Report Investment Rating - No investment rating information is provided in the report. Core Viewpoints - Corn futures prices have been declining continuously, and the implied volatility of corn options has decreased slightly [1][2]. - Soybean meal futures prices have risen slightly, and the implied volatility of soybean meal options has rebounded slightly [1][2]. Summary by Directory 1. Futures Market Data Statistics - The closing price of the corn futures main contract C2511 is 2170 yuan/ton, down 7 yuan with a decline of 0.32%. The trading volume is 353,719 lots, a decrease of 110,167 lots, and the open interest is 925,944 lots, an increase of 29,682 lots [3]. - The closing price of the soybean meal futures main contract M2601 is 3161 yuan/ton, up 6 yuan with an increase of 0.19%. The trading volume is 933,541 lots, a decrease of 123,884 lots, and the open interest is 2,107,908 lots, an increase of 44,097 lots [3]. 2. Options Market Data Statistics - The trading volume of corn options is 79,796 lots, a decrease of 55,899 lots. The trading volume PCR is 0.446, a decrease of 0.270. The open interest is 223,565 lots, an increase of 19,633 lots, and the open interest PCR is 0.412, a decrease of 0.014 [8]. - The trading volume of soybean meal options is 166,257 lots, a decrease of 410,770 lots. The trading volume PCR is 0.707, an increase of 0.129. The open interest is 585,071 lots, an increase of 23,372 lots, and the open interest PCR is 0.685, an increase of 0.024 [8]. 3. Options Volatility Situation - The weighted implied volatility of corn options is 11.77%, a decrease of 0.31 percentage points with a decline rate of 2.59%. The 30 - day historical volatility is 14.16%, and the 30 - day volatility quantile is 0.93 [18]. - The weighted implied volatility of soybean meal options is 15.54%, an increase of 0.71 percentage points with an increase rate of 4.78%. The 30 - day historical volatility is 12.83%, and the 30 - day volatility quantile is 0.08 [18].

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].