农产品期权 2025-12-29 农产品期权策略早报 | 李立勤 | 高级投研经 | 从业资格号：F3074095 | 交易咨询号：Z0017896 | 邮箱：lilq@wkqh.cn | | --- | --- | --- | --- | --- | | | 理 | | | | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 农产品期权策略早报概要：油料油脂类农产品偏弱震荡，油脂类，农副产品维持震荡行情，软商品白糖小幅震荡， 棉花偏强盘整，谷物类玉米和淀粉偏多窄幅盘整。 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 | | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

| 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 | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 农产品期权 2025-12-17 农产品期权策略早报 农产品期权策略早报概要：油料油脂类农产品偏弱震荡，油脂类，农副产品维持震荡行情，软商品白糖小幅震荡， 棉花偏强盘整，谷物类玉米和淀粉偏多窄幅盘整。 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （ ...

农产品期权 2025-12-15 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 | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 农产品期权策略早报概要：油料油脂类农产品偏弱震荡，油脂类，农副产品维持震荡行情，软商品白糖小幅震荡， 棉花偏强盘整，谷物类玉米和淀粉偏多窄幅盘整。 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （ ...

1. Report Industry Investment Rating There is no information provided in the document regarding the industry investment rating. 2. Core Viewpoints of the Report - The agricultural products options market shows a mixed trend, with oilseeds and oils being weakly volatile, and agricultural by - products and soft commodities maintaining a volatile pattern. For example, soft commodity sugar shows a slight fluctuation, while cotton is in a weak consolidation state, and grains such as corn and starch are in a weak and narrow - range consolidation [2]. - 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. Summaries Based on Related 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 agricultural product options' underlying futures contracts are presented. For instance, the latest price of soybeans (A2601) is 4,141, with a price increase of 23 and a price change rate of 0.56%, a trading volume of 84,000 lots, a volume decrease of 19,600 lots, an open interest of 188,200 lots, and an open interest decrease of 2,200 lots [3]. 3.2 Option Factors - Volume and Open Interest PCR - The trading volume, volume change, open interest, open interest change, trading volume PCR, volume PCR change, open interest PCR, and open interest PCR change of various agricultural product options are provided. For example, for soybean options, the trading volume is 35,896, with a volume decrease of 12,647, an open interest of 97,502, an open interest increase of 744, a trading volume PCR of 0.88, a volume PCR increase of 0.23, an open interest PCR of 0.98, and an open interest PCR change of 0 [4]. 3.3 Option Factors - Pressure and Support Levels - The underlying contracts, at - the - money strike prices, pressure points, pressure point offsets, support points, support point offsets, maximum call option open interests, and maximum put option open interests of various agricultural product options are given. For example, for soybean options (A2601), the at - the - money strike price is 4,150, the pressure point is 4,200 with an offset of 0, the support point is 4,000 with an offset of 0, the maximum call option open interest is 6,822, and the maximum put option open interest is 7,405 [5]. 3.4 Option Factors - Implied Volatility - The at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average implied volatility, call option implied volatility, put option implied volatility, historical 20 - day volatility, and implied - historical volatility difference of various agricultural product options are presented. For example, for soybean options, the at - the - money implied volatility is 11.355, the weighted implied volatility is 11.92, with a decrease of 0.47, the annual average implied volatility is 12.82, the call option implied volatility is 12.35, the put option implied volatility is 11.42, the historical 20 - day volatility is 12.07, and the implied - historical volatility difference is - 0.72 [6]. 