农产品期权 2025-08-25 农产品期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 农产品期权策略早报概要：油料油脂类农产品偏弱震荡，油脂类，农副产品维持震荡行情，软商品白糖小幅震荡， 棉花弱势盘整，谷物类玉米和淀粉弱势窄幅盘整。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （ ...

Group 1: Report Overview - The report is an early morning strategy report on agricultural product options dated August 21, 2025 [1] - The agricultural product sector is divided into beans, oils, agricultural by - products, soft commodities, grains, and others, with option strategies provided for selected varieties in each sector [8] Group 2: Market Conditions Summary - Oilseeds and oils showed a weak and volatile trend, while oils, agricultural by - products maintained a volatile market. Soft commodity sugar had a slight fluctuation, cotton was in a weak consolidation, and grains like corn and starch had a weak and narrow - range consolidation [2] Group 3: Futures Market Data - The latest prices, price changes, trading volumes, and open interest changes of various option - underlying futures contracts are presented, such as the latest price of soybean No.1 (A2511) being 4,024 with a change of 2 and a trading volume of 13.90 million lots [3] Group 4: Option Factor - Volume and Open Interest PCR - The volume and open interest PCR data of various option varieties are provided, which are used to describe the strength of the option - underlying market and the turning point of the underlying market respectively [4] Group 5: Option Factor - Pressure and Support Levels - The pressure and support levels of various option - underlying assets are analyzed from the perspective of the strike prices with the largest open interest of call and put options [5] Group 6: Option Factor - Implied Volatility - The implied volatility data of various option varieties are presented, including at - the - money implied volatility, weighted implied volatility, and its changes compared with the annual average [6] Group 7: Option Strategies for Different Varieties Oils and Oilseeds Options - **Beans (Soybean No.1, Soybean No.2)**: For soybean No.1, due to factors like the USDA's adjustment of soybean planting area and Trump's call for China to buy soybeans, the market showed a weak and volatile trend. Strategies include constructing a neutral short call + put option combination and a long collar strategy for spot hedging [7] - **Bean Meal, Rapeseed Meal**: Bean meal showed a weak consolidation and then a rebound. Strategies involve constructing a neutral short call + put option combination and a long collar strategy for spot hedging [9] - **Palm Oil, Soybean Oil, Rapeseed Oil**: Palm oil showed a bullish trend. Strategies include constructing a bull call spread for directional gain, a short bullish call + put option combination, and a long collar strategy for spot hedging [10] - **Peanuts**: Peanuts showed a weak consolidation under bearish pressure. Strategies include constructing a bear put spread for directional gain and a long collar strategy for spot hedging [11] Agricultural By - product Options - **Pigs**: The pig market showed a weak consolidation. Strategies include constructing a short bearish call + put option combination and a long - spot + short out - of - the - money call option strategy [11] - **Eggs**: The egg market showed a bearish trend. Strategies include constructing a bear put spread for directional gain and a short bearish call + put option combination [12] - **Apples**: Apples showed a warming - up trend. Strategies include constructing a neutral short call + put option combination [12] - **Jujubes**: Jujubes showed a short - term bullish rebound. Strategies include constructing a bull call spread for directional gain, a short bullish strangle option combination, and a long - spot + short out - of - the - money call option strategy [13] Soft Commodity Options - **Sugar**: Sugar showed a weak bearish market. Strategies include constructing a short bearish call + put option combination and a long collar strategy for spot hedging [13] - **Cotton**: Cotton showed a short - term weak trend. Strategies include constructing a short bullish call + put option combination and a long - spot + long put + short out - of - the - money call option strategy [14] Grain Options - **Corn, Starch**: Corn showed a weak bearish trend. Strategies include constructing a bear put spread for directional gain, a short bearish call + put option combination [14]

