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]

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The agricultural products sector includes beans, oils, agricultural by - products, soft commodities, grains, and others. The overall market shows that oilseeds and oils tend to rise, oils and agricultural by - products maintain a volatile trend, soft commodity sugar continues to be weak, cotton consolidates at a high level after a rebound, and grains such as corn and starch gradually recover and then trade in a narrow range. It is recommended to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [2] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The report provides the latest prices, price changes, trading volumes, and open interest changes of various agricultural product futures such as soybeans, bean meal, palm oil, etc. For example, the latest price of soybean No.1 (A2509) is 4,150, down 2 points or 0.05% [3] 3.2 Option Factor Analysis 3.2.1 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 market. For example, the volume PCR of soybean No.1 is 0.70 with a change of 0.02, and the open - interest PCR is 0.57 with a change of - 0.01 [4] 3.2.2 Pressure and Support Levels - The pressure and support levels of each option variety are analyzed. For instance, the pressure level of soybean No.1 is 4,500, and the support level is 4,100 [5] 3.2.3 Implied Volatility - The implied volatility of each option variety is presented, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of soybean No.1 is 9.965, and the weighted implied volatility is 11.62 with a change of - 0.04 [6] 3.3 Strategy and Recommendations for Different Option Varieties 3.3.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The current annual net sales of US soybeans are higher than expected. Soybean No.1 has shown a pattern of rising after a rebound and then falling back. It is recommended to construct a neutral short call + put option combination strategy and a long collar strategy for spot hedging [7] - **Bean Meal and Rapeseed Meal**: The trading volume and delivery volume of bean meal have increased, and the basis has risen. Bean meal has rebounded and then consolidated at a high level. Similar to soybean No.1, a neutral short call + put option combination strategy and a long collar strategy are recommended [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The production of Malaysian palm oil has decreased, and exports have increased. Palm oil has risen and then consolidated at a high level. A long - biased short call + put option combination strategy and a long collar strategy are recommended [10] - **Peanuts**: The downstream market is cautious in purchasing. Peanuts have shown a weak and volatile trend. A bear spread strategy for put options and a long collar strategy are recommended [11] 3.3.2 Agricultural By - products Options - **Pigs**: The average price of live pigs has increased. Pigs have shown a trend of falling and then rebounding. A neutral short call + put option combination strategy and a covered call strategy for spot are recommended [11] - **Eggs**: The inventory of laying hens is expected to increase, and eggs have shown a weak and volatile trend. A short - biased short call + put option combination strategy is recommended [12] - **Apples**: The cold - storage inventory of apples is at a low level. Apples have shown a weak and volatile trend. A short - biased short call + put option combination strategy is recommended [12] - **Jujubes**: The inventory of jujubes has decreased slightly. Jujubes have shown a trend of falling and then rebounding. A long - biased short strangle option combination strategy and a covered call strategy for spot are recommended [13] 3.3.3 Soft Commodities Options - **Sugar**: The import volume of sugar has decreased. Sugar has shown a weak and volatile trend. A short - biased short call + put option combination strategy and a long collar strategy for spot are recommended [13] - **Cotton**: The operating rates of spinning and weaving mills have decreased, and the commercial inventory of cotton has increased. Cotton has shown a trend of falling and then rebounding. A bull spread strategy for call options, a neutral short call + put option combination strategy, and a covered call strategy for spot are recommended [14] 3.3.4 Grains Options - **Corn and Starch**: The price of Northeast corn has risen, and the inventory of northern ports has decreased. Corn has shown a trend of rising and then falling back. A long - biased short call + put option combination strategy is recommended [14]