3.5 Option Strategies and Recommendations - **Oilseeds and Oils Options**: - **Soybean Options**: The fundamental situation shows that due to China's purchase of US soybeans, the purchase progress has advanced. The option implied volatility is below the historical average, and the open interest PCR is above 1.00, indicating a volatile market. The pressure level is 4,200, and the support level is 4,000. It is recommended to construct a neutral call + put option selling combination strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal Options**: The oil mill operating rate is about 61.41%. The option implied volatility is below the historical average, and the open interest PCR is below 0.80, indicating a weak market. The pressure level is 2,950, and the support level is 2,800. It is recommended to construct a bearish call + put option selling combination strategy and a long collar strategy for spot hedging [9]. - **Palm Oil Options**: The production in Malaysia has increased, while the export volume has decreased. The option implied volatility is below the historical average, and the open interest PCR is around 0.80, indicating a weak market. The pressure level is 9,500, and the support level is 9,000. It is recommended to construct a bearish call spread strategy, a bearish call + put option selling combination strategy, and a long collar strategy for spot hedging [9]. - **Peanut Options**: The peanut market is in a high - level consolidation phase. The option implied volatility is at a relatively high historical level, and the open interest PCR is around 1.00, indicating a volatile and strong market. The pressure level is 8,000, and the support level is 7,700. It is recommended to construct a long collar strategy for spot hedging [10]. - **Agricultural By - product Options**: - **Pig Options**: The average slaughter weight of pigs has increased. The option implied volatility is above the historical average, and the open interest PCR is below 0.50, indicating a weak market. The pressure level is 14,000, and the support level is 11,000. It is recommended to construct a bearish call + put option selling combination strategy and a covered call strategy for spot [10]. - **Egg Options**: The domestic egg price has a limited increase, and the supply is sufficient while the demand has no obvious improvement. The option implied volatility is at a relatively high level, and the open interest PCR is below 0.60. The pressure level is 4,000, and the support level is 2,800. It is recommended to construct a neutral call + put option selling combination strategy [11]. - **Apple Options**: The new - season late - Fuji apple storage work is coming to an end, and the storage volume is less than last year. The option implied volatility is above the historical average, and the open interest PCR is above 0.90, indicating strong support below. The pressure level is 10,600, and the support level is 8,000. It is recommended to construct a bullish call + put option selling combination strategy and a long collar strategy for spot hedging [11]. - **Jujube Options**: The new - season jujube production in Xinjiang is expected to decrease, and the inventory pressure is large. The option implied volatility has rapidly risen above the historical average, and the open interest PCR is below 0.50. The pressure level is 12,600, and the support level is 10,000. It is recommended to construct a bearish strangle option selling combination strategy and a covered call strategy for spot hedging [12]. - **Soft Commodity Options**: - **Sugar Options**: The number of sugar mills in Guangxi that have started crushing is less than last year. The option implied volatility is at a relatively low historical level, and the open interest PCR is around 0.60, indicating a range - bound market. The pressure level is 5,700, and the support level is 5,400. It is recommended to construct a bearish call + put option selling combination strategy and a long collar strategy for spot hedging [12]. - **Cotton Options**: The spinning mill operating rate is 65.5%, and the cotton commercial inventory has increased. The option implied volatility is at a low level, and the open interest PCR is below 1.00, indicating a weak market. The pressure level is 13,600, and the support level is 13,000. It is recommended to construct a bullish call + put option selling combination strategy and a covered call strategy for spot [13]. - **Grain Options**: - **Corn Options**: The corn inventory in northern ports is accumulating, and the trading in Guangdong ports is light. The option implied volatility is at a relatively low historical level, and the open interest PCR is below 0.60, indicating a weak market. The pressure level is 2,200, and the support level is 2,000. It is recommended to construct a bullish call + put option selling combination strategy [13].

农产品期权 2025-11-24 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 | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 农产品期权策略早报概要：油料油脂类农产品偏弱震荡，油脂类，农副产品维持震荡行情，软商品白糖小幅震荡， 棉花弱势盘整，谷物类玉米和淀粉弱势窄幅盘整。 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （ ...

