1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The agricultural product options market shows different trends: oilseeds and oils are weakly volatile, fats and oils and agricultural by - products maintain a volatile market, soft commodity sugar fluctuates slightly, cotton consolidates strongly, and grains such as corn and starch are narrowly bullish [2]. - Strategies suggest constructing option combination 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 - 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 4,159, up 36 with a gain of 0.87%, trading volume is 14.46 million lots, and open interest is 14.53 million lots [3]. 3.2 Option Factors - Quantity and Position PCR - PCR indicators are used to describe the strength of the option underlying market and the turning point of the underlying market. For example, the trading volume PCR of soybean No.1 is 0.71, and the open interest PCR is 1.02 [4]. 3.3 Option Factors - Pressure and Support Levels - From the perspective of the strike prices with the largest open interest of call and put options, the pressure and support levels of option underlyings are identified. For example, the pressure level of soybean No.1 is 4250, and the support level is 4050 [5]. 3.4 Option Factors - Implied Volatility - Implied volatility indicators show the market's expectation of future price fluctuations. For example, the at - the - money implied volatility of soybean No.1 is 10.5, and the weighted implied volatility is 12.46 [6]. 3.5 Option Strategies and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1**: The fundamental situation has a slightly bullish impact. The option implied volatility fluctuates around the historical average. Directional strategy: None; Volatility strategy: Construct a neutral call + put option combination strategy; Spot long - hedging strategy: Construct a long collar strategy [7]. - **Soybean meal**: The trading volume and basis have certain changes. The option implied volatility is below the historical average. Directional strategy: None; Volatility strategy: Construct a neutral call + put option combination strategy; Spot long - hedging strategy: Construct a long collar strategy [9]. - **Palm oil**: The production and inventory situation is complex. The option implied volatility is below the historical average. Directional strategy: Construct a bearish put option spread combination strategy; Volatility strategy: Construct a bearish call + put option combination strategy; Spot long - hedging strategy: Construct a long collar strategy [9]. - **Peanut**: The market is in a high - level consolidation stage. The option implied volatility is at a relatively high historical level. Directional strategy: None; Volatility strategy: None; Spot long - hedging strategy: Hold long spot + buy put option + sell out - of - the - money call option [10]. 3.5.2 Agricultural By - product Options - **Live pig**: The supply is relatively loose, and the demand increases. The option implied volatility fluctuates around the historical average. Directional strategy: None; Volatility strategy: Construct a bearish call + put option combination strategy; Spot long - covered strategy: Hold long spot + sell out - of - the - money call option [10]. - **Egg**: The egg - laying hen inventory is high, and the supply and demand are loose. The option implied volatility is at a relatively high level. Directional strategy: None; Volatility strategy: Construct a bearish call + put option combination strategy; Spot hedging strategy: None [11]. - **Apple**: The cold - storage inventory is decreasing. The option implied volatility is above the historical average. Directional strategy: None; Volatility strategy: Construct a bullish call + put option combination strategy; Spot hedging strategy: Construct a long collar strategy [11]. - **Jujube**: The trading in the market is not active. The option implied volatility is above the historical average. Directional strategy: None; Volatility strategy: Construct a bearish wide - straddle option combination strategy; Spot covered - hedging strategy: Hold long spot + sell out - of - the - money call option [12]. 3.5.3 Soft Commodity Options - **Sugar**: The Brazilian sugarcane harvest is approaching, and the domestic supply and demand situation is complex. The option implied volatility is at a relatively low historical level. Directional strategy: None; Volatility strategy: Construct a bearish call + put option combination strategy; Spot long - hedging strategy: Construct a long collar strategy [12]. - **Cotton**: The spinning mill's operating rate is decreasing, and the inventory is increasing. The option implied volatility is at a low level. Directional strategy: None; Volatility strategy: Construct a neutral call + put option combination strategy; Spot collar strategy: Hold long spot + buy put option + sell out - of - the - money call option [13]. 3.5.4 Grain Options - **Corn**: The price has certain fluctuations. The option implied volatility is at a relatively low historical level. Directional strategy: None; Volatility strategy: Construct a bullish call + put option combination strategy; Spot long - hedging strategy: None [13]. - **Starch**: The price is relatively stable. The option implied volatility is at a relatively low historical level. Directional strategy: Not provided; Volatility strategy: Not provided; Spot hedging strategy: Not provided [13]. 3.5.5 Other Options - **Log**: The price is decreasing. The option implied volatility is at a relatively high level. Directional strategy: Not provided; Volatility strategy: Not provided; Spot hedging strategy: Not provided [3]

