1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The agricultural product options market shows a diversified trend. Oilseeds and oils are in a range - bound consolidation, with oils and beans showing a weak trend. Agricultural by - products maintain a volatile trend. Soft commodities like sugar face resistance in rising and then decline, while cotton continues a weak rebound. Grains such as corn and starch gradually recover and then consolidate 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 According to Related Catalogs 3.1. Futures Market Overview - Different agricultural product futures have different price changes, trading volumes, and open interest changes. For example, the latest price of soybean No.1 (A2507) is 4,219, up 13 (0.31%), with a trading volume of 173,000 lots and an open interest of 159,500 lots [3]. 3.2. Option Factor - Volume and Open Interest PCR - The volume and open interest PCR of different agricultural product options reflect the market sentiment and potential turning points of the underlying assets. For instance, the volume PCR of soybean No.1 is 0.33, down 0.08, and the open interest PCR is 0.55, down 0.05 [4]. 3.3. Option Factor - Pressure and Support Levels - From the perspective of the maximum open interest of call and put options, the pressure and support levels of different agricultural product options are identified. For example, the pressure level of soybean No.1 is 4,500, and the support level is 4,000 [5]. 3.4. Option Factor - Implied Volatility - The implied volatility of different agricultural product options shows different trends compared to historical averages. For example, the weighted implied volatility of soybean No.1 is 15.29%, up 0.46% compared to the previous period, and the difference between implied and historical volatility is - 2.22% [6]. 3.5. Option Strategies and Recommendations 3.5.1. Oilseeds and Oils Options - **Soybean No.1 and No.2**: With an oil mill operating rate of about 50.62%, soybean No.1 shows a high - level consolidation and decline recently. It is recommended to construct a neutral call + put option selling strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal and Rapeseed Meal**: The daily average trading volume of soybean meal has decreased, and the inventory has increased. It is recommended to construct a bear spread strategy for put options and a short - biased call + put option selling strategy, as well as a long collar strategy for spot hedging [9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: Palm oil may continue to accumulate inventory. It is recommended to construct a neutral call + put option selling strategy and a long collar strategy for spot hedging [10]. - **Peanuts**: The spot price of peanuts shows different trends, and the oil mill operating rate has decreased. It is recommended to hold a long spot position + buy put options + sell out - of - the - money call options for spot hedging [11]. 3.5.2. Agricultural By - products Options - **Pigs**: The average price of pigs has decreased, and the consumption environment is weak. It is recommended to construct a neutral call + put option selling strategy and a covered call strategy for spot hedging [11]. - **Eggs**: The cost of eggs is low, and the inventory of laying hens has increased. It is recommended to construct a bear spread strategy for put options and a short - biased call + put option selling strategy [12]. - **Apples**: The cold - storage inventory of apples has decreased. It is recommended to construct a neutral call + put option selling strategy [12]. - **Jujubes**: The supply of jujubes is sufficient. It is recommended to construct a bear spread strategy for put options, a short - biased strangle option selling strategy, and a covered call strategy for spot hedging [13]. 3.5.3. Soft Commodities Options - **Sugar**: The export volume of Brazilian sugar to China has changed. It is recommended to construct a neutral call + put option selling strategy and a long collar strategy for spot hedging [13]. - **Cotton**: The US cotton production is expected to increase slightly. It is recommended to construct a neutral call + put option selling strategy and a covered call strategy for spot hedging [14]. 3.5.4. Grains Options - **Corn and Starch**: The new - season corn production in the US may increase, and the price of domestic corn has increased. It is recommended to construct a neutral call + put option selling strategy [14].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The agricultural product options market shows diverse trends, with oilseeds and oils in a range - bound consolidation, some showing a weak trend, while agricultural by - products maintain a volatile pattern. Soft commodities like sugar face resistance in rising and then decline, and cotton continues a weak rebound. Grains such as corn and starch gradually recover and then consolidate 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 have various price changes, trading volumes, and open interest changes. For example, the price of soybean No.1 (A2507) is 4,155, down 5 with a decline rate of 0.12%, and its trading volume is 13.38 million lots, down 4.06 million lots [3]. 3.2 Option Factors - Volume and Open Interest PCR - The PCR indicators of different agricultural product options vary. For instance, the volume PCR of soybean No.1 is 0.62 with a change of 0.10, and the open interest PCR is 0.68 with a change of 0.01 [4]. 3.3 Option Factors - Pressure and Support Levels - Each option variety has corresponding pressure and support levels. For example, the pressure level of soybean No.1 (A2507) is 4,500 and the support level is 4,000 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility of different agricultural product options shows different characteristics. For example, the implied volatility of soybean No.1 is 12.69% for at - the - money, and the weighted implied volatility is 14.99%, down 0.49% [6]. 3.5 Option Strategies and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The future soybean supply is relatively sufficient. The soybean No.1 shows a high - level consolidation pattern. It is recommended to construct a neutral short call + put option combination strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal and Rapeseed Meal**: The basis of soybean meal has changed, and the inventory has increased week - on - week. The market shows a weak short - term trend. It is recommended to construct a short - biased call + put option combination strategy and a long collar strategy for spot hedging [9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The production of palm oil in Malaysia has increased. Palm oil shows a downward trend after a rebound. It is recommended to construct a neutral short call + put option combination strategy and a long collar strategy for spot hedging [10]. - **Peanut**: The peanut market shows a rebound after a long - term weak trend. It is recommended to use a long collar strategy for spot hedging [11]. 