Group 1: Report Summary - The agricultural products option market shows a mixed trend, with oilseeds and oils, and agricultural by - products in a weak or stable oscillation. Soft commodities like sugar and cotton also display a similar pattern, and grains such as corn and starch are in a narrow - range weak oscillation [2]. - It is recommended to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [2]. Group 2: Futures Market Overview - Various agricultural product futures show different price changes. For example, the latest price of soybean No.1 (A2601) is 4,138, up 24 with a 0.58% increase; soybean meal (M2601) is 3,051, unchanged; and palm oil (P2601) is 8,708, up 38 with a 0.44% increase [3]. Group 3: Option Factor - Quantity and Position PCR - The PCR indicators of different agricultural product options vary. For instance, the volume PCR of soybean No.1 is 0.53, down 0.29; the position PCR is 1.19, down 0.00. These indicators help describe the strength of the option - underlying market and potential turning points [4]. Group 4: Option Factor - Pressure and Support Levels - Each agricultural product option has its own pressure and support levels. For example, the pressure point of soybean No.1 is 4,200 and the support point is 4,050; the pressure point of soybean meal is 3,100 and the support point is also 3,100 [5]. Group 5: Option Factor - Implied Volatility - The implied volatility of different agricultural product options shows different trends. For example, the weighted implied volatility of soybean No.1 is 12.18, down 0.52; that of soybean meal is 15.09, up 0.17 [6]. Group 6: Option Strategies and Recommendations Oilseeds and Oils Options - **Soybean No.1**: The fundamentals are affected by factors such as the decline of Brazilian soybean CNF premium and the slowdown of planting progress. The market shows a rebound after a decline. It is recommended to construct a neutral - selling call + put option combination strategy and a long - collar strategy for spot hedging [7]. - **Soybean Meal**: The fundamentals are related to factors like daily trading volume and inventory changes. The market shows a rebound after a decline. Similar to soybean No.1, a neutral - selling call + put option combination strategy and a long - collar strategy for spot hedging are recommended [9]. - **Palm Oil**: The fundamentals are influenced by Malaysian production and inventory. The market is in a low - level consolidation. It is recommended to construct a short - biased selling call + put option combination strategy and a long - collar strategy for spot hedging [9]. - **Peanut**: The fundamentals are in a contradictory state of high - quality resource support and loose supply - demand. The market is in a weak downward trend. A long - collar strategy for spot hedging is recommended [10]. Agricultural By - products Options - **Pig**: The fundamentals are related to the increase in pig slaughter and inventory. The market is in a weak downward trend. A bear - spread strategy of put options, a short - biased selling call + put option combination strategy, and a covered strategy for spot are recommended [10]. - **Egg**: The fundamentals are characterized by high supply and weak demand. The market shows a rebound after a decline. A neutral - selling call + put option combination strategy is recommended [11]. - **Apple**: The fundamentals are affected by factors such as reduced production and low inventory. The market is in a rising and oscillating state. A long - biased selling call + put option combination strategy and a long - collar strategy for spot hedging are recommended [11]. - **Jujube**: The fundamentals are related to stable prices and sufficient supply. The market is in a weak downward trend. A short - biased wide - straddle option combination strategy and a covered strategy for spot hedging are recommended [12]. Soft Commodities Options - **Sugar**: The fundamentals are affected by the weak external sugar market. The market is in a weak downward state. A short - biased selling call + put option combination strategy and a long - collar strategy for spot hedging are recommended [12]. - **Cotton**: The fundamentals are related to the end of cotton harvesting and increasing supply. The market is in a short - term weak state. A short - biased selling call + put option combination strategy and a covered strategy for spot are recommended [13]. Grains Options - **Corn**: The fundamentals are influenced by factors such as price declines and supply - demand imbalance. The market shows a rebound after a decline. A neutral - selling call + put option combination strategy is recommended [13].