1. Report Industry Investment Rating No information provided 2. Core Viewpoints of the Report - The agricultural product sector mainly includes beans, oils, agricultural by - products, soft commodities, grains, and others. The overall trends are as follows: oilseeds and oils show a bullish upward trend, oils and agricultural by - products maintain a volatile market, soft commodity sugar continues to be weak, cotton consolidates at a high level after a rebound, and grains such as corn and starch gradually recover and then consolidate narrowly. [3][9] - It is recommended to construct option portfolio strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns. [3] 3. Summary According to Related 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 4,160, down 26 (-0.62%), with a trading volume of 171,500 lots and an open interest of 198,300 lots. [4] 3.2 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of different agricultural product options 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 0.68, and the open interest PCR is 0.58. [5] 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of different agricultural product options 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 4,500, and the support level is 4,100. [6] 3.4 Option Factors - Implied Volatility - The implied volatility of different agricultural product options is presented, including at - the - money implied volatility, weighted implied volatility, and their changes. For example, the at - the - money implied volatility of soybean No.1 is 10.09%, and the weighted implied volatility is 11.67% (-0.13%). [7] 3.5 Option Strategies and Recommendations 3.5.1 Oils and Oilseeds Options - **Soybean No.1 and No.2**: The US soybean weekly net sales are higher than expected. The soybean No.1 shows a pattern of rebound and then decline. It is recommended to construct a neutral call + put option combination strategy and a long collar strategy for spot hedging. [8] - **Soybean Meal and Rapeseed Meal**: The trading volume and delivery volume of soybean meal increase, and the basis rises. It is recommended to construct a bull call spread strategy, a neutral call + put option combination strategy, and a long collar strategy for spot hedging. [10] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The production of Malaysian palm oil decreases slightly in June, while the export data increases significantly. It is recommended to construct a bull call spread strategy, a bullish call + put option combination strategy, and a long collar strategy for spot hedging. [10] - **Peanut**: The downstream procurement is cautious, and the market is weak. It is recommended to construct a bear put spread strategy and a long + put + short call strategy for spot hedging. [11] 3.5.2 Agricultural By - products Options - **Pig**: The national average pig price rises slightly. It is recommended to construct a neutral call + put option combination strategy and a covered call strategy for spot. [11] - **Egg**: The egg inventory is expected to increase in the future, and the market is weak. It is recommended to construct a bearish call + put option combination strategy. [12] - **Apple**: The national cold - storage apple inventory is at a low level. It is recommended to construct a bear put spread strategy and a bearish call + put option combination strategy. [12] - **Jujube**: The jujube inventory decreases slightly. It is recommended to construct a neutral strangle option combination strategy and a covered call strategy for spot hedging. [13] 3.5.3 Soft Commodities Options - **Sugar**: The import volume of sugar decreases significantly. It is recommended to construct a bearish call + put option combination strategy and a long collar strategy for spot hedging. [13] - **Cotton**: The opening rates of spinning and weaving factories decrease, and the inventory increases. It is recommended to construct a neutral call + put option combination strategy and a covered call strategy for spot. [14] 3.5.4 Grains Options - **Corn and Starch**: The price of Northeast corn rises, and the North Port inventory decreases. It is recommended to construct a bull call spread strategy and a bullish call + put option combination strategy. [14]

Group 1: Report Summary - The report is an agricultural product options strategy morning report, covering multiple sectors including beans, oils, agricultural by - products, soft commodities, grains, etc. [3] - The overall market situation shows that oilseed and oil - related agricultural products are bullish, oils and agricultural by - products are in a volatile market, soft commodity sugar continues to be weak, cotton consolidates at a high level after a rebound, and grains such as corn and starch gradually recover and then consolidate in a narrow range [3] - 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 [3] Group 2: Market Data Futures Market - The latest prices, price changes, trading volumes, and open interest changes of various agricultural product futures contracts are