3.5.2 Agricultural By - product Options - **Pig**: The pig market shows a range - bound pattern after a rise. It is recommended to construct a neutral short call + put option combination strategy and a covered call strategy for spot [11]. - **Egg**: The egg market shows a weak rebound and then a decline. It is recommended to construct a short - biased call + put option combination strategy [12]. - **Apple**: The apple market shows a decline after a high - level breakthrough. It is recommended to construct a neutral short call + put option combination strategy [12]. - **Jujube**: The jujube market shows a continuous decline. It is recommended to construct a bear spread strategy for directional trading and a short strangle strategy for volatility trading, as well as a covered call strategy for spot hedging [13]. 3.5.3 Soft Commodity Options - **Sugar**: The sugar market shows a bullish volatile pattern. It is recommended to construct a neutral short call + put option combination strategy and a long collar strategy for spot hedging [13]. - **Cotton**: The cotton market shows a rebound after a decline. It is recommended to construct a neutral short call + put option combination strategy and a covered call strategy for spot [14]. 3.5.4 Grain Options - **Corn and Starch**: The corn market shows a pattern of rising and then falling after a range - bound movement. It is recommended to construct a neutral short call + put option combination strategy [14].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The agricultural products sector includes beans, oils, agricultural by - products, soft commodities, grains, and others. Each sector has options strategies and suggestions for selected varieties. The overall market shows different trends: oils and fats are in a range - bound or weakening trend, soft commodities like sugar and cotton have their own fluctuations, and grains like corn and starch are gradually warming up and then moving in a narrow range. It is recommended to construct option combination strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2][8]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - Various agricultural product futures have different price changes, trading volumes, and open interest changes. For example, the price of soybean A2507 is 4,171 with a 0.05% increase, and its trading volume is 22.73 million lots; the price of palm oil P2506 is 8,128 with a 0.99% increase, and its trading volume is 1.12 million lots [3]. 3.2 Option Factor - 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 A is 0.67 with a 0.31 change, and the open interest PCR is 0.66 with a 0.04 change [4]. 3.3 Option Factor - Pressure and Support Levels - From the perspective of the maximum open interest of call and put options, the pressure and support levels of option underlyings are analyzed. For example, the pressure level of soybean A2507 is 4,500 and the support level is 4,000 [5]. 3.4 Option Factor - Implied Volatility - The implied volatility of different agricultural product options 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 A is 15.05%, and the weighted implied volatility is 17.37% with a - 0.33 change [6]. 3.5 Option Strategies and Suggestions 3.5.1 Oils and Fats Options - **Beans (Soybean A, Soybean B)**: In May, the supply of domestic soybeans is expected to improve. The soybean A market has been in a high - level consolidation recently. It is recommended to construct a neutral call + put option combination strategy to obtain time value and a long collar strategy for spot hedging [7]. - **Bean Meal and Rapeseed Meal**: The domestic bean meal spot price has fallen during the holiday. The short - term US soybeans are under pressure due to the trade war. It is recommended to construct a bearish call + put option combination strategy and a long collar strategy for spot hedging [9]. - **Palm Oil, Soybean Oil, Rapeseed Oil**: The domestic oil supply is relatively sufficient. The palm oil market has been falling recently. It is recommended to construct a bear spread strategy, a neutral call + put option combination strategy, and a long collar strategy for spot hedging [10]. - **Peanuts**: The domestic peanut price has been weak. It is recommended to use a long collar strategy for spot hedging [11]. 3.5.2 Agricultural By - product Options - **Pigs**: The pig price has been fluctuating in April. It is recommended to construct a neutral call + put option combination strategy and a covered call strategy for spot [11]. - **Eggs**: The egg supply is expected to be in surplus in the future. The market has been in a weak downward trend recently. It is recommended to construct a bearish call + put option combination strategy [12]. - **Apples**: The apple market has been highly volatile recently. It is recommended to construct a neutral call + put option combination strategy [12]. - **Jujubes**: The jujube market has been in a downward trend recently. It is recommended to construct a put bear spread strategy, a wide - straddle option combination strategy, and a covered call strategy for spot [13]. 3.5.3 Soft Commodity Options - **Sugar**: The sugar production in Brazil has increased. The sugar market has been in a bullish consolidation recently. It is recommended to construct a neutral call + put option combination strategy and a long collar strategy for spot hedging [13]. - **Cotton**: The spinning and weaving factory operating rates are lower than last year. The cotton market has been in a low - level consolidation recently. It is recommended to construct a neutral call + put option combination strategy and a covered call strategy for spot [14]. 3.5.4 Grain Options - **Corn and Starch**: The long - position and short - position holdings of CBOT corn futures have decreased. The corn market has been rising recently. It is recommended to construct a bullish call + put option combination strategy [14].

农产品期权 2025-05-07 | 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 | 4,226 | 51 | 1.22 | 14.91 | -0.50 | 15.86 | 0.51 | | 豆二 | B2506 | 3,368 | -4 | -0.12 | 2.23 | -0.72 | 8.74 | -0.28 | | 豆粕 | M2507 | 2,766 | -4 | -0.14 | 9.47 | -11.78 | 55.09 | 0.64 | | 菜籽粕 | RM2507 | 2,478 | 0 | 0.00 | 3.11 | -6.49 | 15.05 | -0.23 | | 棕榈油 | P2506 | 8,226 | -54 | -0.65 | 0.66 | 0.15 | 0.65 | 0.00 | | 豆油 | Y2507 | 7 ...

农产品期权 2025-04-30 农产品期权策略早报 | 卢品先 | 期权研究员 | 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 白糖上升受阻回落，棉花延续弱势反弹形态，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 | 4,187 | 7 | ...