1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - The report provides an early morning report on oil and fat options, including market data, option factors, and trading strategies for rapeseed oil, palm oil, peanut, and soybean oil options [1] - The implied volatility of each option type remains above the annual average, and the position PCR of each option is at different levels within the past year [6][18][30][42] 3. Summary by Relevant Catalogs 3.1 Rapeseed Oil Options (OI) - **Market Data**: The Ol605 contract closed at 9884 yuan yesterday, up 51 yuan or 0.51% from the previous day. The trading volume was 201,426 lots, a decrease of 6,379 lots, and the open interest was 195,830 lots, a decrease of 3,815 lots [3][6] - **Option Factors**: The volume PCR was 0.45, a decrease of 0.24; the position PCR was 1.01, an increase of 0.1. The weighted implied volatility was 28.84%, an increase of 0.10%, and the annual average implied volatility was 18.79%. The pressure level was 11,200, and the support level was 9,200 [4][5] - **Strategy Suggestions**: For directional strategies, construct an eagle spread combination strategy, such as S Ol2605C9900 + B Ol2605C10000 + S Ol2605P9500 + B Ol2605P9400. For volatility strategies, strategies dominated by sellers (such as single - selling and double - selling) are not recommended [7] 3.2 Palm Oil Options (P) - **Market Data**: The p2605 contract closed at 9866 yuan yesterday, up 72 yuan or 0.73% from the previous day. The trading volume was 587,524 lots, an increase of 86,323 lots, and the open interest was 245,751 lots, a decrease of 34,398 lots [15][18] - **Option Factors**: The volume PCR was 0.3, a decrease of 0.09; the position PCR was 0.92, a decrease of 0.02. The weighted implied volatility was 39.13%, an increase of 0.09%, and the annual average implied volatility was 21.75%. The pressure level was 10,400, and the support level was 9,000 [16][17] - **Strategy Suggestions**: For directional strategies, construct a bull spread combination strategy of call options, such as B P2605C9000 and S P2605C9800. For volatility strategies, strategies dominated by sellers (such as single - selling and double - selling) are not recommended [19] 3.3 Peanut Options (PK) - **Market Data**: The PK605 contract closed at 8086 yuan yesterday, up 2 yuan or 0.02% from the previous day. The trading volume was 51,197 lots, a decrease of 29,791 lots, and the open interest was 123,409 lots, a decrease of 12,550 lots [27][30] - **Option Factors**: The volume PCR was 0.28, a decrease of 0.17; the position PCR was 0.51, an increase of 0.01. The weighted implied volatility was 16.35%, an increase of 0.39%, and the annual average implied volatility was 14.79%. The pressure level was 8,500, and the support level was 7,900 [28][29] - **Strategy Suggestions**: For directional strategies, construct a bull spread combination strategy of call options, such as B_PK2605P8100, S_PK2605P8500. There is no suggestion for volatility strategies [31] 3.4 Soybean Oil Options (Y) - **Market Data**: The y2605 contract closed at 8668 yuan yesterday, down 10 yuan or 0.11% from the previous day. The trading volume was 272,706 lots, a decrease of 25,494 lots, and the open interest was 464,075 lots, a decrease of 34,825 lots [39][42] - **Option Factors**: The volume PCR was 0.25, a decrease of 0.08; the position PCR was 0.72, an increase of 0.04. The weighted implied volatility was 22.70%, a decrease of 1.95%, and the annual average implied volatility was 15.44%. The pressure level was 9,000, and the support level was 8,400 [40][41] - **Strategy Suggestions**: For directional strategies, construct a bull spread combination strategy of call options, such as B Y2605C8400 + S Y2605C8800. For volatility strategies, strategies dominated by sellers (such as single - selling and double - selling) are not recommended [43]

1. Report Industry Investment Rating No information provided in the document. 2. Core Views of the Report - The domestic oil market is constrained by high supply pressure and weak demand, with the core driving force still in the overseas market. The core contradictions mainly include geopolitical trends in the Middle East, palm oil origin policies and exports, US biofuel policies, and the supply situation of oilseeds [1][2]. - Although the inventory of the three major domestic oils has declined, the overall supply is still sufficient, lacking upward momentum. As time enters the second quarter, the domestic oil supply tends to be loose, and the supply pressure of oils may increase [3]. - The international geopolitical conflict has not been completely resolved, with high - level crude oil and support from the international oil market, so the downside space of the oil sector is limited [5]. 3. Summary by Directory 3.1 Core Contradictions and Strategy Recommendations 3.1.1 Core Contradictions - **Geopolitical factors**: The conflict between the US and Iran has led to concerns about the global fuel market supply, raising energy costs and strengthening the demand for biodiesel. The POGO spread has fallen to a deep negative range, stimulating industrial demand. The situation has also increased shipping and fertilizer costs, pushing up the future planting costs of oil crops [1]. - **Palm oil policies and exports**: Malaysia's palm oil has inventory pressure, while Indonesia's B50 biodiesel policy change in late March further confirms the optimistic demand expectation for the second half of the year [2]. - **US biofuel policy**: The new regulations of the US Environmental Protection Agency have increased the renewable fuel obligation targets for 2026/27, providing medium - and long - term demand support for US soybean oil [2]. - **Oilseed supply**: The probability of the US and China reaching a soybean procurement agreement is increasing, and the global soybean and rapeseed harvest expectations are strong, so the upward momentum of oilseeds is limited [2]. - **Domestic oil supply and demand**: The supply of the three major domestic oils is sufficient, and the demand lacks clear positive drivers. The supply pressure may increase in the second quarter [3]. 3.1.2 Trading - Type Strategy Recommendations - **Recent strategy review**: The short - term market has more bullish sentiment and is mainly in a strong and volatile state. The price ranges for P2605, Y2605, and OI2605 are given. It is advisable to wait and see in the short - term high - level shock, and long positions can take profits. Arbitrage can observe the weakening trend of the far - month rapeseed - palm and rapeseed - soybean spreads [26]. - **Base - difference, month - difference, and hedging arbitrage strategy recommendations**: The current base difference is considered to be in a short - term weak and volatile state. The OI5 - 9 positive spread is recommended. The far - month 09 rapeseed - soybean and rapeseed - palm spreads are expected to weaken [26]. 