Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - Corn futures prices slightly declined, and the implied volatility of corn options slightly decreased [1][2] - Soybean meal futures prices continued to fall, and the implied volatility of soybean meal options significantly decreased [1][2] 3. Summary by Directory 3.1 Futures Market Data Statistics - Corn futures contract C2509 closed at 2302 yuan/ton, down 17 yuan or 0.73%, with a trading volume of 527,538 lots (a decrease of 219,383 lots) and an open interest of 794,329 lots (a decrease of 11,231 lots) [3] - Soybean meal futures contract M2509 closed at 2983 yuan/ton, down 7 yuan or 0.23%, with a trading volume of 1,013,822 lots (a decrease of 6,756 lots) and an open interest of 1,468,086 lots (a decrease of 92,213 lots) [3] 3.2 Option Market Data Statistics - Corn options had a trading volume of 154,652 lots (a decrease of 55,177 lots), a volume PCR of 0.719 (an increase of 0.316), an open interest of 495,658 lots (an increase of 7,130 lots), and an open interest ratio of 0.494 (a decrease of 0.003) [8] - Soybean meal options had a trading volume of 370,429 lots (an increase of 63,872 lots), a volume PCR of 0.718 (an increase of 0.208), an open interest of 1,010,500 lots (an increase of 27,087 lots), and an open interest ratio of 0.508 (a decrease of 0.011) [8] 3.3 Option Volatility Situation - The weighted implied volatility of corn options was 13.98% (a decrease of 0.23 percentage points or 1.59%), and the 30 - day historical volatility was 8.44% with a 30 - day volatility quantile of 0.12 [18] - The weighted implied volatility of soybean meal options was 17.76% (a decrease of 1.65 percentage points or 8.49%), and the 30 - day historical volatility was 13.28% with a 30 - day volatility quantile of 0.09 [18]