| 油脂产业期现日报 | | | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 Z0019938 2025年12月11日 出洋洋 | | | 田湖 | | | 涨跌幅 | | | 江苏一级 8550 8550 0 0.00% 现价 | | | 期价 Y2605 8222 8190 32 0.39% | | | 基差 Y2605 328 360 -32 -8.89% | | | 现货基差报价 江苏1月 01+260 01+260 0 క | | | 仓单 25964 22994 2970 12.92% | | | 棕榈油 | | | 12月10日 12月9日 涨跌 涨跌幅 | | | 8640 8640 0.00% 现价 广东24度 0 | | | 期价 P2601 8542 8648 -106 -1.23% | | | 基美 P2601 08 -8 106 1325.00% | | | 现货基差报价 广东1月 01+50 01+50 ా | | | 盘面进口利润 -499 -342 -157 -46.06% 广州港1月 | | | 仓車 ਰੇ50 702 248 35.33% ...

2025年12月11日 星期四 商品期货早班车 招商期货-期货研究报告 黄金市场 | 招商评论 | | | | --- | --- | --- | | 贵 | 市场表现：周二美联储年内第三次降息，贵金属价格先抑后扬，银价逼近 62 美元/盎司。 | | | 金 | 基本面：美联储宣布年内第三次降息，同时宣布将购买短债，不过鲍威尔讲话被市场认为偏鸽，且 FOMC | 内 | | 属 | 部投票分歧加大，出现 3 张反对票，从点阵图看一人主张降 50 基点，七人支持按兵不动；鲍威尔强调，"下 | | | | 次会加息"不是任何人的基本假设，就业增长实际或被高估，自 4 月以来就业增长可能已经略微转负，劳动 | | | | 力市场仍在持续、逐步降温，可能只是比此前预期的降温幅度略微更温和一些。通胀方面，他表示关税影响 | | | | 明年料逐渐消退。国内黄金 ETF 出现流出，COMEX 黄金库存为 1123，+0.3 吨；上期所黄金库存为 91.3 | 吨， | | | 维持不变；黄金 ETF 持仓为 1046.8 吨，-1.2 吨；伦敦 11 月黄金库存 8906 吨，+48 吨；COMEX 白银库存 | | ...

农产品早报 淀粉：短期看，受到季节性消费支撑，下游补库需求带动企业稳定去库。同时，在原料供应受限的环境下，加剧产业挺价意愿，淀粉价格预计 保持稳定。中长期需重点关注下游消费节奏变化，这将成为价格走势的关键支撑因素，季节性旺季过后，企业库存是否会持续去化将成为未来 淀粉定价的关键因素。 白糖 现货价格 基差 进口利润 仓单 日期 柳州 南宁 昆明 柳州基差 泰国 巴西 郑盘 2025/12/04 5525 5430 5380 197 255 435 183 2025/12/05 5505 5410 5370 202 258 438 183 2025/12/08 5505 5410 5345 168 252 432 1671 2025/12/09 5505 5410 5345 162 301 481 1886 2025/12/10 5480 5370 5340 152 204 384 2101 变化 -25 -40 -5 -10 -97 -97 215 【行情分析】： 白糖：国产新糖供应陆续增加，本周糖厂报价下调较快，现货弱势带动盘面下行。短期原糖供应压力减少，盘面定价仍可参考国产糖成本和现 货价格；中长期若全球 ...