3.1.3 Industrial Customer Operation Recommendations - **Price range prediction**: The price ranges for soybean oil, rapeseed oil, and palm oil are 8000 - 8900, 9000 - 10000, and 8700 - 11000 respectively, with corresponding volatilities and historical percentile levels [27]. - **Hedging strategies**: Different hedging strategies are recommended for traders, refiners, and oil mills according to their inventory and procurement situations [27]. 3.1.4 Basic Data Overview - **Palm oil**: The prices and price changes of palm oil futures contracts, BMD palm oil, and spot prices in Guangzhou are provided, along with the POGO spread and the difference between international soybean oil and palm oil [28]. - **Soybean oil**: The prices and price changes of soybean oil futures contracts, CBOT soybean oil, and spot prices in Shandong are provided, along with the BOHO spread and the difference between domestic soybean oil and 24 - degree palm oil [28]. - **Rapeseed oil**: The prices and price changes of rapeseed oil futures contracts, ICE Canadian rapeseed, and spot prices in East China are provided, along with the price of Brent crude oil and the difference between domestic soybean oil and rapeseed oil [30]. - **Inter - month and inter - variety spreads**: The spreads of different contracts and varieties of oils are presented [30]. 3.2 This Week's Important Information and Next Week's Attention Events 3.2.1 This Week's Important Information - **Positive information**: The US EPA has determined the renewable fuel standards for 2026 and 2027, increasing the blending volume of biomass - based diesel. Brazil's soybean harvest rate has accelerated, and the national import soybean port inventory is in a seasonal destocking trend. The cost of importing US soybeans is still high [31]. - **Negative information**: The commercial inventory of the three major domestic oils has slightly decreased. The expected strong growth in biofuel demand and increased fertilizer costs may lead US farmers to expand soybean planting area [32]. - **Spot trading information**: The trading volume of rapeseed oil and soybean oil has increased month - on - month but is slightly insufficient year - on - year. The trading volume of palm oil is weak [34]. 3.2.2 Next Week's Important Events to Follow - Domestic high - frequency weekly inventory data [37]. - High - frequency production and high - frequency export data of Malaysian palm oil [37]. - Origin weather information [37]. - MPOB report [37]. 3.3 Disk Interpretation 3.3.1 Price - Volume and Fund Interpretation - **Domestic market**: The oil market is in a strong and volatile state this week, with high - volatility in the crude oil market. The sentiment in the oil sector is bullish in the short - term. The oil market shows a Back structure, with the 5 - 9 spread strengthening. The main base difference of oils has weakened slightly [37][40][43]. - **Overseas market**: The overseas market is mainly affected by geopolitical factors. Crude oil fluctuates at a high level, and US soybean oil and Malaysian palm oil are in a high - level consolidation state. The international soybean - palm spread has rebounded. The net position ratio of managed funds has rebounded, while commercial positions are still net short [48][50]. 3.4 Valuation and Profit Analysis 3.4.1 Upstream and Downstream Profit Tracking in the Industrial Chain - The POGO spread continues to decline, which may boost the enthusiasm for biodiesel blending. The BOHO spread continues to weaken, but it is expected to strengthen gradually, and the global soybean oil price has room for upward repair [52]. 3.4.2 Import and Export Profit Tracking The origin's quotes are firm, and domestic demand is mainly for rigid needs. The import profit of palm oil remains negative, which restricts long - term ship purchases [54]. 3.5 Supply - Demand and Inventory Deduction 3.5.1 Origin Supply - Demand Balance Sheet Deduction Malaysia's palm oil production and exports in February were lower than expected, and the inventory was higher than expected. However, the export data in March has improved significantly, and the market is bullish due to the optimistic sentiment of Indonesia's B50 [56]. 3.5.2 Supply - Side and Deduction - **Palm oil**: The demand is weak in the off - season, and the inventory has increased due to more ship purchases recently, suppressing the market price [57]. - **Soybean oil**: The supply is expected to increase in the second quarter, but there may be short - term supply shortages due to the arrival rhythm [57]. - **Rapeseed oil**: The downstream demand is limited. Although Australian rapeseed has arrived, the supply may increase further in the future [57]. 3.5.3 Demand - Side and Deduction The inventory of the three major oils is still high year - on - year, and the downstream demand is sluggish. The overall terminal demand for oils is weak [60].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The domestic vegetable oil sector showed high - level volatile movements this week. Market sentiment was dominated by the Middle East geopolitical situation and the sharp fluctuations in international crude oil prices. In the long - term, palm oil has entered a seasonal production - increasing cycle, and its export faces a risk of weakening. For soybean oil, the supply pressure remains, but demand in the biodiesel field is boosted. For rapeseed oil, the medium - and long - term supply is expected to be loose, but the current import crushing profit situation may affect future supply [72]. - The recommended operation strategy is to be cautious and wait - and - see, focusing on the implementation progress of the US biofuel policy, the USDA planting intention report, and the quarterly inventory report, and avoiding blind chasing of highs or bottom - fishing [73]. 