Report Industry Investment Rating No information provided in the document. Core Viewpoints of the Report - The agricultural product options market shows diverse trends, with oilseeds and oils showing weak oscillations, some agricultural by - products and soft commodities maintaining oscillatory trends, and grains showing weak and narrow - range consolidations [2]. - It is recommended to construct option portfolio strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2]. Summary by Related Catalogs 1. Futures Market Overview - Multiple agricultural product futures show price fluctuations, with varying degrees of increase and decrease. For example, the price of soybean No.1 (A2511) decreased by 0.81% to 4,019, and the price of live hog (LH2511) increased by 0.18% to 13,900 [3]. 2. Option Factors - Volume and Open Interest PCR - Different option varieties have different volume and open interest PCR values and their changes, which can be used to analyze the strength and turning points of the underlying asset market [4]. 3. Option Factors - Pressure and Support Levels - Each option variety has corresponding pressure and support levels, which can be observed from the exercise prices with the largest open interest of call and put options [5]. 4. Option Factors - Implied Volatility - The implied volatility of each option variety shows different levels and changes, which can help investors understand the market's expectations of future price fluctuations [6]. 5. Option Strategies and Recommendations Oilseeds and Oils Options - **Soybean No.1 and No.2**: The US soybean planting area decreased, and the market showed weak oscillations. Recommended strategies include selling neutral call + put option combinations and constructing long collar strategies for spot hedging [7]. - **Soybean Meal and Rapeseed Meal**: The market showed weak consolidations and then rebounded. Recommended strategies include selling neutral call + put option combinations and constructing long collar strategies for spot hedging [9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The market showed different trends. For palm oil, recommended strategies include constructing bull spread call option combinations, selling long - biased call + put option combinations, and constructing long collar strategies for spot hedging [10]. - **Peanut**: The market showed weak consolidations under bearish pressure. Recommended strategies include constructing bear spread put option combinations and constructing long collar strategies for spot hedging [11]. Agricultural By - product Options - **Live Hog**: The supply is relatively loose, and the market shows weak consolidations. Recommended strategies include selling short - biased call + put option combinations and constructing covered call strategies for spot hedging [11]. - **Egg**: The market shows a weak bearish trend. Recommended strategies include constructing bear spread put option combinations, selling short - biased call + put option combinations [12]. - **Apple**: The market shows a continuous recovery trend. Recommended strategies include selling neutral call + put option combinations [12]. - **Jujube**: The market shows a short - term bullish rebound. Recommended strategies include constructing bull spread call option combinations, selling long - biased straddle option combinations, and constructing covered call strategies for spot hedging [13]. Soft Commodity Options - **Sugar**: The market shows a weak bearish trend. Recommended strategies include selling short - biased call + put option combinations and constructing long collar strategies for spot hedging [13]. - **Cotton**: The market shows a short - term weak trend. Recommended strategies include selling long - biased call + put option combinations and constructing covered call strategies for spot hedging [14]. Grain Options - **Corn and Starch**: The market shows a weak bearish trend. Recommended strategies include constructing bear spread put option combinations, selling short - biased call + put option combinations [14].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The agricultural product options market shows diversified trends. Oilseeds and oils are in a strong - oscillating pattern, oils, and agricultural by - products maintain an oscillating trend, soft commodities like sugar have a slight oscillation, cotton's bullish rise has declined, and grains such as corn and starch are in a weak and narrow - range consolidation. It is recommended to construct option combination strategies mainly based on 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 trends, trading volumes, and open interest changes. For example, soybean No.1 (A2509) closed at 4,078, down 20 (-0.49%), with a trading volume of 6.28 million lots and an open interest of 7.15 million lots; palm oil (P2509) closed at 9,236, up 158 (1.74%), with a trading volume of 56.74 million lots and an open interest of 30.00 million lots [3]. 3.2 Option Factor - Volume and Open Interest PCR - PCR indicators are used to describe the strength of the option underlying market and the turning point of the market. For example, the volume PCR of soybean No.1 is 0.52, with a change of 0.03, and the open interest PCR is 0.39, with a change of 0.01 [4]. 3.3 Option Factor - Pressure and Support Levels - From the perspective of the maximum open interest of call and put options, the pressure and support levels of the option underlying are analyzed. For example, the pressure level of soybean No.1 is 4,300, and the support level is 4,050 [5]. 