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].

农产品期权 2025-05-28 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 白糖上升受阻回落，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 | 4,129 | -4 ...

Report Overview - Report Date: May 23, 2025 [1] - Report Type: Agricultural Product Options Strategy Morning Report - Analysts: Lu Pinxian, Huang Kehan [2] Industry Investment Rating - Not provided in the report Core Viewpoints - Oilseeds and oils agricultural products are in a range-bound consolidation, with oils and beans showing a weak trend, while agricultural by-products maintain a volatile market. Soft commodities such as sugar face resistance in rising and then decline, and cotton consolidates at a high level after a rebound. Grains like corn and starch gradually recover and then consolidate in a narrow range [2]. - Strategies suggest constructing option portfolio strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2]. Summary by Directory 1. Futures Market Overview - Various agricultural product futures show different price movements, trading volumes, and open interest changes. For example, soybean No.1 (A2507) is at 4,204 with no change, soybean No.2 (B2509) rises to 3,572 with a 0.45% increase, etc. [3] 2. Option Factors - Volume and Open Interest PCR - Different option varieties have varying volume and open interest PCR values and their changes, which are used to describe the strength of the option underlying market and the turning point of the underlying market [4]. 3. Option Factors - Pressure and Support Levels - From the perspective of the maximum open interest of call and put options, the pressure and support levels of different option underlying are provided, such as the pressure level of soybean No.1 is 4,500 and the support level is 4,000 [5]. 4. Option Factors - Implied Volatility - Each option variety has 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 volatility [6]. 5. Strategy and Recommendations 5.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The oil mill operating rate is about 50.62%. The soybean market has shown a high-level consolidation and decline recently. The implied volatility of soybean No.1 options remains at a relatively high level compared to historical averages. Recommendations include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal and Rapeseed Meal**: The average daily trading volume of soybean meal in mainstream oil mills has decreased. The market has shown a weakening trend. Recommendations include constructing a bear spread strategy for put options, a short-biased call + put option combination strategy, and a long collar strategy for spot hedging [9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: Malaysian palm oil has significantly increased its inventory. The palm oil market has shown a decline after a high-level rebound. Recommendations include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [10]. - **Peanut**: The spot price of peanuts in some regions has changed, and the market has shown a rebound after a long - term weak trend. Recommendations include a long collar strategy for spot hedging [11]. 5.2 Agricultural By - product Options - **Pig**: The average price of pigs in some regions has decreased, and the market is in a wide - range consolidation. Recommendations include constructing a neutral short call + put option combination strategy and a covered call strategy for spot [11]. - **Egg**: The cost of eggs is relatively low, and the inventory of laying hens has increased. The egg market has shown a weakening trend. Recommendations include constructing a bear spread strategy for put options, a short - biased call + put option combination strategy [12]. - **Apple**: The cold storage inventory of apples has decreased, and the market has shown a significant decline recently. Recommendations include constructing a bear spread strategy for put options and a short - biased call + put option combination strategy [12]. - **Jujube**: The supply of jujube in the market is sufficient, and the market has shown a weakening trend. Recommendations include constructing a bear spread strategy for put options, a short - biased wide - straddle option combination strategy, and a covered call strategy for spot hedging [13]. 5.3 Soft Commodity Options - **Sugar**: The export and arrival volume of Brazilian sugar to China has changed, and the sugar market is in a range - bound consolidation. Recommendations include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [13]. - **Cotton**: The USDA's May supply - demand report shows a slight increase in the estimated US cotton production. The cotton market has shown a rebound after a decline. Recommendations include constructing a neutral short call + put option combination strategy and a covered call strategy for spot [14]. 5.4 Grain Options - **Corn and Starch**: The new - season US corn production is expected to increase, and the domestic corn market has shown a volatile upward trend. Recommendations include constructing 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 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 ...