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].

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoint The report analyzes the futures market conditions of various agricultural products, including beans, oils, agricultural by - products, soft commodities, and grains. It also provides option strategies for each product based on fundamental analysis, option factor research, and market trends [8]. 3. Summary by Category 3.1 Futures Market Overview - **Price and Volume**: The report presents the latest prices, price changes, trading volumes, and open interest of various agricultural product futures contracts. For example, the latest price of soybean No.1 (A2509) is 4,249, with a price increase of 31 and a trading volume of 14.86 million lots [3]. - **Option Factors**: It includes option volume - to - open - interest ratios (PCR), pressure and support levels, and implied volatility. For instance, the volume PCR of soybean No.1 is 0.57, and its pressure level is 4300, while the support level is 4100 [4][5]. 3.2 Option Strategies for Different Agricultural Product Categories 3.2.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: For soybean No.1, the recommended strategies include a bull spread strategy for call options, a neutral call + put option selling strategy, and a long collar strategy for spot hedging [7]. - **Soybean Meal and Rapeseed Meal**: Given the sufficient future soybean supply, strategies such as a bull spread strategy for call options, a slightly bullish call + put option selling strategy, and a long collar strategy for spot hedging are proposed [9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: With the expected increase in biofuel demand for oils, strategies like a bull spread strategy for call options, a slightly bullish call + put option selling strategy, and a long collar strategy for spot hedging are recommended [10]. - **Peanuts**: Due to the weak market, a bear spread strategy for put options and a long collar strategy for spot hedging are suggested [11]. 3.2.2 Agricultural By - product Options - **Pigs**: Considering the high sow inventory and weak market, a neutral call + put option selling strategy and a long call writing strategy for spot are recommended [11]. - **Eggs**: Given the expected increase in egg supply, a bear spread strategy for put options, a slightly bearish call + put option selling strategy are proposed [12]. - **Apples**: With the low cold - storage inventory, a bear spread strategy for put options and a slightly bearish call + put option selling strategy are recommended [12]. - **Jujubes**: A neutral strangle option selling strategy and a long call writing strategy for spot are suggested [13]. 3.2.3 Soft Commodity Options - **Sugar**: In the context of a weak sugar market, a slightly bearish call + put option selling strategy and a long collar strategy for spot hedging are recommended [13]. - **Cotton**: A neutral call + put option selling strategy and a long call writing strategy for spot are proposed [14]. 3.2.4 Grain Options - **Corn and Starch**: For corn, a slightly bullish call + put option selling strategy is recommended [14].

农产品期权 2025-06-10 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 | 农产品期权策略早报概要：油料油脂类农产品区间盘整，油脂类，豆类偏弱行情，农副产品维持震荡行情，软商品 白糖延续偏弱，棉花反弹后高位盘整形态，谷物类玉米和淀粉逐渐回暖上升后窄幅盘整。 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） | (万手) | | (万手) | | | 豆一 | A2507 | 4,145 | 4 | 0 ...