3.4 Option Factor - Implied Volatility - Implied volatility includes at - the - money implied volatility and weighted implied volatility. For example, the at - the - money implied volatility of soybean No.1 is 9.165, and the weighted implied volatility is 13.16, with a change of - 0.38 [6]. 3.5 Strategy and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The fundamental situation of soybeans shows that the CNF premium and import cost of Brazilian soybeans are rising, and the weather in the US soybean - growing area may have a positive impact. The soybean No.1 market has formed a pattern of small - range consolidation with upper pressure. It is recommended to construct a neutral short call + put option combination strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal and Rapeseed Meal**: The daily提货 volume of soybean meal has decreased slightly, and the basis has increased. The market shows a pattern of weak consolidation and then a rebound. It is recommended to construct a neutral short call + put option combination strategy and a long collar strategy for spot hedging [9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The production and inventory of palm oil are expected to increase. The palm oil market is in a pattern of bullish high - level consolidation. It is recommended to construct a bullish short call + put option combination strategy and a long collar strategy for spot hedging [10]. - **Peanuts**: The trading volume of peanuts has decreased, and the price has declined. The market is in a pattern of weak consolidation under bearish pressure. It is recommended to construct a bearish spread strategy of put options and a long collar strategy for spot hedging [11]. 3.5.2 Agricultural By - product Options - **Pigs**: The spot price of pigs has declined slightly. The market is in a pattern of weak consolidation under bearish pressure. It is recommended to construct a bearish short call + put option combination strategy and a covered strategy for spot hedging [11]. - **Eggs**: The spot price of eggs has declined significantly. The market is in a bearish pattern with upper pressure. It is recommended to construct a bearish spread strategy of put options and a bearish short call + put option combination strategy [12]. - **Apples**: The expected output of apples has increased, and the inventory has decreased. The market is in a pattern of continuous recovery with upper pressure. It is recommended to construct a neutral short call + put option combination strategy [12]. - **Jujubes**: The inventory of jujubes has decreased, and the market has improved. The market is in a short - term bullish rebound pattern. It is recommended to construct a bullish spread strategy of call options, a bullish short strangle option combination strategy, and a covered hedging strategy for spot [13]. 3.5.3 Soft Commodity Options - **Sugar**: The domestic sugar market is expected to increase production, and the import policy has tightened. The market is in a bearish pattern with upper pressure. It is recommended to construct a bearish short call + put option combination strategy and a long collar strategy for spot hedging [13]. - **Cotton**: The import and shipment of US cotton by China are in a certain proportion. The market is in a short - term bearish pattern. It is recommended to construct a bullish short call + put option combination strategy and a covered strategy for spot [14]. 3.5.4 Grain Options - **Corn and Starch**: The corn auction has a certain turnover rate, and the spot price has continued to decline. The market is in a bearish pattern with upper pressure. It is recommended to construct a bearish spread strategy of put options and a bearish short call + put option combination strategy [14].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The agricultural products options market shows diverse trends. Oilseeds and oils are in a strong - side oscillation, while other sectors like agricultural by - products, soft commodities, and grains present different market conditions. It is recommended to construct option portfolio strategies mainly based on sellers and spot hedging or covered strategies to enhance returns [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - Different agricultural product futures have various price changes, trading volumes, and open interest changes. For example, the price of soybean No.1 (A2509) is 4,113 with a decrease of 8 and a decline rate of 0.19%, and its trading volume is 6.52 million lots with a decrease of 4.61 million lots [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of different agricultural product options are different, which can be used to analyze the strength of the underlying market and the turning point of the market. For instance, the volume PCR of soybean No.1 option is 0.61 with a change of 0.02, and the open interest PCR is 0.40 with a change of 0.01 [4]. 