3. Summary by Relevant Catalogs 3.1 Market Review - The domestic vegetable oil sector showed high - level volatile movements, with slight differentiation in the trends of different varieties. As of March 27, the closing prices of the soybean oil Y2605 contract, palm oil P2605 contract, and rapeseed oil OI2605 contract were 8,688 yuan/ton (weekly increase of 0.7%), 9,768 yuan/ton (weekly increase of 0.51%), and 9,877 yuan/ton (weekly increase of 0.01%) respectively [12]. - The Malaysian palm oil market also showed high - level volatile movements, with a cumulative increase of nearly 14.2% since March. As of March 27, the BMD crude palm oil futures main contract closed up 0.83% at 4,612 ringgit/ton [15]. - The CBOT soybeans and soybean oil showed an oscillating and strengthening trend. As of March 27 (US - China time), the CBOT soybeans May contract was at 1,159.5 cents/bushel (down 1.21%), and the CBOT soybean oil May contract was at 67.22 cents/pound (down 1.18%) [20]. 3.2 Fundamental Dynamics - The Ministry of Commerce imposed a 5.9% anti - dumping duty on imported rapeseed from Canada from March 1, 2026, for a period of 5 years, and suspended the additional discriminatory tariffs on some imported goods from Canada from March 1 to December 31, 2026, canceling the 100% anti - discriminatory tariff on imported Canadian rapeseed meal [6][20]. - Malaysia's February palm oil production was 1,284,699 tons (a 18.55% month - on - month decrease), exports were 1,127,605 tons (a 22.48% month - on - month decrease), imports were 76,276 tons (a 136.03% month - on - month increase), and inventory was 2,704,286 tons (a 3.94% month - on - month decrease) [6][21]. - From March 1 - 25, 2026, Malaysia's palm oil production was estimated to have decreased by 11.21% month - on - month [6][21]. - The average expected soybean planting area in the US in 2026 is 85.549 million acres, and the soybean inventory on March 1, 2026, is expected to be 2.063 billion bushels, an 8% increase year - on - year [7][21]. - The estimated export volume of Malaysian palm oil from March 1 - 25, 2026, increased by 38.4% - 51% compared with the same period last month according to different survey agencies [7][8][22]. - Brazil's estimated soybean export volume in March is 15.87 million tons, lower than last week's forecast of 16.32 million tons [8][24]. 3.3 Domestic Oil Basis Changes - The basis of 24 - degree palm oil in the mainstream coastal markets showed low - level volatile recovery. As of March 27, the basis quotes in different regions varied [30]. - The basis of coastal soybean oil strengthened synchronously, and the regional differences converged. As of March 27, the basis quotes in different regions were provided [30]. - The basis of coastal rapeseed oil was basically stable. As of March 27, there was a regional differentiation with the East being stronger and the South being weaker [30]. 3.4 Supply - Demand Situation 3.4.1 Palm Oil Supply - Demand - In February, Malaysia's palm oil production decreased, exports declined, and inventory decreased but was still at a relatively high level. The profit of palm - based biodiesel was repaired, but the edible demand was under pressure, and the export outlook was not optimistic [34][38]. - From March 20 - 26, 4 new palm oil purchase ships were added in China, with different delivery schedules [39]. - As of March 20, 2026, the national key - area commercial palm oil inventory was 808,200 tons, a 4.01% month - on - month decrease and a 108.14% year - on - year increase [41]. 3.4.2 Soybean Oil Supply - Demand - The USDA's March supply - demand report slightly revised the 2025/26 global soybean supply - demand data. The global soybean supply pattern remained loose, and the domestic medium - and long - term soybean supply was also abundant [45]. - Near - term soybean meal fluctuations were affected by customs clearance and arrival issues, but the long - term supply was expected to be loose. After April, a large amount of Brazilian soybeans would arrive in China [49]. - As of the week of March 20, the actual soybean oil production was 378,200 tons, and the operating rate was 54.81%, a 1.07% month - on - month increase [51]. - As of March 20, the national commercial soybean oil inventory was 1.0537 million tons, a 2.29% month - on - month decrease and a 3.94% year - on - year increase [54]. 3.4.3 Rapeseed Oil Supply - Demand - The estimated arrival volume of imported rapeseed in coastal areas was increasing from March to May [58]. - As of the week of March 20, the rapeseed crushing volume and rapeseed oil production decreased. With the arrival of rapeseed purchase ships, production was expected to recover [60][62]. - As of March 26, the import crushing profit of Canadian rapeseed was slightly profitable in the spot market but inverted in the futures market. If the situation continued, it might affect future supply [65]. - As of March 20, the national imported rapeseed inventory was at a historical low and decreasing rapidly, while the rapeseed oil inventory increased slightly, and the unexecuted contracts increased, indicating strong downstream demand [70].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The current price trend of oils and fats mainly depends on the US - Iran conflict. Before the end of the US - Iran incident, crude oil prices remain high, and there is an expectation that Indonesia will tighten palm oil exports. The report maintains a bullish view on oils and fats in the medium term [11]. 3. Summary by Directory 3.1 Week - to - Week Assessment and Strategy Recommendation - **Industry Information**: The US EPA set the total biofuel compliance obligation at 26.81 billion RINs in 2026 and 27.02 billion RINs in 2027, with large refiners bearing 70% of the exemption quota. Indonesia's president stated that coal, crude palm oil and its derivative producers cannot export before meeting domestic demand. The Indonesian Energy Ministry is considering restarting the B50 mandatory blending policy in mid - year. In January 2026, Indonesia's palm oil exports were 2.3 million tons, down 490,000 tons month - on - month and up 860,000 tons year - on - year. In February 2026, Malaysia's palm oil production was 1.28 million tons, down 300,000 tons month - on - month and up 90,000 tons year - on - year; exports were 1.13 million tons, down 330,000 tons month - on - month and up 130,000 tons year - on - year; inventory was 2.7 million tons, down 120,000 tons month - on - month and up 1.19 million tons year - on - year. As of the end of February, India's vegetable oil inventory was 1.87 million tons, up 120,000 tons month - on - month and basically the same year - on - year. In the week of March 20, the inventory of three major oils in domestic samples was 1.95 million tons, down 95,000 tons year - on - year [11]. - **View Summary**: The current price trend of oils and fats mainly depends on the US - Iran incident. Before