1. Report Investment Rating - No investment rating for the industry is provided in the report. 2. Core Viewpoints - The agricultural products sector includes beans, oils, agricultural by - products, soft commodities, grains, and others. The overall performance shows that oilseeds and oils are weakly volatile, oils and agricultural by - products maintain a volatile market, soft commodity sugar has a slight fluctuation, cotton is weakly consolidating, and grains such as corn and starch are weakly and narrowly consolidating. The recommended strategy is to construct an option portfolio strategy mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various agricultural product futures contracts, including soybeans, soybean meal, palm oil, etc. For example, the latest price of the A2601 soybean contract is 4,083, with a price change of - 9 and a change rate of - 0.22% [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of different agricultural product options are provided. Volume PCR and open interest PCR are used to describe the strength of the option underlying market and the turning point of the market respectively. For instance, the volume PCR of soybean option is 1.16, with a change of 0.34, and the open interest PCR is 1.14, with a change of 0 [4]. 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of each agricultural product option 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 option is 4,200, and the support level is 4,050 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility data of different agricultural product options are presented, including at - the - money implied volatility, weighted implied volatility, and its change, annual average implied volatility, call and put implied volatility, historical volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of soybean option is 11.535, and the weighted implied volatility is 12.26, with a change of - 0.46 [6]. 3.5 Option Strategies and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean**: The soybean price is stable with a slight upward trend. The implied volatility of soybean option is below the historical average. The recommended strategies include constructing a neutral call + put option selling combination strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal**: The domestic soybean weekly crushing volume has decreased. The implied volatility of soybean meal option is below the historical average. The recommended strategies include constructing a bearish call + put option selling combination strategy and a long collar strategy for spot hedging [9]. - **Palm Oil**: The production of Malaysian palm oil is expected to face pressure, and the export growth rate has narrowed. The implied volatility of palm oil option is below the historical average. The recommended strategies include constructing a bearish call + put option selling combination strategy and a long collar strategy for spot hedging [9]. - **Peanut**: The peanut oil price is stable. The implied volatility of peanut option is at a relatively high historical level. The recommended strategy is a long collar strategy for spot hedging [10]. 3.5.2 Agricultural By - product Options - **Pig**: The average price of pigs in some regions has increased slightly, but the market may face downward pressure in the future. The implied volatility of pig option is above the historical average. The recommended strategies include constructing a bearish put spread strategy, a bearish call + put option selling combination strategy, and a covered call strategy for spot [10]. - **Egg**: The inventory of laying hens has decreased. The implied volatility of egg option is at a relatively high level. The recommended strategies include constructing a bearish put spread strategy and a bearish call + put option selling combination strategy [11]. - **Apple**: The price of apple futures has increased due to poor fruit quality. The implied volatility of apple option is above the historical average. The recommended strategies include constructing a bullish call + put option selling combination strategy and a long collar strategy for spot hedging [11]. - **Jujube**: The physical inventory of jujube has increased. The implied volatility of jujube option has rapidly risen above the historical average. The recommended strategies include constructing a bearish wide - straddle option selling combination strategy and a covered call strategy for spot hedging [12]. 3.5.3 Soft Commodity Options - **Sugar**: The spot price of sugar in Guangxi has decreased, and the basis has weakened. The implied volatility of sugar option is at a relatively low historical level. The recommended strategies include constructing a bearish call + put option selling combination strategy and a long collar strategy for spot hedging [12]. - **Cotton**: The China Cotton Price Index has increased, and the basis is volatile. The implied volatility of cotton option is at a relatively low level. The recommended strategies include constructing a bearish call + put option selling combination strategy and a covered call strategy for spot hedging [13]. 3.5.4 Grain Options - **Corn**: The supply of corn in the origin is increasing, and the trading enthusiasm of traders is weakening. The implied volatility of corn option is at a relatively low historical level. The recommended strategy is a bearish call + put option selling combination strategy [13].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The agricultural product options market shows diversified trends, with oilseeds and oils, agricultural by - products, soft commodities, and grains each having their own market characteristics. - It is recommended to construct option combination strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2]. 3. Summary by 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 (A2601) is 4,129, up 37 with a 0.90% increase, and its trading volume is 12.84 million lots, a decrease of 3.11 million lots compared to the previous period [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume and open - interest PCR of various agricultural product options reflect the market sentiment and potential turning points. For instance, the volume PCR of soybean No.1 is 0.78, a decrease of 0.18, and the open - interest PCR is 1.05, an increase of 0.07 [4]. 