3.3 Option Factors - Pressure and Support Levels - From the perspective of option factors, the pressure and support levels of different agricultural product options are identified. For example, the pressure level of soybean No.1 option is 4200 and the support level is 4050 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility of different agricultural product options shows different characteristics. For example, the at - the - money implied volatility of soybean No.1 option is 8.89%, and the weighted implied volatility is 12.10% with a change of - 0.08% [6]. 3.5 Strategies and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The fundamental situation of soybeans is analyzed, including the US soybean good rate and Brazilian soybean premiums. The option strategy suggestions include constructing a neutral call + put option combination strategy for volatility and a long collar strategy for spot hedging [7]. - **Soybean Meal and Rapeseed Meal**: Based on the fundamentals such as daily提货量 and basis, the option strategy suggestions include constructing a neutral call + put option combination strategy for volatility and a long collar strategy for spot hedging [8][9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: Analyzing the fundamentals of oils, such as palm oil production and exports, the option strategy suggestions include constructing a long - biased call + put option combination strategy for volatility and a long collar strategy for spot hedging [10]. - **Peanuts**: Considering the peanut market fundamentals, the option strategy suggestions include constructing a bear spread strategy for directionality and a long collar strategy for spot hedging [11]. 3.5.2 Agricultural By - product Options - **Pigs**: Based on the fundamentals such as the average weight of pig slaughter and the cold storage rate, the option strategy suggestions include constructing a short - biased call + put option combination strategy for volatility and a covered call strategy for spot [11]. - **Eggs**: Analyzing the egg market fundamentals, the option strategy suggestions include constructing a bear spread strategy for directionality and a short - biased call + put option combination strategy for volatility [12]. - **Apples**: Considering the apple production forecast, the option strategy suggestions include constructing a neutral call + put option combination strategy for volatility [12]. - **Jujubes**: Based on the jujube inventory situation, the option strategy suggestions include constructing a short - biased strangle option combination strategy for volatility and a covered call strategy for spot hedging [13]. 3.5.3 Soft Commodity Options - **Sugar**: Analyzing the sugar market fundamentals, such as the number of vessels waiting to load sugar in Brazilian ports, the option strategy suggestions include constructing a neutral call + put option combination strategy for volatility and a long collar strategy for spot hedging [13]. - **Cotton**: Considering the cotton market fundamentals, such as the spinning mill and weaving mill operating rates, the option strategy suggestions include constructing a long - biased call + put option combination strategy for volatility and a covered call strategy for spot [14]. 3.5.4 Grain Options - **Corn and Starch**: Based on the corn market fundamentals, such as the new corn listing period and weather conditions, the option strategy suggestions include constructing a bear spread strategy for directionality and a short - biased call + put option combination strategy for volatility [14].

Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints - The agricultural product options market shows different trends. Oilseeds and oils are in a strong - oscillating state, while by - products, soft commodities, and grains have their own market trends. The report suggests constructing option combination strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2]. Summary by Related Catalogs 1. Market Overview of Underlying Futures - Different agricultural product futures have different price changes, trading volumes, and open interest changes. For example, the latest price of soybeans (A2509) is 4,133, down 4 with a decline rate of 0.10%, the trading volume is 10.27 million lots, and the open interest is 12.22 million lots [3]. 2. Option Factors - Volume and Open Interest PCR - The PCR indicators of different agricultural product options vary. For instance, the volume PCR of soybean (A2509) is 0.55 with a change of 0.17, and the open interest PCR is 0.39 with no change [4]. 3. Option Factors - Pressure and Support Levels - Each option variety has its own pressure and support levels. For example, the pressure level of soybean (A2509) is 4,300, and the support level is 4,100 [5]. 4. Option Factors - Implied Volatility - The implied volatility of different agricultural product options also shows different characteristics. For example, the at - the - money implied volatility of soybean (A2509) is 9.31%, and the weighted implied volatility is 12.04% with a change of - 0.32% [6]. 