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]

Group 1: Overall Market Summary - Agricultural product options strategy morning report date is July 30, 2025 [1] - Oilseeds and oils agricultural products are in a strong - side oscillatory trend, while oils, agricultural by - products maintain an oscillatory market, soft commodity sugar has a slight oscillation, cotton's bullish rise has declined, and grains such as corn and starch are in a weak and narrow - range consolidation [2] - The strategy is to construct an option portfolio strategy mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2] Group 2: 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 option underlying futures contracts are presented, including soybeans, soybean meal, palm oil, etc. [3] Group 3: Option Factor - Volume and Open Interest PCR - The volume PCR, volume change, open interest PCR, and open interest change of various agricultural product options are provided, which are used to describe the strength of the option underlying market and the turning point of the underlying market [4] Group 4: Option Factor - Pressure and Support Levels - The pressure points, support points, and the maximum open interests of call and put options of various agricultural product options are given, which are determined from the exercise prices of the maximum open interests of call and put options [5] Group 5: Option Factor - Implied Volatility - The at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average, call implied volatility, put implied volatility, HISV20, and the difference between implied and historical volatility of various agricultural product options are presented [6] Group 6: Strategy and Recommendations for Different Agricultural Product Options Oilseeds and Oils Options - **Soybeans (Soybean 1 and Soybean 2)**: USDA July report adjusts the supply - demand balance of US soybeans in the 25/26 season, soybean 1 shows an oversold rebound pattern. Option 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**: The purchase volume of soybean meal in different months is provided, and the market shows a pattern of weak consolidation and then oversold rebound. Option strategies include 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**: Palm oil's export and production data affect the market, showing a bullish trend. Option strategies include constructing a bullish short call + put option combination strategy and a long collar strategy for spot hedging [10] - **Peanuts**: The peanut market has a weak consolidation pattern under bearish pressure. Option strategies include constructing a bearish spread strategy of put options and a long collar strategy for spot hedging [11] Agricultural By - product Options - **Pigs**: The pig price shows a weak upward trend under bearish pressure. Option strategies include constructing a bearish short call + put option combination strategy and a covered call strategy for spot hedging [11] - **Eggs**: The egg price is in a weak consolidation pattern. Option strategies include constructing a bearish spread strategy of put options, a bearish short call + put option combination strategy [12] - **Apples**: The apple market shows a pattern of weak bearishness gradually rebounding. Option strategies include constructing a neutral short call + put option combination strategy [12] - **Red Dates**: The red date market has a pattern of rebound and then decline. Option strategies include constructing a bearish wide - straddle option combination strategy and a covered call strategy for spot hedging [13] Soft Commodity Options - **Sugar**: The sugar market shows an oversold rebound pattern. 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 pattern of low - level rebound and then slight oscillation. Option strategies include constructing a bullish spread strategy of call options, a bullish short call + put option combination strategy, and a covered call strategy for spot hedging [14] Grain Options - **Corn and Starch**: The corn market shows a weak bearish pattern. Option strategies include constructing a bearish spread strategy of put options and a bearish short call + put option combination strategy [14] Group 7: Option Charts - Charts of various agricultural product options are presented, including price trend charts, volume and open interest charts, open interest - PCR charts, implied volatility charts, historical volatility cone charts, etc., for different agricultural products such as soybeans, soybean meal, palm oil, etc. [16][33][50]

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].