3.3 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 each agricultural product option are determined. For example, the pressure level of soybean No.1 is 4200, and the support level is 3900 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility of each agricultural product option is at different levels and shows different trends. For example, the at - the - money implied volatility of soybean No.1 is 13.095%, and the weighted implied volatility is 13.55%, an increase of 0.94% [6]. 3.5 Option Strategies and Recommendations - **Oilseeds and Oils Options**: - **Soybean No.1**: Construct a short neutral call + put option combination strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal**: Build a bearish spread combination strategy of put options and a short bearish call + put option combination strategy, as well as a long collar strategy for spot hedging [9]. - **Palm Oil**: Construct a short bearish call + put option combination strategy and a long collar strategy for spot hedging [9]. - **Peanut**: Adopt a long collar strategy for spot hedging [10]. - **Agricultural By - product Options**: - **Pig**: Build a bearish spread combination strategy of put options, a short bearish call + put option combination strategy, and a long covered strategy [10]. - **Egg**: Build a bearish spread combination strategy of put options and a short bearish call + put option combination strategy [11]. - **Apple**: Construct a short bullish call + put option combination strategy and a long collar strategy for spot hedging [11]. - **Jujube**: Build a short bullish strangle option combination strategy and a long covered hedging strategy [12]. - **Soft Commodity Options**: - **Sugar**: Construct a short bearish call + put option combination strategy and a long collar strategy for spot hedging [12]. - **Cotton**: Build a short bearish call + put option combination strategy and a long covered strategy [13]. - **Grain Options**: - **Corn**: Construct a short bearish call + put option combination strategy [13].

Group 1: Report Summary - The overall market situation of agricultural products shows that oilseeds and oils are in a weak and volatile state, while other products such as eggs, sugar, and corn also have their own trends [2]. - The strategy suggests constructing option - combination strategies mainly as sellers and spot hedging or covered strategies to enhance returns [2]. Group 2: Futures Market Overview - The latest prices, price changes, trading volumes, and open interest changes of various agricultural product futures are presented. For example, the latest price of soybeans (A2511) is 3,966, with a price increase of 9 and a trading volume of 8.25 million lots [3]. Group 3: Option Factor - Volume and Open Interest PCR - The volume and open - interest PCR of various agricultural product options are provided, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively. For instance, the volume PCR of soybean options is 0.53, with a change of - 0.08 [4]. Group 4: Option Factor - Pressure and Support Levels - The pressure and support levels of various 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 options is 4,000 and the support level is 3,900 [5]. Group 5: Option Factor - Implied Volatility - The implied volatility data of various agricultural product options are given, 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 options is 9.61% [6]. Group 6: Strategy and Suggestions Oilseeds and Oils Options - **Soybeans (A2511)**: The oil mill operating rate is about 56.57%. The implied volatility of soybean options is below the historical average. Suggested strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal (M2511)**: The domestic supply of soybean meal has great pressure. The implied volatility is below the historical average. Strategies include 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 (P2511)**: The export volume of palm oil from Malaysia from October 1 - 10 increased by 19.37% compared with the same period last month. The implied volatility is declining. Suggested strategies include a short - biased call + put option combination strategy and a long collar strategy for spot hedging [10]. - **Peanuts (PK2601)**: The market price of peanut kernels is stable. The implied volatility is at a relatively high historical level. A long collar strategy for spot hedging is suggested [11]. Agricultural By - product Options - **Pigs (LH2511)**: The planned slaughter volume in October is large. The implied volatility is above the historical average. Strategies include a short - biased call + put option combination strategy and a covered call strategy for spot [11]. - **Eggs (JD2511)**: The inventory of laying hens is increasing. The implied volatility is high. Strategies include a bear spread strategy for put options and a short - biased call + put option combination strategy [12]. - **Apples (AP2601)**: The inventory of apples in cold storage is 6.79 million tons. The implied volatility is above the historical average. Strategies include a long collar strategy for spot hedging and a short - biased call + put option combination strategy [12]. - **Jujubes (CJ2601)**: The new - season jujubes are in a critical period. The implied volatility is rising. Strategies include a short - strangle option combination strategy and a covered call strategy for spot hedging [13]. Soft Commodity Options - **Sugar (SR2601)**: Typhoons have affected the sugar - cane producing areas. The implied volatility is at a relatively low historical level. Strategies include a short - biased call + put option combination strategy and a long collar strategy for spot hedging [13]. - **Cotton (CF2601)**: As of October 8, 2025, 19.6 million tons of cotton have been inspected. The implied volatility is low. Strategies include a short - biased call + put option combination strategy and a covered call strategy for spot [14]. Grain Options - **Corn (C2511)**: The market supply of corn is loose. The implied volatility is at a relatively low historical level. A short - biased call + put option combination strategy is suggested [14].