5. Strategies and Recommendations 5.1 Oilseeds and Oils Options - **Soybeans (A2509, B2509)**: The US soybean supply - demand situation in the 25/26 period has changed. The market shows a small - range consolidation and oscillation pattern. It is recommended to construct option combination strategies such as selling neutral call + put options and long collar strategies for spot hedging [7]. - **Soybean Meal (M2509), Rapeseed Meal (RM2509)**: The market shows a pattern of weak consolidation and then a rebound. It is recommended to construct selling neutral call + put option combination strategies and long collar strategies for spot hedging [9]. - **Palm Oil (P2509), Soybean Oil (Y2509), Rapeseed Oil (OI2509)**: The palm oil market is affected by production and demand. It is recommended to construct selling long - biased call + put option combination strategies and long collar strategies for spot hedging [10]. - **Peanuts (PK2510)**: The market shows a pattern of weak consolidation under bearish pressure. It is recommended to construct a bearish spread strategy of put options and long collar strategies for spot hedging [11]. 5.2 By - product Options - **Pigs (LH2509)**: The spot price of pigs has declined, and the market shows a pattern of small - range consolidation under bearish pressure. It is recommended to construct selling short - biased call + put option combination strategies and covered strategies for spot hedging [11]. - **Eggs (JD2509)**: The egg price has risen and then stabilized. It is recommended to construct a bearish spread strategy of put options and selling short - biased call + put option combination strategies [12]. - **Apples (AP2510)**: The apple market shows a pattern of gradual rebound. It is recommended to construct selling neutral call + put option combination strategies [12]. - **Jujubes (CJ2601)**: The jujube market shows a pattern of rebound and then a decline. It is recommended to construct selling short - biased strangle option combination strategies and covered strategies for spot hedging [13]. 5.3 Soft Commodity Options - **Sugar (SR2509)**: The sugar market shows a pattern of rebound after a decline. It is recommended to construct selling neutral call + put option combination strategies and long collar strategies for spot hedging [13]. - **Cotton (CF2509)**: The cotton market shows a short - term weak pattern. It is recommended to construct selling long - biased call + put option combination strategies and covered strategies for spot hedging [14]. 5.4 Grain Options - **Corn (C2509), Starch (CS2509)**: The corn market shows a pattern of weak decline. It is recommended to construct a bearish spread strategy of put options and selling short - biased call + put option combination strategies [14].

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The agricultural product options market shows diversified trends, with oilseeds and oils fluctuating strongly, fats and oils and agricultural by - products maintaining a volatile market, soft commodities like sugar rebounding and rising, cotton rising bullishly, and grains such as corn and starch weakly consolidating in a narrow range [2]. - It is recommended to construct option portfolio strategies mainly based on 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 options have different price trends, trading volumes, and open - interest changes. For example, the price of soybean No.1 (A2509) is 4,188, up 12 with a 0.29% increase, trading volume is 18.26 million lots, and open - interest is 17.30 million lots with a decrease of 0.23 million lots [3]. 3.2 Option Factors - Volume and Open - Interest PCR - The volume and open - interest PCR of each option variety are different, which can be used to describe the strength of the option underlying market and whether the underlying market has a turning point. For example, the volume PCR of soybean No.1 is 0.34, down 0.23, and the open - interest PCR is 0.46, down 0.02 [4]. 3.3 Option Factors - Pressure and Support Levels - From the perspective of the maximum open - interest of call and put options, the pressure and support levels of each option underlying are determined. For example, the pressure level of soybean No.1 is 4,500 and the support level is 4,100 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility of each option variety has different characteristics, including changes in weighted implied volatility, differences between implied and historical volatilities. For example, the weighted implied volatility of soybean No.1 is 11.39, up 0.53, and the difference between implied and historical volatilities is - 0.63 [6]. 