1. Report Industry Investment Rating No relevant content found. 2. Core Viewpoints of the Report - The agricultural product sector is mainly divided into beans, oils, agricultural by - products, soft commodities, grains, and others [8]. - Each sector selects some varieties for option strategy suggestions, and each option variety prepares an option strategy report according to the analysis of the underlying market, option factor research, and option strategy suggestions [8]. - The overall market trends are: oil and oil - bearing agricultural products are in a range - bound consolidation, oils and beans are in a weak market, agricultural by - products maintain a volatile market, soft commodity sugar continues to be weak, cotton is in a high - level consolidation pattern after a rebound, and grains such as corn and starch gradually recover and then consolidate in a narrow range. Strategies suggest constructing 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 - The latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various option underlying futures contracts are presented, including beans (such as soybean No.1, soybean No.2, soybean meal), oils (such as palm oil, soybean oil, rapeseed oil), agricultural by - products (such as eggs, live pigs, peanuts), soft commodities (such as sugar, cotton), grains (such as corn, starch), and logs [3]. 3.2 Option Factor - Volume and Open Interest PCR - The volume PCR, volume PCR changes, open interest PCR, and open interest PCR changes of various option varieties are provided, which can be used to analyze the strength of the option underlying market and whether the underlying market has a turning point [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 the option underlying are analyzed, including the pressure points, pressure point offsets, support points, support point offsets, the largest open interest of calls, and the largest open interest of puts for each option variety [5]. 3.4 Option Factor - Implied Volatility - The at - the - money implied volatility, weighted implied volatility, weighted implied volatility changes, annual average, call implied volatility, put implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility of various option varieties are presented [6]. 3.5 Option Strategies and Suggestions 3.5.1 Oil and Oil - Bearing Options - **Soybean No.1 and No.2**: The US soybean futures prices are mainly in a downward trend due to factors such as trade disputes, normal spring sowing weather, weak export demand, and weak US soybean oil. The soybean No.1 has a high - level consolidation pattern. Option strategies include constructing a neutral call + put option combination strategy for volatility, and a long collar strategy for spot long - position hedging [7]. - **Soybean Meal and Rapeseed Meal**: The average daily trading volume of soybean meal has decreased. The soybean meal has a rebound and consolidation pattern after a decline. Option strategies include constructing a neutral call + put option combination strategy for volatility, and a long collar strategy for spot long - position hedging [9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The trading volume of oils is weak, and the inventory is relatively sufficient. Palm oil is in a range - bound consolidation. Option strategies include constructing a neutral call + put option combination strategy for volatility, and a long collar strategy for spot long - position hedging [10]. - **Peanuts**: The supply is relatively loose, and the demand is weak. Peanuts are in a rebound pattern after a decline. Option strategies include constructing a bull - spread combination strategy for direction, and a long collar strategy for spot long - position hedging [11]. 3.5.2 Agricultural By - Product Options - **Live Pigs**: The domestic market shows a situation of increasing supply and weak demand. Live pigs are in a wide - range consolidation pattern. Option strategies include constructing a neutral call + put option combination strategy for volatility, and a covered call strategy for spot long - position hedging [11]. - **Eggs**: The supply is sufficient, and the demand is lackluster. Eggs are in a weak downward pattern. Option strategies include constructing a bear - spread combination strategy for direction, and a short - biased call + put option combination strategy for volatility [12]. - **Apples**: The de - stocking speed has slowed down. Apples are in a weak downward pattern. Option strategies include constructing a bear - spread combination strategy for direction, and a short - biased call + put option combination strategy for volatility [12]. - **Red Dates**: Red dates are in a traditional off - season, and the price is at a historical low. They are in a weak downward pattern. Option strategies include constructing a bear - spread combination strategy for direction, a short - strangle option combination strategy for volatility, and a covered call strategy for spot long - position hedging [13]. 3.5.3 Soft Commodity Options - **Sugar**: The Brazilian sugar export situation has changed, and sugar is in a weak downward pattern. Option strategies include constructing a short - biased call + put option combination strategy for volatility, and a long collar strategy for spot long - position hedging [13]. - **Cotton**: The Brazilian cotton export volume has decreased. Cotton is in a pattern of rebound and then decline. Option strategies include constructing a neutral call + put option combination strategy for volatility, and a covered call strategy for spot long - position hedging [14]. 3.5.4 Grain Options - **Corn and Starch**: Corn is affected by factors such as traders' inventory holding and wheat harvest. It is in a pattern of wide - range consolidation and then decline. Option strategies include constructing a neutral call + put option combination strategy for volatility [14].