Group 1: Protein Meal - CBOT soybeans rebounded from a low, supported by new export sales, with 136,000 tons sold to China and 119,000 tons to unknown destinations for the 25/26 shipping year [2][9] - The USDA reported a projected October soybean crush of 237 million bushels, exceeding September's 205 million bushels and market expectations of 234.2 million bushels [2][9] - Domestic protein meal is showing weakness, with expectations of lower import costs due to Argentina's tax reduction [2][9] Group 2: Oils - BMD palm oil prices fell due to an unexpected increase in November inventory, reported at 2,835,439 tons, a 13.04% month-on-month increase [3][10] - Exports decreased by 28.13% to 1,212,814 tons, while production fell by 5.30% to 1,935,510 tons, contributing to high inventory levels [3][10] - Domestic palm oil prices dropped, following the decline in Malaysian palm oil, with terminal demand remaining weak [3][10] Group 3: Live Pigs - The main live pig futures contract faced downward pressure, closing with a long bearish candle, while prices in various regions showed slight increases [5][6] - Black龙江's average price was 11.13 CNY/kg, with slight increases in Jilin and Liaoning, indicating a mixed market response [5][6] - The market is experiencing challenges in external demand, with local consumption limited, but future contracts are showing bullish sentiment [5][6] Group 4: Eggs - Egg futures showed mixed performance, with the near-month contract rising by 0.93% to 3,135 CNY per 500 kg, while the far-month contract fell by 0.3% [6][12] - The national average egg price was reported at 3.06 CNY per jin, reflecting a slight increase, with regional prices also showing minor fluctuations [6][12] - Supply improvements are limited, and the market is advised to observe future opportunities based on breeding and culling intentions [6][12] Group 5: Corn - The main corn futures contract stabilized at the 20-day moving average, recovering most of the previous day's losses [7][13] - Spot prices for corn in production areas decreased, with processing prices in Shandong dropping by 10-20 CNY/ton [7][13] - The market is experiencing low trading activity, with expectations for price adjustments in the short term [7][13]

农产品早报 2025-12-11 五矿期货农产品早报 五矿期货农产品团队 从业资格号：F0273729 交易咨询号：Z0002942 邮箱：wangja@wkqh.cn 从业资格号：F03116327 交易咨询号：Z0019233 邮箱:yangzeyuan@wkqh.cn 从业资格号：F03114441 交易咨询号：Z0022498 电话：028-86133280 邮箱：sxwei@wkqh.cn 王俊 组长、生鲜品研究员 隔夜 CBOT 大豆尾盘小幅收涨，受出口需求支撑，巴西升贴水稳定，大豆到港成本稳定。周三国内豆粕 现货涨 10 元，华东报 3010 元/吨，豆粕成交尚可、提货较好。MYSTEEL 预计本周油厂大豆压榨量为 205.583 万吨，上周压榨大豆 221.16 万吨，上周饲企库存天数为 8.49 天环比上升 0.32 天，上周国内大豆、豆粕 均去库，因到港量及压榨量环比下滑，国内豆粕表需下滑程度相对较小。 杨泽元 白糖、棉花研究员 巴西主要种植区未来两周预报降雨偏多，大豆种植率已达 94%。然而阿根廷主产区预计降雨量持续较少， 产区还未达到一帆风顺。全球大豆预测年度库销比同比仍较高，尚不足以 ...

前十月，俄对欧洲国家出口额下降14.9%至约478亿美元；进口额下降4.4%至约581亿美元。同期与亚洲 国家的贸易往来中，俄出口额下降1.6%，约为2639亿美元；进口额下降2.9%，为约1494亿美元。 从出口商品结构来看，统计期内，矿产品在俄罗斯出口总额中占据首位，出口额为约1866亿美元，同比 下降14.7%。金属及金属制品出口额增长19.3%，为约604亿美元；农产品出口额约315亿美元，同比下 降10.3%。 （文章来源：新华财经） 新华财经莫斯科12月11日电（记者包诺敏）据俄罗斯海关数据，2025年1月至10月，俄罗斯外贸顺差同 比下降7.75%，至1154亿美元。 报告期内，俄出口额减少152亿美元，约为3398亿美元；进口额减少55亿美元，约为2244亿美元。1-10 月，俄贸易总额与去年同期相比下降3.54%，为约5642亿美元。 ...