3.5 Option Strategies and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The USDA July report adjusted the supply - demand balance of soybeans. The implied volatility of soybean No.1 options is at a relatively high level, and the open - interest PCR indicates a weak market. It is recommended to construct a neutral call + put option combination strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal and Rapeseed Meal**: The purchase volume of soybean meal in different months is different. The implied volatility of soybean meal options is slightly above the historical average, and the open - interest PCR is around 0.80. It is recommended to construct a neutral call + put option combination strategy and a long collar strategy for spot hedging [9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The export and production of palm oil in Malaysia are different from expectations. The implied volatility of palm oil options is declining, and the open - interest PCR indicates intense long - short competition. It is recommended to construct a long - biased call + put option combination strategy and a long collar strategy for spot hedging [10]. - **Peanuts**: The price of peanuts shows a weak consolidation pattern. The implied volatility of peanut options is at a relatively low level, and the open - interest PCR indicates a weak and volatile market. It is recommended to construct a bear spread strategy for put options and a long collar strategy for spot hedging [11]. 3.5.2 Agricultural By - product Options - **Pigs**: The domestic pig price is weak. The implied volatility of pig options is at a relatively high level, and the open - interest PCR indicates a weak market. It is recommended to construct a short - biased call + put option combination strategy and a covered call strategy for spot hedging [11]. - **Eggs**: The domestic egg price rebounds seasonally. The implied volatility of egg options is at a high level, and the open - interest PCR indicates a weak market. It is recommended to construct a bear spread strategy for put options and a short - biased call + put option combination strategy [12]. - **Apples**: The inventory of apples in cold storage is at a low level. The implied volatility of apple options is below the historical average, and the open - interest PCR indicates a weak market. It is recommended to construct a neutral call + put option combination strategy [12]. - **Jujubes**: The inventory of jujubes is slightly decreasing. The implied volatility of jujube options is declining, and the open - interest PCR indicates a weak market. It is recommended to construct a short - biased wide - straddle option combination strategy and a covered call strategy for spot hedging [13]. 3.5.3 Soft Commodity Options - **Sugar**: The number of ships waiting to load sugar in Brazilian ports is decreasing. The implied volatility of sugar options is at a relatively low level, and the open - interest PCR indicates a range - bound market. It is recommended to construct a neutral call + put option combination strategy and a long collar strategy for spot hedging [13]. - **Cotton**: The开机 rate of spinning and weaving mills is decreasing, and the commercial inventory of cotton is decreasing. The implied volatility of cotton options is at a low level, and the open - interest PCR indicates an increasing long - side force. It is recommended to construct a bull spread strategy for call options, a long - biased call + put option combination strategy, and a covered call strategy for spot hedging [14]. 3.5.4 Grain Options - **Corn and Starch**: The spot price of corn is weak, and the futures market is also under pressure. The implied volatility of corn options is at a relatively low level, and the open - interest PCR indicates a range - bound market. It is recommended to construct a bear spread strategy for put options and a short - biased call + put option combination strategy [14].

Report Industry Investment Rating - Not provided in the document Core Viewpoints of the Report - The agricultural products market shows different trends: oilseeds and oils are weakening, oils and agricultural by - products are oscillating, soft commodities like sugar are rebounding and rising, cotton is rising moderately, and grains like corn and starch are in a weak and narrow - range consolidation. It is recommended to construct option portfolio strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2] Summary by Relevant Catalogs 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 (A2509) is 4,159, up 16 with a 0.39% increase, trading volume is 10.56 million lots (down 2.19 million lots), and open interest is 18.77 million lots (down 1.04 million lots) [3] 2. Option Factors - Volume and Open Interest PCR - The PCR indicators of different agricultural product options vary. For instance, the volume PCR of soybean No.1 is 0.28 (down 0.05), and the open - interest PCR is 0.47 (down 0.00). These indicators are used to describe the strength of the option underlying market and the turning point of the underlying market [4] 3. Option Factors - Pressure and Support Levels - Each agricultural product option has corresponding pressure and support levels. For example, the pressure level of soybean No.1 is 4,500 and the support level is 4,100 [5] 4. Option Factors - Implied Volatility - The implied volatility of different