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The agricultural product options market shows different trends, with oilseeds and oils being weakly volatile, and other sectors such as agricultural by - products, soft commodities, and grains also presenting various market conditions. It is recommended to construct option portfolio strategies mainly based on sellers and spot hedging or covered strategies to enhance returns [2] 3. Summary According to Relevant 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 4,107 with a decline of 9 and a decline rate of 0.22%, and its trading volume is 161,400 lots with an increase of 33,000 lots, and open interest is 267,300 lots with an increase of 8,000 lots [3] 3.2 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of different agricultural product options vary. For instance, the volume PCR of soybean No.1 is 0.54 with a change of - 0.24, and the open interest PCR is 1.05 with no change [4] 3.3 Option Factors - Pressure and Support Levels - From the perspective of option factors, different agricultural products have different pressure and support levels. For example, the pressure level of soybean No.1 is 4,200 and the support level is 4,050 [5] 3.4 Option Factors - Implied Volatility - The implied volatility of different agricultural product options also shows differences. For example, the at - the - money implied volatility of soybean No.1 is 12.89%, the weighted implied volatility is 13.65% with a change of 0.10%, and the historical average is 13.50% [6] 3.5 Option Strategies and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1**: The fundamental situation is affected by factors such as the planting progress of Brazilian soybeans. The market has formed a rebound pattern. Option strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [7] - **Soybean Meal**: The daily trading volume and basis of soybean meal have changed. The market is weak. Option strategies include constructing a bear spread strategy for directional trading, a short - biased call + put option combination strategy, and a long collar strategy for spot hedging [9] - **Palm Oil**: The production of palm oil has increased. The market is in high - level volatility. Option strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [9] - **Peanut**: The trading volume of peanuts has increased, but the downstream consumption is still weak. The market is in weak consolidation. Option strategies include a long collar strategy for spot hedging [10] 3.5.2 Agricultural By - products Options - **Pig**: The average price of pig slaughter has increased. The market is in a weak downward trend. Option strategies include constructing a bear spread strategy for directional trading, a short - biased call + put option combination strategy, and a covered call strategy for spot hedging [10] - **Egg**: The number of newly - opened laying hens is expected to decrease. The market is in a weak bearish trend. Option strategies include constructing a bear spread strategy for directional trading and a short - biased call + put option combination strategy [11] - **Apple**: Affected by climate factors, the output and quality of apples have changed. The market is in a warming - up upward trend. Option strategies include constructing a long - biased short call + put option combination strategy and a long collar strategy for spot hedging [11] - **Red Date**: The ordering process of red dates in Xinjiang is progressing rapidly. The market is in a bullish upward trend. Option strategies include constructing a long - biased short strangle option combination strategy and a covered call strategy for spot hedging [12] 3.5.3 Soft Commodities Options - **Sugar**: The price of domestic sugar has fluctuated. The market is in a weak bearish trend. Option strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [12] - **Cotton**: The price index of cotton has changed. The market is in a short - term weak trend. Option strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [13] 3.5.4 Grains Options - **Corn**: The upstream and downstream of corn are in a game stage. The market is in a weak and volatile trend. Option strategies include constructing a short - biased call + put option combination strategy [13]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The agricultural product options market shows diverse trends. Oilseeds and oils are in a range - bound consolidation, with oils and beans showing a weak trend, while agricultural by - products maintain a volatile trend. Soft commodities like sugar continue to be weak, and cotton consolidates at a high level after a rebound. Grains such as corn and starch gradually recover and then consolidate in a narrow range. It is recommended to construct option portfolio strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2] 3. Summary by Related Catalogs 3.1 Futures Market Overview - Different agricultural product futures have different price changes, trading volumes, and open interest changes. For example, the price of soybean No.1 (A2507) is 4,206, up 