豆粕期价小幅上涨，期货主力合约 M2601 报收于 3161 元/吨。豆粕期权成交 166257 手， 持仓量为 585071 手，成交量 PCR 为 0.707，目 前成交量集中在浅度虚值期权。期权加权隐含 波动率为 15.54%，30 日历史波动率为 12.83%, 期权隐波小幅回升。 期货从业资格号： 投资咨询证号： 安粮期货期权数据报告 商品期权数据研报 2025 年 8 月 19 日 玉米期价连续下跌，期权隐波小幅下降 豆粕期价小幅上涨，期权隐波小幅回升 内容摘要 玉米期价连续下跌，期货主力合约 C2511 报收于 2170 元/吨。玉米期权成交 79796 手， 持仓量为 223565 手，成交量 PCR 为 0.446，成 交量最高的合约 C2511 合约，其占总成交量比 例 为 79% 左 右 。 期 权 加 权 隐 含 波 动 率 为 11.77%,30 日历史波动率为 14.16%，期权隐波 小幅下降。 安粮期货研究所 期权组 TEL:0551-62879960 张莎 F03088817 Z0019577 总部地址：合肥市包河区花园大道 986 号安粮中心 23-24 层 客服热线： 40 ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - Corn futures prices showed slight fluctuations, with the main futures contract C2509 closing at 2260 yuan/ton. Corn option trading volume was 99,520 lots, and the open interest was 501,612 lots. The option-implied volatility decreased slightly [2]. - Soybean meal futures prices rebounded slightly, with the main futures contract M2601 closing at 3091 yuan/ton. Soybean meal option trading volume was 356,912 lots, and the open interest was 1,072,147 lots. The option-implied volatility continued to rise [2]. 3. Summary by Directory 3.1 Futures Market Data Statistics - **Corn (C2509)**: Closed at 2260 yuan/ton, down 2 yuan or 0.09%. Trading volume was 232,359 lots, a decrease of 35,998 lots. Open interest was 605,565 lots, a decrease of 32,610 lots [3]. - **Soybean Meal (M2601)**: Closed at 3091 yuan/ton, up 19 yuan or 0.62%. Trading volume was 1,107,230 lots, a decrease of 436,933 lots. Open interest was 1,757,131 lots, an increase of 62,078 lots [3]. 3.2 Option Market Data Statistics - **Corn Options**: Trading volume was 99,520 lots, a decrease of 18,373 lots. The trading volume PCR was 0.532, an increase of 0.003. Open interest was 501,612 lots, a decrease of 2619 lots [8]. - **Soybean Meal Options**: Trading volume was 356,912 lots, a decrease of 104,136 lots. The trading volume PCR was 0.765, an increase of 0.021. Open interest was 1,072,147 lots, a decrease of 3249 lots [8]. 3.3 Option Volatility Situation - **Corn Options**: The option-weighted implied volatility was 12.30%, a decrease of 0.81 percentage points or 6.16%. The 30-day historical volatility was 8.42%, and the 30-day volatility quantile was 0.13 [17]. - **Soybean Meal Options**: The option-weighted implied volatility was 18.86%, an increase of 0.48 percentage points or 2.63%. The 30-day historical volatility was 11.40%, and the 30-day volatility quantile was 0.02 [17].