agricultural product options also shows different characteristics. For example, the at - the - money implied volatility of soybean No.1 is 9%, and the weighted implied volatility is 10.69% (down 0.65) [6] 5. Strategies and Recommendations 5.1 Oils and Oilseeds Options - **Soybean No.1 and No.2**: The USDA July report adjusted the supply - demand data of US soybeans. The market of soybean No.1 has shown a weakening trend recently. Directional strategies suggest constructing bear - spread put option strategies; volatility strategies suggest selling a neutral combination of call and put options; and spot long - hedging strategies suggest constructing long - collar strategies [7] - **Soybean Meal and Rapeseed Meal**: The fundamentals of soybean meal show that domestic trading has improved slightly but is still at a weak level. The market of soybean meal has been in a weak consolidation recently. Volatility strategies suggest selling a bearish combination of call and put options, and spot long - hedging strategies suggest constructing long - collar strategies [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The MPOB June report shows the supply - demand situation of Malaysian palm oil. The palm oil market has shown a bullish trend recently. Volatility strategies suggest selling a bullish combination of call and put options, and spot long - hedging strategies suggest constructing long - collar strategies [10] - **Peanuts**: The peanut market has shown a weak downward trend recently. Directional strategies suggest constructing bear - spread put option strategies, and spot long - hedging strategies suggest holding spot long + buying put options + selling out - of - the - money call options [11] 5.2 Agricultural By - products Options - **Pigs**: The domestic pig price has stopped falling and stabilized recently. Volatility strategies suggest selling a neutral combination of call and put options, and spot long - covered strategies suggest holding spot long + selling out - of - the - money call options [11] - **Eggs**: The egg market has shown a weak downward trend recently. Directional strategies suggest constructing bear - spread put option strategies, and volatility strategies suggest selling a bearish combination of call and put options [12] - **Apples**: The apple market has shown a weak bearish trend with a gradual rebound recently. Volatility strategies suggest selling a neutral combination of call and put options [12] - **Jujubes**: The jujube market has shown a rebound and then a decline recently. Volatility strategies suggest selling a bearish wide - straddle option combination, and spot covered - hedging strategies suggest holding spot long + selling out - of - the - money call options [13] 5.3 Soft Commodities Options - **Sugar**: The sugar market has shown a rebound after a decline recently. Volatility strategies suggest selling a neutral combination of call and put options, and spot long - hedging strategies suggest constructing long - collar strategies [13] - **Cotton**: The cotton market has shown a rebound and rise recently. Directional strategies suggest constructing bull - spread call option strategies, volatility strategies suggest selling a neutral combination of call and put options, and spot covered strategies suggest holding spot long + selling out - of - the money call options [14] 5.4 Grains Options - **Corn and Starch**: The corn market has shown a weak bearish trend recently. Directional strategies suggest constructing bear - spread put option strategies, and volatility strategies suggest selling a bearish combination of call and put options [14]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The agricultural products sector shows mixed trends, with oilseeds and oils weakening, some products like cotton rising moderately, and others like sugar remaining weak. Options strategies mainly focus on constructing seller - based option combinations and spot hedging or covered strategies to enhance returns [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - Various agricultural product futures have different price movements. For example, the latest price of soybean No.1 (A2509) is 4,073, down 18 (-0.44%); the latest price of palm oil (P2509) is 8,482, up 36 (0.43%) [3]. 3.2 Option Factors - Volume and Open Interest PCR - Different option varieties have different volume and open interest PCR values and their changes. For instance, the volume PCR of soybean No.1 is 0.61, with a change of 0.30; the open interest PCR is 0.50, with a change of 0.02 [4]. 3.3 Option Factors - Pressure and Support Levels - Each option variety has corresponding pressure and support levels. For example, the pressure point of soybean No.1 is 4,500 and the support point is 4,100 [5]. 3.4 Option Factors - Implied Volatility - Implied volatility varies among different option varieties. For example, the at - the - money implied volatility of soybean No.1 is 9.85, and the weighted implied volatility is 11.68, with a change of - 0.38 [6]. 