25 with a 0.60% increase, trading volume of 12.51 million lots, and open interest of 6.31 million lots with a decrease of 1.00 million lots [3] 3.2 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of various agricultural product options show different trends. For instance, the volume PCR of soybean No.1 is 0.46, down 0.20, and the open interest PCR is 0.56, down 0.02 [4] 3.3 Option Factors - Pressure and Support Levels - From the perspective of option factors, different agricultural product options have different pressure and support levels. For example, the pressure level of soybean No.1 is 4300, and the support level is 4000 [5] 3.4 Option Factors - Implied Volatility - The implied volatility of various agricultural product options also varies. For example, the implied volatility of soybean No.1 is 10.925, and the weighted implied volatility is 13.34, up 1.30 [6] 3.5 Strategies and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The fundamental situation of soybeans shows that the shipment and sales of US soybeans to China have certain changes. The soybean market has a high - level consolidation trend. Option strategies include bull spread for call options, selling a neutral call + put option combination, and a long collar strategy for spot hedging [7] - **Soybean Meal and Rapeseed Meal**: The fundamentals of soybean meal involve changes in trading volume, basis, and inventory. The market shows a short - term bullish upward trend. Option strategies include bull spread for call options, selling a bullish call + put option combination, and a long collar strategy for spot hedging [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The fundamentals of oils are related to the soybean crushing volume and operating rate. The palm oil market is in a range - bound consolidation. Option strategies include selling a neutral call + put option combination and a long collar strategy for spot hedging [10] - **Peanuts**: The peanut market has a weak trading atmosphere and a rectangular - range volatile trend. Option strategies include bear spread for put options and a long + put option + short out - of - the - money call option strategy for spot hedging [11] 3.5.2 Agricultural By - product Options - **Pigs**: The sales volume of major pig enterprises has changed. The pig market is in a wide - range consolidation and downward trend. Option strategies include selling a bearish call + put option combination and a covered call strategy for spot [11] - **Eggs**: The egg supply is stable, and the price is expected to decline. The market shows a bearish downward trend. Option strategies include bear spread for put options, selling a bearish call + put option combination [12] - **Apples**: The apple cold - storage inventory is at a low level. The market shows a weak recovery trend. Option strategies include bear spread for put options and selling a bearish call + put option combination [12] - **Jujubes**: The jujube market is in a weak bearish rebound trend. Option strategies include selling a neutral strangle option combination and a covered call strategy for spot hedging [13] 3.5.3 Soft Commodity Options - **Sugar**: The domestic sugar production and consumption are expected to change. The sugar market shows a bearish volatile trend. Option strategies include selling a bearish call + put option combination and a long collar strategy for spot hedging [13] - **Cotton**: The cotton market is affected by external factors and has a recovery trend under bearish pressure. Option strategies include selling a neutral call + put option combination and a covered call strategy for spot [14] 3.5.4 Grain Options - **Corn and Starch**: The corn starch inventory has changed, and the corn market shows a bullish upward trend. Option strategies include selling a bullish call + put option combination [14]

Group 1: Report Overview - The report is an agricultural product options strategy morning report dated May 21, 2025 [1] - The agricultural product sector is divided into beans, oils, agricultural by - products, soft commodities, grains, and others [8] Group 2: Market Conditions Summary - Oilseed and oil - related agricultural products are in a range - bound consolidation. Oils and beans show a weak trend, agricultural by - products maintain a volatile trend, soft commodity sugar rises but then falls back, cotton continues a weak rebound, and grains like corn and starch gradually recover and then have a narrow - range consolidation [2] Group 3: Futures Market Data Futures Price and Trading Volume - For example, the latest price of bean one (A2507) is 4,196 with a 0.36% increase, trading volume of 11.64 million lots, and an open interest of 15.35 million lots [3] Options Factor - Quantity and Open Interest PCR - The volume PCR and open - interest PCR of various options varieties show different