its end, crude oil prices are high, and there is an expectation of Indonesia tightening palm oil exports. The medium - term view is bullish on oils and fats [11]. - **Fundamental Assessment**: The basis for Y is 05 + 282 yuan/ton, P is 05 - 118 yuan/ton, and OI is 05 + 473 yuan/ton. Palm oil import profit is - 555 yuan/ton, and the biodiesel spread is at a medium level. Malaysia is in a seasonal production decline with falling inventory. The US - Iran incident continues, and the vegetable oil inventories in China and India are low. The overall view is to maintain a bullish stance on oils and fats in the medium term [12]. - **Trading Strategy Recommendation**: For the unilateral strategy, it is recommended to buy on dips. For the arbitrage strategy, it is recommended to wait and see [13]. - **Supply - Demand Balance Sheets**: The report provides supply - demand balance sheets for Malaysian palm oil, Indonesian palm oil, global soybean oil, and global rapeseed oil, including data on beginning inventory, production, imports, exports, consumption, ending inventory, and inventory - to - sales ratio, as well as month - on - month and year - on - year changes [14][15][16][17]. 3.2 Futures and Spot Market - The report presents multiple charts related to the basis of palm oil, soybean oil, and rapeseed oil contracts, as well as the spreads between different contracts, including the basis of palm oil May contracts, Malaysian palm oil basis, basis of soybean oil May contracts, basis of rapeseed oil May contracts, the spread between soybean oil May and palm oil May contracts, the spread between palm oil 5 - 9 contracts, the spread between soybean oil 5 - 9 contracts, and the spread between rapeseed oil 5 - 9 contracts [20][21][24][26][28]. 3.3 Supply Side - The report shows charts of the monthly production and exports of Malaysian palm oil, the production and exports of Indonesian palm oil, the weekly arrival of soybeans, soybean port inventory, monthly imports of rapeseed, and monthly imports of rapeseed oil [32][33][35][36]. 3.4 Profit and Inventory - **Total Inventory**: Charts show the total inventory of three major domestic oils and the inventory of imported vegetable oils in India [40]. - **Palm Oil**: Charts display the near - month import profit and commercial inventory of palm oil [42]. - **Soybean Oil**: Charts show the spot crushing profit of imported soybeans in Guangdong and the inventory of major soybean oil mills [44]. - **Rapeseed Oil**: Charts present the average spot crushing profit of rapeseed along the coast and the commercial inventory of rapeseed oil [46]. - **Palm Oil in Producing Areas**: Charts show the inventory of Malaysian palm oil and Indonesian palm oil [49]. 3.5 Cost Side - **Palm Oil**: Charts show the reference price of Malaysian palm fresh fruit bunches and the import cost price of Malaysian palm oil [52]. - **Rapeseed Oil and Rapeseed**: Charts display the near - month shipping import price of rapeseed oil and the import cost price of Chinese rapeseed [55]. 3.6 Demand Side - **Oils and Fats Transactions**: Charts show the cumulative transactions of palm oil and the annual cumulative transactions of soybean oil [60]. - **Biodiesel Profit**: Charts show the POGO spread (Malaysian palm oil - Singapore low - sulfur diesel) and the BOHO spread (soybean oil - heating oil) [63].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The report analyzes the market data, option factors, and provides trading strategies for four types of oil options, including rapeseed oil (OI), palm oil (P), peanut (PK), and soybean oil (Y) options [6][18][30][42]. - For each type of option, it presents the closing price, price change, trading volume, open interest, implied volatility, and pressure - support levels of the underlying contracts [6][18][30][42]. - Different directional and volatility strategies are recommended for each type of option [7][19][31][43]. 3. Summary by Related Catalogs 3.1 Rapeseed Oil (OI) Options - **Underlying Futures Market Data**: The Ol605 contract closed at 9813 yuan yesterday, down 0.83% from the previous day. Trading volume was 218,082 lots, a decrease of 6,912 lots, and open interest was 225,630 lots, a decrease of 14,079 lots [3][6]. - **Option Factor - Volume and Open Interest PCR**: The trading volume of call options was 11,453 lots (down 6,841 lots), and put options was 7,134 lots (down 300 lots). The trading volume PCR was 0.62 (up 0.22), and the open interest PCR was 0.97 [4]. - **Option Factor - Pressure and Support**: The pressure level was 10,000, and the support level was 9,200. The weighted implied volatility was 27.009, and the change was 3,759 [5]. - **Market Interpretation and Strategy Recommendations**: Implied volatility remained above the average of 0.1865. The open interest PCR was at the 24.49% level in the past year. Directional strategy: Construct an eagle - spread combination strategy. Volatility strategy: Do not recommend seller - based strategies [6][7]. 3.2 Palm Oil (P) Options - **Underlying Futures Market Data**: The p2605 contract closed at 9,644 yuan yesterday, down 1.79% from the previous day. Trading volume was 512,050 lots, an increase of 46,898 lots, and open interest was 290,185 lots, a decrease of 27,567 lots [15][18]. - **Option Factor - Volume and Open Interest PCR**: The trading volume of call options was 78,200 lots (down 31,799 lots), and put options was 43,774 lots (down 1,596 lots). The trading volume PCR was 0.56 (up 0.15), and the open interest PCR was 0.96 (up 0.02) [16]. - **Option Factor - Pressure and Support**: The pressure level was 10,400, and the support level was 9,000. The weighted implied volatility was 33.88%, and the change was - 5.41% [17]. - **Market Interpretation and Strategy Recommendations**: Implied volatility remained above the average of 0.2151. The open interest PCR was at the 43.27% level in the past year. Directional strategy: Construct a bull - spread combination strategy of call options. Volatility strategy: Do not recommend seller - based strategies [18][19]. 