1. Report Industry Investment Rating - Not provided in the given content 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 different trends: oilseeds and oils are weakly volatile, oils and agricultural by - products are in a volatile range, soft commodity sugar has a slight fluctuation, cotton is weakly consolidating, and grains like corn and starch are weakly and narrowly consolidating. It is recommended to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market Overview - Various agricultural product futures have different price changes, trading volumes, and open interest changes. For example, the latest price of soybean No.1 (A2511) is 3,945, down 13 with a decline rate of 0.33%, trading volume of 11.03 million lots, and open interest of 12.56 million lots with a decrease of 1.19 million lots [3] 3.2 Option Factors - Volume and Open Interest PCR - Different option varieties have different volume and open - interest PCR values and their changes. For instance, the volume PCR of soybean No.1 is 0.40, down 0.26, and the open - interest PCR is 0.48, down 0.01 [4] 3.3 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 varieties are determined. For example, the pressure level of soybean No.1 is 4,000 and the support level is 3,900 [5] 3.4 Option Factors - Implied Volatility - Each option variety has different implied volatility indicators, including at - the - money implied volatility, weighted implied volatility, and its changes. For example, the at - the - money implied volatility of soybean No.1 is 9.535, the weighted implied volatility is 12.20, down 0.33 [6] 3.5 Strategies and Recommendations for Different Option Varieties 3.5.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The fundamental situation of soybeans shows that the oil mill operating rate is about 56.57%. The soybean market has formed a pattern of weak consolidation. It is recommended to construct a short - biased call + put option combination strategy for volatility, and a long collar strategy for spot hedging [7] - **Soybean Meal and Rapeseed Meal**: The domestic supply of soybean meal has great pressure, and the market is weakly volatile. It is recommended to construct a bear spread strategy for directionality, a short - biased call + put option combination strategy for volatility, and a long collar strategy for spot hedging [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The export volume of palm oil has increased. The market shows a pattern of high - level volatility and weakening. It is recommended to construct a short - biased call + put option combination strategy for volatility, and a long collar strategy for spot hedging [10] - **Peanuts**: The peanut market is in a pattern of weak consolidation under short - selling pressure. It is recommended to construct a bear spread strategy for directionality, and a long collar strategy for spot hedging [11] 3.5.2 Agricultural By - products Options - **Pigs**: The planned slaughter volume of large - scale farms in October is large, and the market is in a pattern of weak consolidation under short - selling pressure. It is recommended to construct a short - biased call + put option combination strategy for volatility, and a covered call strategy for spot [11] - **Eggs**: The inventory of laying hens is high, and the market is in a pattern of weak short - selling. It is recommended to construct a bear spread strategy for directionality, a short - biased call + put option combination strategy for volatility [12] - **Apples**: The market shows a pattern of continuous recovery and upward movement with pressure above. It is recommended to construct a long - biased call + put option combination strategy for volatility, and a long collar strategy for spot hedging [12] - **Red Dates**: The new - season red dates are in a critical period, and the market shows a pattern of upward movement with support below. It is recommended to construct a long - biased strangle option combination strategy for volatility, and a covered call strategy for spot hedging [13] 3.5.3 Soft Commodity Options - **Sugar**: Typhoons have affected the sugar cane production areas. The market is in a pattern of weak short - selling. It is recommended to construct a short - biased call + put option combination strategy for volatility, and a long collar strategy for spot hedging [13] - **Cotton**: The cotton market is in a short - term weak pattern. It is recommended to construct a short - biased call + put option combination strategy for volatility, and a covered call strategy for spot [14] 3.5.4 Grain Options - **Corn and Starch**: The corn market has a loose supply and weak demand. The market shows a pattern of weak short - selling and rebound followed by decline. It is recommended to construct a short - biased call + put option combination strategy for volatility [14]

Group 1: Overall Summary - The report is an agricultural product options strategy morning report for October 10, 2025, mainly covering the market conditions of various agricultural product options and providing corresponding option strategies [1][2]. - The agricultural product sector is divided into beans, oils, agricultural by - products, soft commodities, grains, and others. For each sector, some varieties are selected to provide option strategy suggestions [8]. Group 2: Market Conditions of Underlying Futures - Different agricultural product futures have different price changes, trading volumes, and open interest changes. For example, the price of soybean No.1 (A2511) is 3,960 with no change, the trading volume is 105,500 lots, and the open interest is 137,600 lots [3]. Group 3: Option Factors Volume and Open Interest PCR - The volume and open interest PCR of each option variety are different, which