trends. For instance, the volume PCR of bean one is 0.41 with a 0.10 change, and the open - interest PCR is 0.59 with a - 0.00 change [4] Options Factor - Pressure and Support Levels - The pressure and support levels of different options varieties are identified. For example, the pressure level of bean one is 4500 and the support level is 4000 [5] Options Factor - Implied Volatility - The implied volatility of each option variety varies. For example, the weighted implied volatility of bean one is 14.83% with a - 0.53 change [6] Group 4: Options Strategies and Recommendations Oilseed and Oil Options Beans (Bean One, Bean Two) - Fundamental analysis: The oil mill operation rate is about 50.62%. Last week, domestic soybean crushing was 1.51 million tons [7] - Market trend: Bean one has a high - level consolidation and decline recently after a rebound in April [7] - Options strategies: Construct a neutral short call + put option combination strategy and a long collar strategy for spot hedging [7] Bean Meal, Rapeseed Meal - Fundamental analysis: As of May 16, the average daily trading volume of mainstream oil mill bean meal is about 80,000 tons, and the inventory is about 70,000 tons [9] - Market trend: Bean meal has been weakening recently after a rise - fall - consolidation pattern since April [9] - Options strategies: Construct a bearish 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, Rapeseed Oil - Fundamental analysis: MPOB report shows that Malaysian palm oil inventory increased in April, and high - frequency data indicates possible further inventory build - up [10] - Market trend: Palm oil has been falling after a high - level decline and low - level consolidation [10] - Options strategies: Construct a neutral short call + put option combination strategy and a long collar strategy for spot hedging [10] Peanuts - Fundamental analysis: As of May 16, the spot prices of peanuts in Shandong and Henan are 8400 yuan/ton and 8200 yuan/ton respectively [11] - Market trend: Peanuts have rebounded after a long - term weak and volatile decline [11] - Options strategies: Use a long + put option + short out - of - the - money call option strategy for spot hedging [11] Agricultural By - product Options Pigs - Fundamental analysis: The average price of pigs in different regions has declined, and the overall consumption environment is weak [11] - Market trend: Pigs have a wide - range consolidation after a rise - fall pattern [11] - Options strategies: Construct a neutral short call + put option combination strategy and a long + short out - of - the - money call option strategy for spot hedging [11] Eggs - Fundamental analysis: The cost is relatively low, and the chicken replenishment volume is high [12] - Market trend: Eggs have a weak and bearish trend after a rebound [12] - Options strategies: Construct a bearish spread strategy for put options, a short - biased call + put option combination strategy [12] Apples - Fundamental analysis: The cold - storage inventory of apples has decreased [12] - Market trend: Apples have a high - level shock and then a decline [12] - Options strategies: Construct a neutral short call + put option combination strategy [12] Red Dates - Fundamental analysis: There are more buyers in Xinjiang, and the supply in the market is sufficient [13] - Market trend: Red dates have a weak and bearish trend after a consolidation [13] - Options strategies: Construct a bearish spread strategy for put options, a short - wide straddle option combination strategy, and a long + short out - of - the - money call option strategy for spot hedging [13] Soft Commodity Options Sugar - Fundamental analysis: The total sugar supply from Brazil to China is expected to increase in May [13] - Market trend: Sugar has a weak and bearish trend after a high - level shock [13] - Options strategies: Construct a neutral short call + put option combination strategy and a long collar strategy for spot hedging [13] Cotton - Fundamental analysis: The USDA May report shows a slight increase in the estimated US cotton production [14] - Market trend: Cotton has a rebound after a low - level consolidation [14] - Options strategies: Construct a neutral short call + put option combination strategy and a long + short out - of - the - money call option strategy for spot hedging [14] Grain Options Corn, Starch - Fundamental analysis: The new - season corn in the US is expected to increase, and the price of Northeast corn is rising [14] - Market trend: Corn has a rise - fall pattern after a long - term rectangular range shock [14] - Options strategies: Construct a neutral short call + put option combination strategy [14]