文 | 赵伟、屠强 联系人| 屠强、耿佩璇 报告正文 4、生产高频跟踪：工业生产维持弱势，建筑业开工边际改善 工业生产中，高炉开工延续回落，钢材表观消费也有下滑。 11月23日至11月29日，高炉开工率环 比-1.1%至81.1%，同比-0.8pct至-0.5%；上周（11月30日至12月06日），钢材表观消费环比-2.68%、同 比-2.4pct至-1.2%。钢材社会库存延续回落，环比-2.9%。 图 36: 上周, 高炉开工率延续回落 全国高炉开工率 (247家) === 2020 2019 2021 2022 2023 -2024 · 2025 96 85 80 75 70 65 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 资料来源: Wind、申万宏源研究 图 37: 上周, 钢材周表观消费有所回落 五大品种钢材周表观消费量 2021 2019 == 2020 = 2022 2023 2024 2025 1300 万吨 1200 1100 1000 900 800 700 600 500 400 300 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 1 ...

——提升一批农文旅融合消费活动。结合传统年俗、非物质文化遗产和"村字号"群众性文体活动，展示 展销特色农产品，推介乡村休闲旅游（冬季）精品景点线路，汇聚农事体验、加工观摩、民俗文化、民 宿乡韵、趣味比赛等多元业态，打造一批沉浸式、体验式节日消费场景，吸引消费者品尝地道特产、感 受传统年味。 ——推出一批营养健康消费活动。深入推进"健康饮食 合理膳食"科普宣传，聚焦节日期间常见膳食问 题，普及健康消费观念，引导居民调整饮食结构；强化"两节"期间农产品质量安全监管，根据本地农产 品生产、消费实际，加大重点区域、重点品种、重点环节风险监测力度，有条件的地区组织开展专项抽 检，让人民群众买得放心、吃得安心。 新华社北京12月10日电（记者韩佳诺）记者10日从农业农村部获悉，农业农村部近日部署开展2026年元 旦春节"品特产 寻年味"消费促进活动，要求各地进一步落实促进农产品消费实施方案，抓住元旦、春 节消费旺季，谋划出台促消费务实举措，推动供需精准适配、创新消费场景、拓展消费空间，有力有效 扩大农产品消费，更好满足城乡居民节日消费需求。 据介绍，活动重点围绕五个方面开展： ——发布一批"土特产"品牌年货目录。支持生鲜 ...

近日，农业农村部部署开展2026年元旦春节"品特产 寻年味"消费促进活动，要求各地进一步落实《促 进农产品消费实施方案》，抓住"两节"消费旺季，谋划出台促消费务实举措，推动供需精准适配、创新 消费场景、拓展消费空间，有力有效扩大农产品消费，更好满足城乡居民节日消费需求。 智通财经APP获悉，近日，农业农村部部署开展2026年元旦春节"品特产 寻年味"消费促进活动，要求各 地进一步落实《促进农产品消费实施方案》，抓住"两节"消费旺季，谋划出台促消费务实举措，推动供 需精准适配、创新消费场景、拓展消费空间，有力有效扩大农产品消费，更好满足城乡居民节日消费需 求。 原文如下： 农业农村部部署2026年元旦春节促消费工作 活动重点围绕五个方面开展。发布一批"土特产"品牌年货目录，支持生鲜商超、直播电商等设立"土特 产"品牌年货专区，引导企业加强节日产品创新，推出一批营养健康、年味十足的农副产品，满足消费 者多元化、品质化年货采购需求。组织一批节日主题消费活动，开展"土特产"进社区、进景区、进街区 等活动，支持批发市场、农贸市场举办年货大集，联动主流电商平台举办线上年货节，开展"年味"直播 带货，助力高品质"土特产"进 ...