can be used to describe the strength of the option underlying market and whether the underlying market has a turning point. For example, the volume PCR of soybean No.1 option is 0.66 with a change of 0.06, and the open - interest PCR is 0.49 with a change of - 0.01 [4]. Pressure and Support Levels - The pressure and support levels of each option variety are obtained from the strike prices of the maximum open interest of call and put options. For example, the pressure level of soybean No.1 is 4000, and the support level is 3900 [5]. Implied Volatility - The implied volatility of each option variety also varies. For example, the at - the - money implied volatility of soybean No.1 is 10.295%, and the weighted implied volatility is 12.53% with a change of - 1.38% [6]. Group 4: Option Strategies for Different Varieties Oils and Oilseeds Options - **Soybean No.1**: Construct a short - biased call + put option combination strategy for volatility, and a long collar strategy for spot long - hedging [7]. - **Soybean Meal and Rapeseed Meal**: For soybean meal, construct a bear spread combination strategy for directionality, a short - biased call + put option combination strategy for volatility, and a long collar strategy for spot long - hedging [9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: Construct a short - biased call + put option combination strategy for volatility and a long collar strategy for spot long - hedging [10]. - **Peanut**: Construct a bear spread combination strategy for directionality and a long + put + short out - of - the - money call option strategy for spot long - hedging [11]. Agricultural By - product Options - **Pig**: Construct a short - biased call + put option combination strategy for volatility and a spot long - covered call strategy [11]. - **Egg**: Construct a bear spread combination strategy for directionality, a short - biased call + put option combination strategy for volatility [12]. - **Apple**: Construct a short - biased long call + put option combination strategy for volatility [12]. - **Jujube**: Construct a short - biased long strangle option combination strategy for volatility and a spot long - covered call hedging strategy [13]. Soft Commodity Options - **Sugar**: Construct a short - biased call + put option combination strategy for volatility and a long collar strategy for spot long - hedging [13]. - **Cotton**: Construct a short - biased call + put option combination strategy for volatility and a spot long - covered call strategy [14]. Grain Options - **Corn and Starch**: Construct a short - biased call + put option combination strategy for volatility [14].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The agricultural product options market shows different trends. Oilseed and oil - related agricultural products are in a weak and volatile state, while some agricultural by - products and soft commodities maintain a volatile or weak - consolidation trend. It is recommended to construct option combination strategies mainly based on sellers and spot hedging or covered strategies to enhance returns [2] - Each option variety has its own fundamental situation, market trend, option factor characteristics, and corresponding option strategies [7][9][10] 3. Summary According to Related Catalogs 3.1 Futures Market Overview - Different agricultural product futures show various price changes, volume changes, and open interest changes. For example, the price of soybean No.1 (A2511) is 3,884, down 27 with a decline rate of 0.69%, and the trading volume is 8.64 million lots with a decrease of 1.83 million lots [3] 3.2 Option Factors 3.2.1 Volume - to - Open - Interest PCR - Different option varieties have different volume - to - open - interest PCR values and their changes, which can be used to analyze the market sentiment and potential turning points of the underlying assets. For example, the volume PCR of soybean No.1 is 0.53 with a change of 0.14, and the open - interest PCR is 0.43 with a change of - 0.01 [4] 3.2.2 Pressure and Support Levels - From the perspective of option factors, each option variety has corresponding pressure and support levels. For example, the pressure level of soybean No.1 is 4000 and the support level is 3900 [5] 3.2.3 Implied Volatility - Different option varieties have different implied volatility values, 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 10.84%, and the weighted implied volatility is 12.74% with a decrease of 0.26% [6] 3.3 Strategies and Recommendations for Different Option Types 3.3.1 Oilseed and Oil Options - **Soybean No.1 and No.2**: Based on the fundamental situation of soybeans, the market trend, and option factors, it is recommended to construct a short - biased call + put option combination strategy for volatility strategies and a long - collar strategy for spot long - hedging strategies [7] - **Soybean Meal and Rapeseed Meal**: For directional strategies, a bear - spread put option combination strategy can be constructed; for volatility strategies, a short - biased call + put option combination strategy can be used; and a long - collar strategy can be used for spot long - hedging [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: Volatility strategies suggest constructing short - biased call + put option combination strategies, and spot long - hedging strategies recommend long - collar strategies [10] - **Peanut**: A bear - spread put option combination strategy can be used for directional strategies, and a long - collar strategy for spot long - hedging [11] 3.3.2 Agricultural By - product Options - **Pig**: Volatility strategies suggest constructing short - biased call + put option combination strategies, and a covered call strategy can be used for spot long - covered strategies [11] - **Egg**: A bear - spread put option combination strategy can be used for directional strategies, a short - biased call + put option combination strategy for volatility strategies [12] - **Apple**: Volatility strategies suggest constructing long - biased call + put option combination strategies [12] - **Jujube**: Volatility strategies recommend constructing short - biased wide - straddle option combination strategies, and a covered call strategy for spot covered - hedging [13] 3.3.3 Soft Commodity Options - **Sugar**: Volatility strategies suggest constructing short - biased call + put option combination strategies, and a long - collar strategy for spot long - hedging [13] - **Cotton**: Volatility strategies recommend constructing long - biased call + put option combination strategies, and a long - collar strategy for spot long - covered strategies [14] 3.3.4 Grain Options - **Corn and Starch**: Volatility strategies suggest constructing short - biased call + put option combination strategies [14]

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - The agricultural product options market presents a complex situation with different sectors showing diverse trends. Oilseeds and oils are in a weak - oscillatory state, while some agricultural by - products, soft commodities, and grains also have their own unique market patterns. The report suggests constructing option portfolio strategies mainly on the short - selling side, along with spot hedging or covered strategies to enhance returns [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market Overview - Multiple agricultural product futures contracts are presented, including details such as the latest price, price change, percentage change, trading volume, volume change, open interest, and open interest change. For example, the latest price of A2511 (soybean No. 1) is 3,930, with a price change of - 4 and a percentage change of - 0.10% [3]. 3.2 Option Factors - Quantity and Open Interest PCR - The PCR indicators (volume PCR and open - interest PCR) of various agricultural product options are analyzed. These indicators are used to describe the strength of the option underlying market and the turning point of the underlying market. For instance, the volume PCR of soybean No. 1 is 0.43, with a change of - 0.18, and the open - interest PCR is 0.40, with a change of - 0.01 [4]. 3.3 Option Factors - Pressure and Support Levels - From the perspective of the maximum open - interest strike prices of call and put options, the pressure and support levels of the option underlying are determined. For example, the pressure level of soybean No. 1 is 4,500, and the support level is 3,900 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility of various agricultural product options is analyzed, including at - the - money implied volatility, weighted implied volatility, its change, annual average, call implied volatility, put implied volatility, historical volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of soybean No. 1 is 10.735, and the weighted implied volatility is 13.51, with a change of 0.86 [6]. 3.5 Strategy and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No. 1 and No. 2**: The fundamentals of US soybeans have a neutral - bearish impact. The soybean No. 1 market is in a weak - oscillatory state. Option strategies include constructing a short - neutral call + put option combination strategy and a long - collar strategy for spot hedging [7]. - **Soybean Meal and Rapeseed Meal**: The fundamentals of soybean meal show changes in daily pick - up volume, basis, and inventory. The market is in a weak state. Strategies include a bear - spread strategy for put options, a short - bearish call + put option combination strategy, and a long - collar strategy for spot hedging [9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The fundamentals of palm oil involve inventory changes. The palm oil market is in a high - level and large - amplitude oscillatory state. Strategies include a short - bullish call + put option combination strategy and a long - collar strategy for spot hedging [10]. - **Peanuts**: The fundamentals of peanuts are affected by factors such as weather and market supply. The market is in a weak - oscillatory state. Strategies include a bear - spread strategy for put options and a long - collar strategy for spot hedging [11]. 3.5.2 Agricultural By - product Options - **Pigs**: The supply pressure of pigs is high, and the market is in a weak state. Strategies include a short - bearish call + put option combination strategy and a covered call strategy for spot [11]. - **Eggs**: The egg market is in a weak - bearish state. Strategies include a bear - spread strategy for put options, a short - bearish call + put option combination strategy [12]. - **Apples**: The apple market is in a state of recovery and upward movement. Strategies include a short - bullish call + put option combination strategy [12]. - **Jujubes**: The jujube market has large - amplitude oscillations. Strategies include a short - bearish strangle option combination strategy and a covered call strategy for spot hedging [13]. 3.5.3 Soft Commodity Options - **Sugar**: The sugar market is in a weak - bearish state. Strategies include a short - bearish call + put option combination strategy and a long - collar strategy for spot hedging [13]. - **Cotton**: The cotton market is in a short - term weak state. Strategies include a short - bullish call + put option combination strategy and a covered call strategy for spot [14]. 3.5.4 Grain Options - **Corn and Starch**: The corn market is in a weak - bearish state after a rebound. Strategies include a short - bearish call + put option combination strategy [14].