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Viewpoints of the Report - The report conducts fundamental, market, and volatility analyses of various agricultural product options and provides corresponding strategic operations and suggestions [1] Group 3: Summary by Related Catalogs 1. Beans and Meal Sector - **Soybean Meal Options** - Fundamental: As of March 25, cumulative purchases for March, April, May, and June shipments were 10.859 million tons, 9.822 million tons, 6.965 million tons, and 4.865 million tons respectively [1] - Market: Soybean meal has been in a weak and volatile downward trend in the past two weeks [1] - Volatility: Implied volatility of soybean meal options fluctuates below the average level [1] - Strategy: Construct a volatility strategy by selling neutral put and call options to gain time - value returns, such as S_M2505P2750 and S_M2505C2900 [1] - **Rapeseed Meal Options** - Fundamental: According to the latest supply - demand forecast from the Canadian Ministry of Agriculture on March 21, if the recently imposed tariffs in China persist throughout the year, the ending stocks of Canadian rapeseed and peas at the end of the 2025/26 season may be much higher than initially expected. The inventory of imported rapeseed last weekend was 500,000 tons, an increase of 10,000 tons from the previous week and 110,000 tons from last year [1] - Market: Rapeseed meal has been in a volatile and upward trend in the past two months, with significant fluctuations in the high - level range, followed by a sharp rise and then a rapid decline in the past two weeks, showing a highly volatile market pattern [1] - Volatility: Implied volatility of rapeseed meal options rises rapidly and then falls back, fluctuating above the historical average [1] - Strategy: Construct an option portfolio strategy to short volatility and obtain time - value returns, such as S_RM2505P2500 and S_RM2505C2650 [1] - **Soybean 1/Soybean 2 Options** - Fundamental: According to the USDA export sales report, in the week of March 20, the export shipment of US soybeans in the 2024/25 season was about 920,000 tons, a week - on - week increase of about 56%. The cumulative export shipment was about 40.06 million tons, a year - on - year increase of about 11%. The shipment to China was about 470,000 tons, and the cumulative shipment to China was about 20.88 million tons (compared to about 22.58 million tons in the same period last year) [2] - Market: Since February, Soybean 1 has risen rapidly, then declined from the high level, and formed an inverted "V" pattern in the past two weeks, showing a weak bearish market pattern with pressure above [2] - Volatility: Implied volatility of Soybean 1 options fluctuates slightly around the average level, then rises rapidly and then drops sharply [2] - Strategy: Construct a bearish directional strategy by buying put options and selling call options to obtain directional returns, such as B_A2505P3850 and S_A2505C3950 [2] 2. Oilseeds Sector - **Soybean Oil Options** - Fundamental: According to Steel Union estimates (125 oil mills), as of the week of March 28, the weekly soybean crushing volume in China was about 1.2 million tons (1.41 million tons in the previous week and 1.52 million tons in the same period last year), with an operating rate of about 34% (40% in the previous week and 44% in the same period last year). The estimated soybean crushing volume for the next week (March 29 - April 4) is about 1.05 million tons (1.49 million tons in the same period last year), with an operating rate of 29% (43% in the same period last year) [2] - Market: In February, soybean oil first rose and then fell, breaking through the upper limit of the one - month oscillation range in the first ten days, then oscillating and falling from the high level. In the past two weeks, it rose after a decline and then rebounded, showing a bullish - biased high - level oscillating market pattern [2] - Volatility: Implied volatility of soybean oil options fluctuates at a relatively low historical level [2] - Strategy: (1) Implement a spot collar strategy by holding spot long positions, buying put options, and selling out - of - the - money call options; (2) Construct a strategy of selling neutral call and put options to obtain directional and time - value returns, adjust the position delta dynamically to keep it neutral, and close the position if the market rebounds and breaks through the break - even point, such as S_Y2505P7800 and S_Y2505C8100 [2] - **Palm Oil Options** - Fundamental: At the end of January, the palm oil inventory in Indonesia was 2.936 million tons, a month - on - month increase of 13.93%. According to SPPOMA data, the yield of Malaysian palm oil from March 1 - 25 increased by 5.10% month - on - month. As the Ramadan is coming to an end, the producing areas may officially enter the production - increasing cycle. According to Steel Union data, as of March 21, the commercial inventory of palm oil in key regions across the country was 388,300 