3.3 Peanut (PK) Options - **Underlying Futures Market Data**: The PK605 contract closed at 8,214 yuan yesterday, down 0.31% from the previous day. Trading volume was 43,033 lots, a decrease of 17,330 lots, and open interest was 183,708 lots, a decrease of 4,804 lots [27][30]. - **Option Factor - Volume and Open Interest PCR**: The trading volume of call options was 28,931 lots (down 12,383 lots), and put options was 11,066 lots (down 5,175 lots). The trading volume PCR was 0.38 (down 0.01), and the open interest PCR was 0.55 (up 0.03) [28]. - **Option Factor - Pressure and Support**: The pressure level was 8,500, and the support level was 8,000. The weighted implied volatility was 15.84%, and the change was - 0.24% [29]. - **Market Interpretation and Strategy Recommendations**: Implied volatility remained above the average of 0.1471. The open interest PCR was at the 62.04% level in the past year. Directional strategy: Construct a bull - spread combination strategy of call options. Volatility strategy: None [30][31]. 3.4 Soybean Oil (Y) Options - **Underlying Futures Market Data**: The y2605 contract closed at 8,594 yuan yesterday, down 0.96% from the previous day. Trading volume was 296,544 lots, an increase of 25,860 lots, and open interest was 579,282 lots, a decrease of 32,990 lots [39][42]. - **Option Factor - Volume and Open Interest PCR**: The trading volume of call options was 48,012 lots (down 29,523 lots), and put options was 16,614 lots (down 281 lots). The trading volume PCR was 0.35 (up 0.13), and the open interest PCR was 0.68 (up 0.01) [40]. - **Option Factor - Pressure and Support**: The pressure level was 9,000, and the support level was 8,200. The weighted implied volatility was 23.88%, and the change was - 4.279 [41]. - **Market Interpretation and Strategy Recommendations**: Implied volatility remained above the average of 0.1528. The open interest PCR was at the 10.61% level in the past year. Directional strategy: Construct a bull - spread combination strategy of call options. Volatility strategy: Do not recommend seller - based strategies [42][43].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - Last week, BMD Malaysian palm oil main contract rose 48 to close at 4,612 ringgit/ton, a 1.05% increase; palm oil contract 05 fell 50 to close at 9,718 yuan/ton, a 0.51% decrease; soybean oil contract 05 fell 62 to close at 8,628 yuan/ton, a 0.71% decrease; rapeseed oil contract 05 rose 55 to close at 9,876 yuan/ton, a 0.56% increase; CBOT soybean oil main contract fell 1.9 to close at 65.53 cents/pound, a 2.82% decrease; ICE canola active contract fell 13 to close at 726.1 Canadian dollars/ton, a 1.76% decrease [4][7]. - The oil and fat sector reached a key resistance level and is undergoing a shock adjustment. The ongoing conflict has intensified the tight supply situation of crude oil, causing oil prices to fluctuate strongly. High oil prices will boost the demand expectations for biodiesel in the US and Indonesia, supporting the oil and fat market. High - frequency data shows that the export demand for Malaysian palm oil continues to improve, and production has decreased month - on - month, which is conducive to reducing high inventories and supporting prices [4][7]. - Macroeconomically, the Middle East conflict continues, supply concerns intensify, oil prices fluctuate strongly, and the Fed's interest - rate cut expectations have significantly decreased. Fundamentally, Malaysian palm oil inventories remain high. The improvement in export demand in March is conducive to inventory reduction, but after April, the producing areas will gradually enter the peak production season, so inventory changes should be monitored. High oil prices are beneficial for boosting biodiesel demand in Indonesia and other countries, supporting prices. It is expected that palm oil will fluctuate and adjust in the short term [4][9]. Group 3: Summary by Directory Market Data - CBOT soybean oil main contract closed at 65.53 cents/pound on March 20, down 1.9 from March 13, a 2.82% decrease; BMD Malaysian palm oil main contract closed at 4,612 ringgit/ton, up 48, a 1.05% increase; DCE palm oil closed at 9,718 yuan/ton, down 50, a 0.51% decrease; DCE soybean oil closed at 8,628 yuan/ton, down 62, a 0.71% decrease; CZCE rapeseed oil closed at 9,876 yuan/ton, up 55, a 0.56% increase [5]. - The futures spread between soybean oil and palm oil was - 1,090 yuan/ton on March 20, down 12 from March 13; the futures spread between rapeseed oil and palm oil was 158 yuan/ton, up 105 [5]. - The spot price of 24 - degree palm oil in Guangzhou, Guangdong was 9,750 yuan/ton on March 20, down 90 from March 13, a 0.91% decrease; the spot price of first - grade soybean oil in Rizhao was 8,690 yuan/ton, down 120, a 1.36% decrease; the spot price of imported third - grade rapeseed oil in Zhangjiagang, Jiangsu was 10,430 yuan/ton, down 60, a 0.57% decrease [5]. Market Analysis and Outlook - The oil and fat sector is in shock adjustment after reaching a key resistance level. The ongoing conflict intensifies the tight supply of crude oil, oil prices fluctuate strongly, and high oil prices boost biodiesel demand expectations, supporting the oil and fat market. The export demand for Malaysian palm oil continues to improve, and production has decreased month - on - month, which is conducive to inventory reduction and price support [7]. - From March 1 - 15, 2026, the single - yield of Malaysian palm oil decreased 2.96% month - on - month, the oil - extraction rate decreased 0.44% month - on - month, and production decreased 5.28% month - on - month. From March 1 - 20, 2026, the export volume of Malaysian palm oil increased by 38.06% (ITS data), 49.6% (AmSpec data) compared with the same period last month, and from March 1 - 15, 2026, it increased 12.68% (SGS data) [8]. - As of the week of March 13, 2026, the inventory of the three major oils in key domestic areas was 2.99 million tons higher than the previous week and 7.19 million tons lower than the same period last year. Among them, soybean oil inventory decreased 2.0 million tons from the previous week and 3.53 million tons from the same period last year; palm oil inventory increased 2.99 million tons from the previous week and 41.94 million tons from the same period last year; rapeseed oil inventory increased 2.0 million tons from the previous week and decreased 45.60 million tons from the same period last year [9]. - As of the week of March 20, the weekly average daily trading volume of soybean oil in key domestic areas was 26,340 tons, compared with 48,240 tons in the previous week; the weekly average daily trading volume of palm oil was 660 tons, compared with 0 tons in the previous week [9]. Industry News - Indonesian President Prabowo Subianto instructed that coal, crude palm oil and its derivative production enterprises in Indonesia should prioritize meeting domestic demand and not export related products before that to ensure national energy and important commodity supply security [10]. - Malayan Banking