Group 1: Report Overview - Report Title: Agricultural Product Options Strategy Morning Report [1][2] - Report Date: September 16, 2025 [1] - Core Viewpoint: Oilseed and oil agricultural products are weakly volatile, while oils, agricultural by - products maintain a volatile market. Soft commodity sugar shows a slight fluctuation, cotton is weakly consolidating, and grains such as corn and starch are weakly and narrowly consolidating. Construct option portfolio strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2] Group 2: Target Futures Market Overview - Multiple agricultural product options are covered, including soybean, soybean meal, palm oil, etc. For each option, details such as the underlying contract, latest price, change, change rate, trading volume, volume change, open interest, and open interest change are provided [3] Group 3: Option Factor Analysis Volume and Open Interest PCR - Analyze the volume PCR and open interest PCR of various agricultural product options, including their values and changes, which are used to describe the strength of the option underlying market and whether the underlying market has a turning point [4] Pressure and Support Levels - Determine the pressure and support levels of each option underlying from the perspective of the strike prices with the largest open interest of call and put options [5] Implied Volatility - Provide data on the at - the - money implied volatility, weighted implied volatility, its change, annual average, call implied volatility, put implied volatility, HISV20, and the difference between implied and historical volatility for each option [6] Group 4: Strategy and Recommendations Oilseed and Oil Options - **Soybean (Bean 1 and Bean 2)**: The fundamentals of US soybeans are neutral to bearish. The implied volatility of soybean options remains at a relatively high level compared to historical averages, and the open interest PCR indicates a weak market. Directional strategy: None; Volatility strategy: Construct a short - neutral call + put option combination strategy; Spot long - hedging strategy: Construct a long collar strategy [7] - **Soybean Meal and Rapeseed Meal**: For soybean meal, the fundamentals show changes in daily提货 volume, basis, and inventory. The implied volatility of soybean meal options remains slightly above the historical average, and the open interest PCR is below 0.60. Directional strategy: Construct a bearish call option spread strategy; Volatility strategy: Construct a short - bearish call + put option combination strategy; Spot long - hedging strategy: Construct a long collar strategy [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The fundamentals of palm oil show changes in inventory. The implied volatility of palm oil options continues to decline to a level below the historical average, and the open interest PCR is above 1.00. Directional strategy: None; Volatility strategy: Construct a short - bullish call + put option combination strategy; Spot long - hedging strategy: Construct a long collar strategy [10] - **Peanut**: The fundamentals are affected by factors such as weather and market supply. The implied volatility of peanut options remains at a relatively low level, and the open interest PCR is below 0.60. Directional strategy: Construct a bearish call option spread strategy; Volatility strategy: None; Spot long - hedging strategy: Hold a long spot + buy a put option + sell an out - of - the - money call option [11] Agricultural By - product Options - **Pig**: The supply pressure in September is large, and the market is in a weak state. The implied volatility of pig options continues to rise to a relatively high level compared to historical averages, and the open interest PCR is below 0.50. Directional strategy: None; Volatility strategy: Construct a short - bearish call + put option combination strategy; Spot long - covered strategy: Hold a long spot + sell an out - of - the - money call option [11] - **Egg**: The inventory of laying hens is expected to increase. The implied volatility of egg options remains at a high level, and the open interest PCR is below 0.60. Directional strategy: Construct a bearish call option spread strategy; Volatility strategy: Construct a short - bearish call + put option combination strategy; Spot hedging strategy: None [12] - **Apple**: The market is gradually warming up. The implied volatility of apple options remains slightly above the historical average, and the open interest PCR is below 0.60. Directional strategy: None; Volatility strategy: Construct a short - bullish call + put option combination strategy; Spot hedging strategy: None [12] - **Jujube**: The inventory shows a slight decline. The implied volatility of jujube options quickly rises to a level above the historical average, and the open interest PCR is below 0.50. Directional strategy: None; Volatility strategy: Construct a short - bearish wide - straddle option combination strategy; Spot covered hedging strategy: Hold a long spot + sell an out - of - the - money call option [13] Soft Commodity Options - **Sugar**: The domestic sugar low - inventory supports the price, but the sales data is lower than expected. The implied volatility of sugar options remains at a relatively low level, and the open interest PCR is around 0.60. Directional strategy: None; Volatility strategy: Construct a short - bearish call + put option combination strategy; Spot long - hedging strategy: Construct a long collar strategy [13] - **Cotton**: The开机 