tons [5] - Market: Palm oil rebounded after a sharp decline, rising continuously and breaking through the resistance level. In March, it first declined and then rose, followed by significant oscillations in the range. In the past two weeks, it first fell and then rose, continuing to oscillate within the previous range, showing a bullish - biased high - level oscillating and then strongly rebounding market pattern [5] - Volatility: Implied volatility of palm oil options fluctuates around the historical average [5] - Strategy: Construct a strategy of selling neutral call and put options to obtain time - value and directional returns, such as S_P2505P8800, S_P2505P8900, S_P2505C9200, and S_P2505C9300 [5] - **Rapeseed Oil Options** - Fundamental: From January to February, the cumulative import of rapeseed oil was 387,600 tons, a year - on - year increase of 19.12%. Due to the traditional consumption off - season in the first quarter and large imports of rapeseed and rapeseed oil, the domestic rapeseed oil inventory continued to accumulate. As of March 21, the total inventory of rapeseed oil in major regions across the country was 775,700 tons, an increase of 38,200 tons from the previous week [5] - Market: Rapeseed oil oscillated in the range and then rose bullishly, showing a short - term bullish breakthrough and rising market pattern [5] - Volatility: Implied volatility of rapeseed oil options fluctuates at a relatively low average level [5] - Strategy: Construct a bullish call spread option strategy to obtain directional returns, such as B_OI2505C9100 and S_OI2505C9400 [5] 3. Soft Commodities and Agricultural By - products Sector - **Sugar Options** - Fundamental: As of the week of March 26, the number of ships waiting to load sugar at Brazilian ports was 38, compared to 50 in the previous week. The quantity of sugar waiting to be loaded was 1.5554 million tons, a decrease of 356,200 tons or 18.63% from the previous week. As of March 23 in the 2024/25 sugar - crushing season, 182 sugar mills in Maharashtra, India, had completed crushing, with a cumulative sugar production of 7.974 million tons, a year - on - year decrease of 2.701 million tons or 25.3% [6] - Market: In March, sugar rose gradually and then oscillated at a high level in the past two weeks, showing a short - term bullish high - level oscillating market pattern with support below [6] - Volatility: Implied volatility of sugar options fluctuates at a relatively low level [6] - Strategy: Implement a bullish collar hedging strategy by holding spot long positions, buying put options, and selling out - of - the - money call options, such as LONG SR2505 + BUY SR2505P6000 + SELL SR2505C6300 [6] - **Cotton Options** - Fundamental: Factories in Xinjiang are operating at about 90% capacity, while spinning mills in inland areas adjust their operating rates according to order receipts, with an overall operating rate of 60% - 80%. According to Mysteel agricultural product data monitoring, as of March 27, the operating load of spinning mills in mainstream regions was 76%, a month - on - month decrease of 0.3% [6] - Market: Cotton has been oscillating weakly in a narrow range for about a month and a half, then rebounded and rose, but then declined rapidly after hitting resistance. It rebounded slightly last week but lacked momentum, showing a wide - range oscillating market pattern with pressure above [6] - Volatility: Implied volatility of cotton options continues to fluctuate in a narrow range and is currently at a relatively low historical level [6] - Strategy: Implement a covered call strategy by holding spot long positions and selling out - of - the - money call options, such as LONG CF2505 + SELL CF2505C13800 [6] - **Corn Options** - Fundamental: As of March 27, according to the statistics of Mysteel's corn team, the grain - selling progress of farmers in 13 provinces across the country was 87%, 9% faster than the same period last year. The grain - selling progress of farmers in 7 major producing provinces was 86%, 10% faster than the same period last year [6] - Market: Since December last year, corn has rebounded and risen, then continued to rise moderately for about two months, and then oscillated at a high level. Since March, it has declined after reaching a peak and then continued to decline weakly, showing a short - term bearish market pattern with pressure above [6] - Volatility: Implied volatility of corn options fluctuates in a narrow range [6] - Strategy: Implement a hedging strategy by holding spot long positions, buying put options, and selling out - of - the - money call options. If the market rises slightly, adjust the out - of - the - money call options dynamically; if the market rises sharply, sell the spot and close the call option positions, such as LONG C2505 + BUY_C2505P2240 + SELL C2505C2280 [6]