said that if the crude oil price remains above $100 per barrel, especially when the Strait of Hormuz is continuously blocked, the Indonesian government may accelerate the implementation of its B50 plan, using palm - oil - based biodiesel to replace expensive imported diesel to save foreign exchange. It is predicted that the average price of Malaysian crude palm oil in 2026 will be 4,100 ringgit per ton. If the crude oil price continues to rise above $100 per barrel and Indonesia implements the B50 plan, palm oil prices may rise further [10]. - As of March 15, the EU's soybean imports in the 2025/26 period were 8.74 million tons, compared with 9.81 million tons last year; rapeseed imports were 3.19 million tons, compared with 4.77 million tons last year; palm oil imports were 2.07 million tons, the same as last year [10]. - According to GAPKI data, Indonesia's palm oil exports in 2025 were 32.34 million tons, a 9.51% increase from the previous year. Exports to Africa, China, Malaysia, Bangladesh and Pakistan increased significantly. At the end of 2025, Indonesia's palm oil inventory was 2.07 million tons, nearly 20% lower than the previous year, far below the normal level of about 4 million tons, indicating relatively tight supply [11]. Related Charts - The report provides multiple charts including the price trends of Malaysian palm oil main contract, US soybean oil main contract, three major oil futures price indexes, palm oil and soybean oil spot prices, and various spreads and inventory trends [12][17][18].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Short - term, the price of oils and fats is affected by geopolitical factors, with increased volatility and likely to be in a high - level shock. It is recommended to wait and see for unilateral trading. P59 and Y59 can consider opportunities for high - level reverse spreads, and it is recommended to wait and see for options [8][9][10] 3. Summary by Directory 3.1 Data Analysis - **Spot price and basis**: The closing price of soybean oil 2605 is 8616, up 76; palm oil 2605 is 9796, up 104; rapeseed oil 2605 is 9854, up 74. The basis of each variety varies by region [2] - **Monthly spread closing price**: The 5 - 9 monthly spread of soybean oil is 86, down 2; palm oil is 90, up 6; rapeseed oil is 146, up 5 [2] - **Cross - variety spread**: The 05 contract of Y - P is - 1180, down 28; OI - Y is 1238; OI - P is 58, down 30; the oil - meal ratio is 2.83, up 0.02 [2] - **Import profit**: The disk profit of 24 - degree palm oil from Malaysia and Indonesia is - 96, and the FOB price of rapeseed oil from Rotterdam is 1140, with a disk profit of - 1396 [2] - **Weekly commercial inventory of oils and fats**: In the 11th week of 2026, the commercial inventory of soybean oil is 88.6 tons, palm oil is 84.2 tons, and rapeseed oil is 28.2 tons [2] 3.2 Fundamental Analysis - **International market**: The Malaysian Palm Oil Council (MPOC) expects the palm oil price to remain above 4450 ringgit per ton in the near term. Higher crude oil prices may increase the attractiveness of palm oil as a biofuel substitute, but weak global economic growth and geopolitical uncertainties in the Middle East may limit the upside [4] - **Domestic market (P/Y/OI)**: - **Palm oil**: Futures prices rose by more than 1%, inventory continued to increase, with a 3.68% increase week - on - week. The import profit was inverted, and the basis was stable with a slight decline. It is expected to be in a high - level shock in the short term, and no - order investors are advised to wait and see, considering P59 high - level reverse spreads [4][5] - **Soybean oil**: Futures prices rose slightly. The soybean crushing volume increased, the inventory decreased by 1.66% week - on - week, and the basis was stable with a slight decline. It is recommended to maintain the reverse spread idea [5] - **Rapeseed oil**: Futures prices rose slightly. The inventory increased, the import profit inversion widened, and the basis is expected to weaken. Although there is support from low inventory and geopolitical factors, the increase may be suppressed in the future [6] 3.3 Trading Strategy - **Unilateral**: It is recommended to wait and see due to high volatility [8] - **Arbitrage**: Consider high - level reverse spreads for P59 and Y59 [9] - **Options**: Wait and see [10] 3.4 Related Attachments - The attachments include graphs of the basis of East China first - grade soybean oil, South China 24 - degree palm oil, East China third - grade rapeseed oil, and the monthly spreads and cross - variety spreads of soybean oil, palm oil, and rapeseed oil [13][14][17]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - The report analyzes the market data, option factors, and price trends of four types of oil options, including rapeseed oil (OI), palm oil (P), peanut (PK), and soybean oil (Y), and provides corresponding option strategy suggestions [3][16][28][40]. Summary by Directory 1. Rapeseed Oil (OI) - **Market Data**: The OI605 contract closed at 9780 yuan yesterday, down 55 yuan or 0.55% from the previous day. The trading volume was 197,832 lots, a decrease of 6,077 lots, and the open interest was 229,484 lots, a decrease of 4,185 lots [3][6]. - **Option Factors - Volume and Open Interest PCR**: The trading volume of call options was 8,118 lots, a decrease of 1,668 lots, and the open interest was 16,162 lots, a decrease of 442 lots. The trading volume of put options was 7,318 lots, and the open interest was 18,224 lots, an increase of 712 lots. The trading volume PCR was 0.9, an increase of 0.09, and the open interest PCR was 1.13, an increase of 0.07 [4]. - **Option Factors - Pressure and Support**: The at - the - money strike price was 9,800, the resistance level was 10,800, and the support level was 9,200. The weighted implied volatility was 21.42%, a decrease of 2.78%, and the annual average implied volatility was 18.54% [5]. - **Strategy Suggestions**: For the directional strategy, construct a condor spread strategy, such as S Ol2605C9900 + B Ol2605C10000 + S Ol2605P9500 + B Ol2605P9400. There is no volatility strategy [7]. 