1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the given document. 2. Core Viewpoints of the Report - The agricultural product options market shows different trends in various sectors. Oilseeds and oils are in a range - bound consolidation, with oils and beans showing a weak trend. Agricultural by - products are in a volatile trend, soft commodities like sugar are weak and cotton is in a high - level consolidation after a rebound. Grains such as corn and starch are gradually warming up and then in a narrow - range consolidation [2]. - Strategies suggest constructing option portfolio strategies mainly based on sellers, as well as spot hedging or covered call strategies to enhance returns [2]. 3. Summary by Relevant Catalogs 3.1. Futures Market Overview - Different agricultural product options have different price movements, trading volumes, and open interest changes. For example, the price of soybeans (A2507) increased by 0.29% to 4,123, with a trading volume of 10.04 million lots and an open interest of 14.44 million lots [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 market. For instance, the volume PCR of soybeans (A2507) is 1.00 with a change of 0.32, and the open interest PCR is 0.48 with a change of 0.02 [4]. 3.3. Option Factors - Pressure and Support Levels - Pressure and support levels of option underlyings are determined by the strike prices of the maximum open interest of call and put options. For example, the pressure level of soybeans (A2507) is 4,300 and the support level is 4,000 [5]. 3.4. Option Factors - Implied Volatility - Implied volatility includes 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 soybeans (A2507) is 10.005%, and the weighted implied volatility is 13.50% with a change of - 0.47 [6]. 3.5. Option Strategies and Recommendations 3.5.1. Oilseeds and Oils Options - **Soybeans (A2507, B2509)**: In terms of fundamentals, soybean inventory decreased week - on - week but increased year - on - year. The market is in a high - level consolidation. Option strategies include constructing a neutral short call + put option portfolio and a long collar strategy for spot hedging [7]. - **Soybean Meal (M2507), Rapeseed Meal (RM2507)**: The trading volume of soybean meal decreased. The market is in a rebound and consolidation. Option strategies include constructing a neutral short call + put option portfolio and a long collar strategy for spot hedging [9]. - **Palm Oil (P2507), Soybean Oil (Y2507), Rapeseed Oil (OI2507)**: The inventory of the three major oils decreased week - on - week but increased year - on - year. The market is in a volatile trend. Option strategies include constructing a neutral short call + put option portfolio and a long collar strategy for spot hedging [10]. - **Peanuts (PK2510)**: The price of peanuts has rebounded after a long - term decline. Option strategies include constructing a bull call spread for directional trading and a long + put + short call strategy for spot hedging [11]. 3.5.2. Agricultural By - products Options - **Pigs (LH2507)**: The spot price of pigs is weak in the short term. The market is in a wide - range consolidation. Option strategies include constructing a neutral short call + put option portfolio and a covered call strategy for spot hedging [11]. - **Eggs (JD2507)**: The inventory of laying hens is increasing, and the market is in a downward trend. Option strategies include constructing a bear put spread for directional trading and a short call + put option portfolio with a short delta for volatility trading [12]. - **Apples (AP2510)**: The cold - storage inventory of apples decreased. The market is in a weak downward trend. Option strategies include constructing a bear put spread for directional trading and a short call + put option portfolio with a short delta for volatility trading [12]. - **Jujubes (CJ2509)**: The market trading of jujubes is light. The market is in a weak downward trend. Option strategies include constructing a bear put spread for directional trading, a short strangle for volatility trading, and a covered call strategy for spot hedging [13]. 3.5.3. Soft Commodities Options - **Sugar (SR2507)**: The export volume of Brazilian sugar to China decreased. The market is in a weak and volatile trend. Option strategies include constructing a short call + put option portfolio with a short delta and a long collar strategy for spot hedging [13]. - **Cotton (CF2507)**: The开机 rate of spinning mills decreased slightly, and the market is in a volatile trend after a rebound. Option strategies include constructing a neutral short call + put option portfolio and a covered call strategy for spot hedging [14]. 3.5.4. Grains Options - **Corn (C2507), Starch (CS2507)**: The price of corn in the northeast decreased slightly, and the market is in a rectangular - range consolidation. Option strategies include constructing a neutral short call + put option portfolio [14].