rate of spinning and weaving factories and the commercial inventory show certain changes. The implied volatility of cotton options continues to decline and is currently at a low level, and the open interest PCR is below 1.00. Directional strategy: None; Volatility strategy: Construct a short - bullish call + put option combination strategy; Spot covered strategy: Hold a long spot + buy a put option + sell an out - of - the - money call option [14] Grain Options - **Corn and Starch**: The corn supply is affected by factors such as planting area and yield. The implied volatility of corn options remains at a relatively low level, and the open interest PCR is below 0.60. Directional strategy: None; Volatility strategy: Construct a short - bearish call + put option combination strategy; Spot long - hedging strategy: None [14] Group 5: Option Charts - Multiple option charts are provided for various agricultural products, including price trend charts, option volume and open interest charts, open interest - PCR charts, implied volatility charts, etc., to visually present the market conditions of each option [16][33][51]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The overall trend of agricultural product options is mixed, with oilseeds and oils showing a weak and volatile trend, while some products like apples show a warming - up trend [2] - It is recommended to construct option combination strategies mainly based on sellers, as well as spot hedging or covered call strategies to enhance returns [2] 3. Summary by Related Catalogs 3.1 Market Overview of Underlying Futures - Different agricultural product options have different price changes, trading volumes, and open - interest changes. For example, the latest price of soybean No.1 (A2511) is 3,956, with no change and a trading volume of 11.44 million lots [3] 3.2 Option Factors - Volume and Open - Interest PCR - The volume and open - interest PCR of each option variety reflect different market trends. For example, the volume PCR of soybean No.1 is 0.54, with a change of - 0.02, and the open - interest PCR is 0.42, with a change of - 0.00 [4] 3.3 Option Factors - Pressure and Support Levels - From the perspective of option factors, each option variety has corresponding pressure and support levels. For example, the pressure level of soybean No.1 is 4,100, and the support level is 3,900 [5] 3.4 Option Factors - Implied Volatility - The implied volatility of each option variety shows different characteristics. For example, the weighted implied volatility of soybean No.1 is 12.08, with a change of - 0.13 [6] 3.5 Strategies and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The fundamentals of US soybeans have a neutral - to - negative impact. For soybean No.1, it is recommended to construct a selling option combination strategy to obtain time value and use a long collar strategy for spot hedging [7] - **Soybean Meal and Rapeseed Meal**: For soybean meal, a bear spread strategy of put options can be constructed, and a selling option combination strategy with a short bias can be used. A long collar strategy is also recommended for spot hedging [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: For palm oil, a selling option combination strategy with a long bias can be constructed, and a long collar strategy is used for spot hedging [10] - **Peanuts**: A bear spread strategy of put options can be constructed, and a long collar strategy is used for spot hedging [11] 3.5.2 Agricultural By - product Options - **Pigs**: A selling option combination strategy with a short bias can be constructed, and a covered call strategy is used for spot hedging [11] - **Eggs**: A bear spread strategy of put options can be constructed, and a selling option combination strategy with a short bias can be used [12] - **Apples**: A selling option combination strategy with a long bias can be constructed [12] - **Jujubes**: A short - biased wide - straddle option combination strategy can be constructed, and a covered call strategy is used for spot hedging [13] 3.5.3 Soft Commodity Options - **Sugar**: A selling option combination strategy with a short bias can be constructed, and a long collar strategy is used for spot hedging [13] - **Cotton**: A selling option combination strategy with a long bias can be constructed, and a covered call strategy is used for spot hedging [14] 3.5.4 Grain Options - **Corn and Starch**: A selling option combination strategy with a short bias can be constructed [14]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The agricultural product sector shows different trends: oilseeds and oils are weakly volatile, oils and agricultural by - products are in a volatile market, soft commodity sugar has a slight fluctuation, cotton is weakly consolidating, and grains such as corn and starch are in a weakly narrow - range consolidation. It is recommended to construct option portfolio strategies mainly as sellers, as well as spot hedging or covered strategies to enhance returns [2] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Multiple agricultural product futures are presented with details on latest price, change, change rate, trading volume, volume change, open interest, and open interest change. For example, the latest price of soybean (A2511) is 3,957 with a 0.79% increase, and its trading volume is 10.36 million lots with a decrease of 4.26 million lots [3] 3.2 Option Factor - Volume and Open Interest PCR - Volume PCR and open interest PCR are calculated for various option