2. Palm Oil (P) - **Market Data**: The p2605 contract closed at 9,692 yuan yesterday, down 212 yuan or 2.14% from the previous day. The trading volume was 581,411 lots, an increase of 14,670 lots, and the open interest was 332,859 lots, a decrease of 27,367 lots [16][19]. - **Option Factors - Volume and Open Interest PCR**: The trading volume of call options was 61,215 lots, a decrease of 104,955 lots, and the open interest was 75,553 lots, a decrease of 113 lots. The trading volume of put options was 58,720 lots, and the open interest was 71,351 lots, an increase of 2,956 lots. The trading volume PCR was 0.96, an increase of 0.23, and the open interest PCR was 0.94, an increase of 0.04 [17]. - **Option Factors - Pressure and Support**: The at - the - money strike price was 9,700, the resistance level was 10,400, and the support level was 9,000. The weighted implied volatility was 29.25%, a decrease of 8.06%, and the annual average implied volatility was 21.34% [18]. - **Strategy Suggestions**: For the directional strategy, construct a bull call spread strategy, such as B P2605C9600 and S P2605C10200. Do not recommend strategies mainly based on sellers (such as single - selling and double - selling) for the volatility strategy [20]. 3. Peanut (PK) - **Market Data**: The PK605 contract closed at 8,170 yuan yesterday, down 28 yuan or 0.34% from the previous day. The trading volume was 49,677 lots, a decrease of 8,971 lots, and the open interest was 191,025 lots, a decrease of 1,514 lots [28][31]. - **Option Factors - Volume and Open Interest PCR**: The trading volume of call options was 34,654 lots, a decrease of 797 lots, and the open interest was 60,217 lots, a decrease of 3,607 lots. The trading volume of put options was 14,032 lots, and the open interest was 31,999 lots, an increase of 3,226 lots. The trading volume PCR was 0.4, a decrease of 0.01, and the open interest PCR was 0.53, an increase of 0.08 [29]. - **Option Factors - Pressure and Support**: The at - the - money strike price was 8,200, the resistance level was 8,500, and the support level was 7,400. The weighted implied volatility was 14.17%, a decrease of 1.64%, and the annual average implied volatility was 14.65% [30]. - **Strategy Suggestions**: For the directional strategy, construct a bull call spread strategy. There is no volatility strategy [32]. 4. Soybean Oil (Y) - **Market Data**: The y2605 contract closed at 8,540 yuan yesterday, down 80 yuan or 0.92% from the previous day. The trading volume was 280,668 lots, a decrease of 29,528 lots, and the open interest was 584,784 lots, a decrease of 19,737 lots [40][43]. - **Option Factors - Volume and Open Interest PCR**: The trading volume of call options was 68,958 lots, an increase of 16,270 lots, and the open interest was 66,140 lots, a decrease of 3,150 lots. The trading volume of put options was 25,135 lots, and the open interest was 49,860 lots, an increase of 2,358 lots. The trading volume PCR was 0.36, and the open interest PCR was 0.75, an increase of 0.07 [41]. - **Option Factors - Pressure and Support**: The at - the - money strike price was 8,500, the resistance level was 9,000, and the support level was 8,200. The weighted implied volatility was 20.32%, a decrease of 3.15%, and the annual average implied volatility was 15.16% [42]. - **Strategy Suggestions**: For the directional strategy, construct a bull call spread strategy, such as B Y2605C8400 + S Y2605C8800. Do not recommend strategies mainly based on sellers (such as single - selling and double - selling) for the volatility strategy [44].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The report analyzes the market conditions of various agricultural products, including price trends, supply - demand relationships, and future outlooks. Most products are expected to have an oscillatory trend, and some are expected to show a weakening or strengthening trend in the medium - to - long term [1][6][8][9]. Summary by Related Catalogs 1. Market Conditions and Outlook of Each Product - **Oils and Fats**: Oils and fats are undergoing a corrective adjustment. The outlook is that soybean oil, palm oil, and rapeseed oil will all oscillate. It is recommended to focus on the strategy of buying at stage - specific lows [6]. - **Protein Meal**: Double - meal continues its oscillatory trend. Both soybean meal and rapeseed meal are expected to oscillate [8][9]. - **Corn**: The market maintains a tight balance. It is expected to oscillate in the short term, and in the medium term, it is generally bullish [9][11]. - **Hogs**: Pig sources are abundant, and prices are falling. The short - to - medium - term outlook is oscillatory and weakening, while the price is expected to bottom out and recover in the third quarter and rise moderately in the fourth quarter [1][10][11]. - **Natural Rubber**: The market sentiment on the disk has weakened, and the rubber price has temporarily broken through the support level. It is expected to oscillate [12][13]. - **Synthetic Rubber**: The disk is slowly moving down. If crude oil continues to rise, the disk will remain strong in the short term [14]. - **Cotton**: The cotton price is correcting and testing the lower support. The outlook is oscillatory and strengthening, and corrections may be opportunities for long - positions [15]. - **Sugar**: Thailand's sugar production has increased year - on - year. In the short term, domestic and foreign sugar prices will oscillate following oil prices. In the long term, there is still upward pressure on prices [15][16][17]. - **Pulp**: The weakness of softwood pulp remains unchanged, and futures continue to decline. It is expected to oscillate in the short term [18]. - **Offset Paper**: As pulp weakens, offset paper prices are moving down. The price is expected to rise first and then fall from March to May [19][21]. - **Logs**: Affected by the overall commodity adjustment, log prices are weakening. In the short term, the disk will oscillate strongly, and in the medium term, it will operate within a range [22]. 2. Key Data of Each Product - **Hogs**: On March 18, the national average hog price was 10.02 yuan/kg, with a month - on - month change of - 0.3%; the closing price of hog futures (active contract) was 10,475 yuan/ton, with a month - on - month change of - 2.06% [1][10][11]. - **Protein Meal**: On March 18, the international soybean trade premium quotes were 229 cents/bu for US Gulf soybeans, 213 cents/bu for US West soybeans, and 140 cents/bu for South American soybeans. The average profit of Chinese imported soybean crushing was 231.08 yuan/ton, with a day - on - day change of - 63.29 yuan/ton [8]. - **Corn**: The FOB price at Jinzhou Port was 2,410 yuan/ton, with a month - on - month change of 0 yuan/ton; the closing price of the main contract was 2,382 yuan/ton, with a month - on - month change of - 0.17% [9]. - **Natural Rubber**: The RMB - denominated Thai mixed rubber at Qingdao Free Trade Zone was 15,300 yuan/ton, with a decrease of 300 yuan/ton [12]. - **Cotton**: On March 18, the Zhengzhou Cotton 05 contract closed at 15,210 yuan/ton, with a decrease of 205 yuan/ton [15]. - **Sugar**: On March 16, the Zhengzhou Sugar 05 contract closed at 5,343 yuan/ton, with a month - on - month change of - 63 yuan/ton, or - 1.17% [15]. - **Pulp**: The price of Russian softwood pulp in Shandong was 4,700 yuan/ton, with a decrease of 100 yuan/ton [18]. - **Offset Paper**: On March 18, the daily market price of 70g white peony offset paper in Shandong was 4,450 yuan/ton [19]. - **Logs**: On March 18, the price of 3.9 - meter medium - grade A radiata pine logs in Shandong was 770 yuan/m³, and the main contract of logs closed at 806 yuan/m³, with a decrease of 0.68% [22]. 