presented, such as the latest price of soybean No.1 (A2509) is 4,209, down 26 points or 0.61% [4] Option Factors - Volume - to - open - interest PCR data for various options are provided, which are used to describe the strength of the option underlying market and the turning point of the underlying market [5] - Pressure and support levels for various options are given, which are determined by the strike prices with the largest open interest of call and put options [6] - Implied volatility data for various options are listed, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility [7] Group 3: Option Strategies and Recommendations Oilseed and Oil Options - **Soybean No.1 and No.2**: For soybean No.1, the fundamental data of US soybeans are positive. The market has a pattern of rebound and then decline. The implied volatility is at a relatively high level, and the option strategies include constructing a neutral call + put option combination for volatility, and a long collar strategy for spot hedging [8] - **Soybean Meal and Rapeseed Meal**: For soybean meal, the trading volume and delivery volume are increasing, and the basis is rising. The implied volatility is slightly above the historical average, and the option strategies include a bull spread for direction, a neutral call + put option combination for volatility, and a long collar strategy for spot hedging [10] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: For palm oil, the production is decreasing while the export is increasing. The market is bullish. The implied volatility is below the historical average, and the option strategies include a bull spread for direction, a bullish call + put option combination for volatility, and a long collar strategy for spot hedging [10] - **Peanut**: The downstream procurement is cautious. The market is in a weak and volatile state. The implied volatility is at a low level, and the option strategies include a bear spread for direction and a long collar strategy for spot hedging [11] Agricultural By - product Options - **Pig**: The pig price has rebounded slightly. The implied volatility is above the historical average, and the option strategies include a neutral call + put option combination for volatility and a covered call strategy for spot [11] - **Egg**: The egg inventory is expected to increase, and the market is in a weak state. The implied volatility is high, and the option strategies include a bearish call + put option combination for volatility [12] - **Apple**: The apple inventory is at a low level. The market is in a weak state. The implied volatility is below the historical average, and the option strategies include a bear spread for direction and a bearish call + put option combination for volatility [12] - **Jujube**: The jujube inventory has decreased slightly. The market is in a weak state. The implied volatility is above the average, and the option strategies include a neutral strangle for volatility and a covered call strategy for spot [13] Soft Commodity Options - **Sugar**: The sugar import volume has decreased. The market is in a weak state. The implied volatility is at a low level, and the option strategies include a bearish call + put option combination for volatility and a long collar strategy for spot hedging [13] - **Cotton**: The cotton spinning and weaving factory operating rates are decreasing, and the inventory is increasing. The market is in a state of rebound and consolidation. The implied volatility is at a low level, and the option strategies include a neutral call + put option combination for volatility and a covered call strategy for spot [14] Grain Options - **Corn and Starch**: The corn price is rising. The implied volatility is at a low level, and the option strategies include a bull spread for direction, a bullish call + put option combination for volatility [14] Group 4: Charts - There are price trend charts, option volume and open - interest charts, option PCR charts, implied volatility charts, historical volatility cone charts, and pressure and support level charts for various agricultural product options such as soybean No.1, soybean No.2, soybean meal, etc. [16][33][52]