varieties. For instance, the volume PCR of soybean (A2511) is 0.56 with a - 0.21 change, and the open interest PCR is 0.42 with a - 0.01 change. These factors are used to describe the strength of the option underlying market and the turning point of the underlying market [4] 3.3 Option Factor - Pressure and Support Levels - Pressure and support levels are determined for each option variety based on the strike prices with the largest open interest of call and put options. For example, the pressure level of soybean (A2511) is 4,100 and the support level is 3,900 [5] 3.4 Option Factor - Implied Volatility - Implied volatility data including at - the - money implied volatility, weighted implied volatility, and its change, annual average, call and put implied volatility, historical volatility, and the difference between implied and historical volatility are provided for different option varieties. For example, the at - the - money implied volatility of soybean (A2511) is 10.25%, and the weighted implied volatility is 12.21% with a - 0.42 change [6] 3.5 Strategy and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean (A2511)**: Fundamental analysis shows that the US soybean good - rate is increasing, and Brazilian soybean import - related indicators have changed. The market has a short - term consolidation pattern. Option factors indicate high - level historical volatility, a weak - volatile market, and specific pressure and support levels. Strategies include a neutral call + put option selling combination for time - value gain, and a long - collar strategy for spot hedging [7] - **Soybean Meal (M2511)**: With sufficient supply and increasing inventory, the market is under pressure. Option factors show above - average historical volatility, a weak - volatile market, and specific pressure and support levels. Strategies include a bear - spread strategy for directional gain, a short - biased call + put option selling combination, and a long - collar strategy for spot hedging [9] - **Palm Oil (P2511)**: Malaysian palm oil production and inventory data show changes, and the market is in a high - level volatile pattern. Option factors show decreasing volatility, a bullish - biased market, and specific pressure and support levels. Strategies include a bull - biased call + put option selling combination for time - value gain, and a long - collar strategy for spot hedging [10] - **Peanut (PK2511)**: In the traditional off - season, the market is in a weak - consolidation pattern. Option factors show low - level historical volatility, a weak - volatile market, and specific pressure and support levels. Strategies include a bear - spread strategy for directional gain, and a long - collar - like strategy for spot hedging [11] 3.5.2 Agricultural By - products Options - **Pig (LH2511)**: Piglet prices and profits are falling, and the supply is expected to increase. The market is in a weak - consolidation pattern. Option factors show increasing volatility, a weak market, and specific pressure and support levels. Strategies include a short - biased call + put option selling combination for time - value and directional gain, and a covered call strategy for spot [11] - **Egg (JD2510)**: High - supply and low - demand situation persists, and the market is in a weak - bearish pattern. Option factors show high - level volatility, a weak - volatile market, and specific pressure and support levels. Strategies include a bear - spread strategy for directional gain, a short - biased call + put option selling combination, and no spot - hedging strategy [12] - **Apple (AP2511)**: Inventory issues and new - fruit listing affect the market, which is in a warming - up pattern. Option factors show above - average historical volatility, a weak - volatile market, and specific pressure and support levels. Strategies include a bull - biased call + put option selling combination for time - value gain, and no spot - hedging strategy [12] - **Jujube (CJ2601)**: Inventory is slightly decreasing, and the market is in a short - term decline pattern. Option factors show increasing volatility, a weak market, and specific pressure and support levels. Strategies include a short - biased wide - straddle option selling combination for time - value gain, and a covered call strategy for spot [13] 3.5.3 Soft Commodity Options - **Sugar (SR2511)**: Brazilian sugar production data and global supply - demand forecasts change. The market is in a weak - bearish pattern. Option factors show low - level historical volatility, a range - bound market, and specific pressure and support levels. Strategies include a short - biased call + put option selling combination for time - value gain, and a long - collar strategy for spot hedging [13] - **Cotton (CF2511)**: Brazilian cotton production is expected to increase, and the market is in a short - term weak pattern. Option factors show decreasing volatility, increasing bullish power, and specific pressure and support levels. Strategies include a bull - biased call + put option selling combination for time - value gain, and a covered call strategy for spot [14] 3.5.4 Grain Options - **Corn (C2511)**: With new - season corn approaching and sufficient supply, the market is in a weak - rebound pattern. Option factors show low - level historical volatility, a weak market, and specific pressure and support levels. Strategies include a short - biased call + put option selling combination for time - value gain, and no spot - hedging strategy [14]