13] - **Cotton**: The operating rates of spinning and weaving mills decreased, and the commercial inventory decreased. The implied volatility is at a relatively low level. Directional strategy: None; Volatility strategy: Construct a short - bullish call + put option combination strategy; Spot covered strategy: Hold spot long + buy put option + sell out - of - the - money call option [14] 3.5.4 Grain Options - **Corn, Starch**: The new corn is in the centralized listing period, and the futures price is weak. The implied volatility is at a relatively low level. Directional strategy: Construct a bearish put spread strategy; Volatility strategy: Construct a short - bearish call + put option combination strategy; Spot long - hedging strategy: None [14]