3. Commodity Index - On March 18, 2026, the comprehensive index was 2,581.98, with a decrease of 0.38%; the commodity 20 index was 2,916.20, with a decrease of 0.36%; the industrial product index was 2,557.35, with a decrease of 0.31%. The agricultural product index was 970.26, with a daily decrease of 0.38%, a 5 - day decrease of 1.15%, a monthly increase of 4.60%, and a year - to - date increase of 3.99% [185][187].

1. Report Industry Investment Rating - No information provided in the report 2. Core Views of the Report - The report analyzes the option market data of rapeseed oil, palm oil, peanuts, and soybean oil, including price, trading volume, open interest, implied volatility, and PCR indicators. It also provides corresponding option strategy suggestions for each type of oil [6][18][30][42] 3. Summary by Relevant Catalogs 3.1 Rapeseed Oil (OI) - **Market Data**: The closing price of the Ol605 contract yesterday was 9,821 yuan, up 18 yuan or 0.18% from the previous day. The trading volume was 243,575 lots, a decrease of 18,279 lots. The open interest was 244,393 lots, a decrease of 581 lots [3][6] - **Option Factors - Volume and Open Interest PCR**: The trading volume of call options was 11,164 lots, a decrease of 3,359 lots; the open interest was 15,863 lots. The trading volume of put options was 6,412 lots, a decrease of 1,212 lots; the open interest was 16,334 lots, an increase of 801 lots. The trading volume PCR was 0.57, an increase of 0.05; the open interest PCR was 1.03, an increase of 0.05 [4] - **Option Factors - Pressure and Support**: The at - the - money strike price was 9,800 yuan, the resistance level was 9,500 yuan, and the support level was 9,200 yuan. The weighted implied volatility was 26.84%, a decrease of 1.26%, and the annual average implied volatility was 18.50% [5] - **Strategy Suggestions**: Directional strategy: Construct a condor spread strategy, such as S Ol2605C9900 + B Ol2605C10000 + S Ol2605P9500 + B Ol2605P9400. Volatility strategy: Do not recommend strategies mainly based on sellers (such as single - selling and double - selling) [7] 3.2 Palm Oil (P) - **Market Data**: The closing price of the p2605 contract yesterday was 9,768 yuan, up 60 yuan or 0.61% from the previous day. The trading volume was 618,299 lots, a decrease of 69,980 lots. The open interest was 340,134 lots, an increase of 1,640 lots [15][18] - **Option Factors - Volume and Open Interest PCR**: The trading volume of call options was 136,909 lots, a decrease of 24,553 lots; the open interest was 98,090 lots, a decrease of 1,014 lots. The trading volume of put options was 61,925 lots, a decrease of 15,526 lots; the open interest was 90,694 lots, an increase of 2,642 lots. The trading volume PCR was 0.45, a decrease of 0.03; the open interest PCR was 0.92, an increase of 0.04 [16] - **Option Factors - Pressure and Support**: The at - the - money strike price was 9,800 yuan, the resistance level was 9,500 yuan, and the support level was 9,000 yuan. The weighted implied volatility was 44.099 (the data seems abnormal, might be a typo), a decrease of 3.59%, and the annual average implied volatility was 25.46% [17] - **Strategy Suggestions**: Directional strategy: Construct a bull call spread strategy, such as B P2605C9400 and S P2605C10000. Volatility strategy: Do not recommend strategies mainly based on sellers (such as single - selling and double - selling) [19] 3.3 Peanuts (PK) - **Market Data**: The closing price of the PK605 contract yesterday was 8,186 yuan, up 92 yuan or 1.13% from the previous day. The trading volume was 78,464 lots, an increase of 5,117 lots. The open interest was 185,444 lots, an increase of 10,082 lots [27][30] - **Option Factors - Volume and Open Interest PCR**: The trading volume of call options was 39,713 lots, an increase of 8,637 lots; the open interest was 60,171 lots, an increase of 3,529 lots. The trading volume of put options was 8,819 lots, an increase of 2,235 lots; the open interest was 25,335 lots, an increase of 100 lots. The trading volume PCR was 0.22, an increase of 0.01; the open interest PCR was 0.42, a decrease of 0.02 [28] - **Option Factors - Pressure and Support**: The at - the - money strike price was 8,200 yuan, the resistance level was 8,500 yuan, and the support level was 7,400 yuan. The weighted implied volatility was 18.03%, a decrease of 0.71%, and the annual average implied volatility was 14.62% [29] - **Strategy Suggestions**: Directional strategy: Construct a bull call spread strategy to obtain directional returns. Volatility strategy: None [31] 3.4 Soybean Oil (Y) - **Market Data**: The closing price of the y2605 contract yesterday was 8,690 yuan, up 46 yuan or 0.53% from the previous day. The trading volume was 360,145 lots, a decrease of 36,047 lots, and the open interest increased by 7,155 lots [39][42] - **Option Factors - Volume and Open Interest PCR**: The trading volume of call options was 46,345 lots, a decrease of 17,729 lots; the open interest was 64,319 lots, an increase of 1,441 lots. The trading volume of put options was 14,630 lots, a decrease of 3,009 lots; the open interest was 45,935 lots, an increase of 1,116 lots. The trading volume PCR was 0.32, an increase of 0.04; the open interest PCR was 0.71 [40] - **Option Factors - Pressure and Support**: The at - the - money strike price was 8,700 yuan, the resistance level was 9,000 yuan, and the support level was 8,200 yuan. The weighted implied volatility was 24.23%, an increase of 0.03%, and the annual average implied volatility was 15.09% [41] - **Strategy Suggestions**: Directional strategy: Construct a bull call spread strategy, such as B Y2605C8600 + S Y2605C8800. Volatility strategy: Do not recommend strategies mainly based on sellers (such as single - selling and double - selling) [43]