Report Overview - The report is an agricultural product options strategy morning report dated June 24, 2025, providing an analysis of various agricultural product options and offering corresponding strategies and suggestions [2] Core Viewpoint - Oilseeds and oils are showing a bullish upward trend, while oils, agricultural by - products are in a sideways market. Soft commodity sugar continues to be weak, cotton consolidates at a high level after a rebound, and grains such as corn and starch gradually recover and then trade in a narrow range. 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 [3] Industry Investment Rating - Not provided in the report Summary by Category 1. Futures Market Overview - The report presents the latest prices, price changes, trading volumes, and open interest of various agricultural product futures contracts, including soybeans, soybean meal, palm oil, etc. For example, the latest price of A2509 soybean is 4,250, down 6 points or 0.14% [4] 2. Option Factor - Volume and Open Interest PCR - It shows 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 respectively. For instance, the volume PCR of soybean option is 0.37, with a change of - 0.09 [5] 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 the option underlying are analyzed. For example, the pressure level of soybean is 4,500 and the support level is 4,100 [6] 4. Option Factor - Implied Volatility - It 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. For example, the at - the - money implied volatility of soybean is 10.525% [7] 5. Strategy and Suggestions 5.1 Oilseeds and Oils Options - **Soybeans (Soybean 1 and Soybean 2)**: The US soybean sales data is better than expected. The soybean market has shown a rebound. Suggested strategies include a bull spread strategy for call options, a neutral short call + put option combination strategy, and a long collar strategy for spot hedging [8] - **Soybean Meal and Rapeseed Meal**: The trading volume and delivery volume of soybean meal have increased, and the market has shown a short - term bullish trend. Suggested strategies are similar to those of soybeans, including a bull spread strategy for call options, a short call + put option combination strategy, and a long collar strategy for spot hedging [10] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The production of Malaysian palm oil has decreased slightly, and exports have increased significantly, which is beneficial to palm oil. Suggested strategies include a bull spread strategy for call options, a short call + put option combination strategy with a bullish bias, and a long collar strategy for spot hedging [10] - **Peanuts**: The downstream market procurement is cautious. The peanut market has shown a weak downward trend. Suggested strategies include a bear spread strategy for put options and a long collar strategy for spot hedging [11] 5.2 Agricultural By - products Options - **Pigs**: The pig price has stopped falling and rebounded. Suggested strategies include a short call + put option combination strategy with a neutral bias and a covered call strategy for spot [11] - **Eggs**: The egg inventory is expected to increase, and the market has shown a weak bearish trend. Suggested strategies include a short call + put option combination strategy with a bearish bias [12] - **Apples**: The apple inventory is at a low level in recent years. The market has shown a weak bearish trend. Suggested strategies include a bear spread strategy for put options and a short call + put option combination strategy with a bearish bias [12] - **Jujubes**: The jujube inventory has decreased slightly. The market has shown a weak bearish trend with a rebound. Suggested strategies include a short straddle option combination strategy and a covered call strategy for spot hedging [13] 5.3 Soft Commodity Options - **Sugar**: The sugar import volume has decreased. The market has shown a weak bearish trend. Suggested strategies include a short call + put option combination strategy with a bearish bias and a long collar strategy for spot hedging [13] - **Cotton**: The operating rates of spinning and weaving mills have decreased, and the cotton inventory has increased slightly. The market has shown a rebound and then consolidation. Suggested strategies include a short call + put option combination strategy with a neutral bias and a covered call strategy for spot [14] 5.4 Grain Options - **Corn and Starch**: The corn price has risen, and the market has shown a bullish trend. Suggested strategies include a bull spread strategy for call options and a short call + put option combination strategy with a bullish bias [14]

1. Report Industry Investment Rating - No information provided in the document 2. Core Viewpoints of the Report - The agricultural product options market shows diverse trends, with oilseeds and oils trending upward, while soft commodities like sugar remaining weak and cotton rebounding and then consolidating at high levels. Grains such as corn and starch are gradually warming up and then trading in narrow ranges. The recommended strategy is to construct option combination strategies mainly based on sellers, along with spot hedging or covered strategies to enhance returns [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The document provides the latest prices, price changes, trading volumes, and open interests of various agricultural product futures contracts, including soybeans, soybean meal, palm oil, etc. For example, the latest price of soybean (A2509) is 4,268, with a price increase of 17 and a trading volume of 12.52 million lots [4]. 3.2 Option Factors 3.2.1 Volume and Open Interest PCR - The volume and open interest PCR of different agricultural product options are presented, which 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 (A2509) is 0.46, with a change of -0.11, and the open interest PCR is 0.56, with a change of -0.03 [5]. 3.2.2 Pressure and Support Levels - The pressure and support levels of different agricultural product options 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 soybean (A2509) is 4,500, and the support level is 4,100 [6]. 3.2.3 Implied Volatility - The implied volatility of different agricultural product options is provided, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of soybean (A2509) is 10.225, and the weighted implied volatility is 11.37, with a change of - 0.61 [7]. 3.3 Option Strategies and Recommendations 3.3.1 Oilseeds and Oils Options - **Soybeans (A2509)**: - Directional strategy: Bull call spread strategy, such as B_A2509C4150 and S_A2509C4350 [8]. - Volatility strategy: Construct a neutral call + put option combination strategy, such as S_A2509P4150 and S_A2509C4300 [8]. - Spot long - hedging strategy: Construct a long collar strategy, such as LONG_A2507 + BUY_A2509P4150 + SELL_A2509C4350 [8]. - **Soybean Meal (M2509)**: - Directional strategy: Bull call spread strategy, such as B_M2509C2950 and S_M2509C3150 [10]. - Volatility strategy: Construct a long - biased call + put option combination strategy, such as S_M2509P3000 and S_M2509C3100 [10]. - Spot long - hedging strategy: Construct a long collar strategy, such as LONG_M2509 + BUY_M2509P2950 + SELL_M2509C3100 [10]. - **Palm Oil (P2509)**: - Directional strategy: Bull call spread strategy, such as B_P2509C8400 and S_P2509C8800 [11]. - Volatility strategy: Construct a long - biased call + put option combination strategy, such as S_P2509P8400, S_P2509P8300, S_P2509C8900, and S_P2509C8800 [11]. - Spot long - hedging strategy: Construct a long collar strategy, such as LONG_P2509 + BUY_P2509P8400 + SELL_P2509C8800 [11]. - **Peanuts (PK2510)**: - Directional strategy: Bear put spread strategy, such as B_PK2510P8300 and S_PK2510P8000 [12]. - Volatility strategy: None [12]. - Spot long - hedging strategy: Long spot + buy put option + sell out - of - the - money call option, such as LONG_PK2510 + BUY_PK2510P8300 + SELL_PK2510C8800 [12]. 3.3.2 Agricultural By - product Options - **Pigs (LH2509)**: - Directional strategy: None [12]. - Volatility strategy: Construct a neutral call + put option combination strategy, such as S_LH2509P13400, S_LH2509P13600, S_LH2509C14600, and S_LH2509C14400 [12]. - Spot covered strategy: Long spot + sell out - of - the - money call option, such as LONG_LH2509 + SELL_LH2509C14600 [12]. - **Eggs (JD2509)**: - Directional strategy: None [13]. - Volatility strategy: Construct a short - biased call + put option combination strategy, such as S_JD2509P3500, S_JD2509P3450, S_JD2509C3700, and S_JD2509C3650 [13]. - Spot hedging strategy: None [13]. - **Apples (AP2510)**: - Directional strategy: Bear put spread strategy, such as B_AP2510P7800 and S_AP2510P7300 [13]. - Volatility strategy: Construct a short - biased call + put option combination strategy, such as S_AP2510P7400, S_AP2510P7300, S_AP2510C7800, and S_AP2510C7700 [13]. - Spot hedging strategy: None [13]. - **Jujubes (CJ2509)**: - Directional strategy: None [14]. - Volatility strategy: Construct a neutral strangle option combination strategy, such as S_CJ2509P9000, S_CJ2509P9100, S_CJ2509C9700, and S_CJ2509C9800 [14]. - Spot covered hedging strategy: Long spot + sell out - of - the - money call option, such as LONG_CJ2509 + SELL_CJ2509C9400 [14]. 3.3.3 Soft Commodity Options - **Sugar (SR2509)**: - Directional strategy: None [14]. - Volatility strategy: Construct a short - biased call + put option combination strategy, such as S_SR2509P5600 and S_SR2509C5800 [14]. - Spot long - hedging strategy: Construct a long collar strategy, such as LONG_SR2509 + BUY_SR2509P5700 + SELL_SR2509C6000 [14]. - **Cotton (CF2509)**: - Directional strategy: None [15]. - Volatility strategy: Construct a neutral call + put option combination strategy, such as S_CF2509P13200 and S_CF2509C13800 [15]. - Spot covered strategy: Long spot + sell out - of - the - money call option, such as LONG_CF2509 + SELL_CF2509C13600 [15]. 3.3.4 Grain Options - **Corn (C2509)**: - Directional strategy: Bull call spread strategy, such as B_C2509C2380 and S_C2509C2460 [15]. - Volatility strategy: Construct a long - biased call + put option combination strategy, such as S_C2509P2400 and S_C2509C2440 [15]. - Spot long - hedging strategy: None [15].