3.5 Option Strategies and Recommendations - **Oilseeds and Oils Options** - **Soybean No.1 and No.2**: Directional strategy is to build a bear spread of put options; volatility strategy is to sell a neutral call + put option combination; spot long - hedging strategy is to build a long collar strategy [7]. - **Soybean Meal and Rapeseed Meal**: Volatility strategy for soybean meal is to sell a bearish call + put option combination; spot long - hedging strategy is to build a long collar strategy [9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: Volatility strategy is to sell a neutral call + put option combination; spot long - hedging strategy is to build a long collar strategy [10]. - **Peanuts**: Directional strategy is to build a bear spread of put options; spot long - hedging strategy is to hold a spot long position + buy a put option + sell an out - of - the - money call option [11]. - **Agricultural By - product Options** - **Pigs**: Volatility strategy is to sell a neutral call + put option combination; spot long - covered strategy is to hold a spot long position + sell an out - of - the - money call option [11]. - **Eggs**: Directional strategy is to build a bear spread of put options; volatility strategy is to sell a bearish call + put option combination [12]. - **Apples**: Volatility strategy is to sell a neutral call + put option combination [12]. - **Red Dates**: Volatility strategy is to sell a bearish strangle option combination; spot long - covered hedging strategy is to hold a spot long position + sell an out - of - the - money call option [13]. - **Soft Commodity Options** - **Sugar**: Volatility strategy is to sell a neutral call + put option combination; spot long - hedging strategy is to build a long collar strategy [13]. - **Cotton**: Directional strategy is to build a bull spread of call options; volatility strategy is to sell a neutral call + put option combination; spot covered strategy is to hold a spot long position + sell an out - of - the - money call option [14]. - **Grain Options** - **Corn and Starch**: Volatility strategy is to sell a neutral call + put option combination [14].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The agricultural product sector shows different trends: oilseeds and oils are trending upwards, oils and agricultural by - products are in a volatile range, soft commodities like sugar are weakening, cotton is consolidating at a high level after a rebound, and grains such as corn and starch are gradually warming up and then trading in a narrow range [3]. - It is recommended to construct option portfolio strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [3]. 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 (A2509) is 4,246, up 19 with a 0.45% increase, trading volume of 17.04 million lots, and open interest of 21.37 million lots [4]. 3.2 Option Factors 3.2.1 Volume and Open - Interest PCR - Different option varieties have different volume and open - interest PCR values and their changes, which are used to describe the strength of the option underlying market and the turning point of the underlying market [5]. 3.2.2 Pressure and Support Levels - Each option variety has corresponding pressure and support levels. For example, the pressure level of soybean No.1 is 4,600 and the support level is 4,100 [6]. 3.2.3 Implied Volatility - Different option varieties have different implied volatility values, including at - the - money implied volatility, weighted implied volatility, and their changes, which are used to measure the market's expectation of future price fluctuations [7]. 3.3 Strategies and Recommendations 3.3.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The USDA's forecast of soybean and wheat inventories affects the market. The soybean No.1 has shown a rebound since June. Option strategies include bull spread for directional trading, selling neutral call + put option combinations for volatility trading, and long collar strategies for spot hedging [8]. - **Soybean Meal and Rapeseed Meal**: With sufficient future soybean supply, the soybean meal has shown a short - term upward trend. Option strategies are similar to those of soybean No.1, including bull spread, selling long - biased call + put option combinations, and long collar strategies [10]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The EPA's draft on biofuel demand affects the market. Palm oil has shown an upward trend. Option strategies include bull spread, selling long - biased call + put option combinations, and long collar strategies [11]. - **Peanut**: The peanut market is in a weak and volatile state. Option strategies include bear spread for directional trading and long collar strategies for spot hedging [12]. 3.3.2 Agricultural By - product Options - **Pig**: The sow inventory affects the market. The pig price has shown a warming - up trend. Option strategies include selling neutral call + put option combinations for volatility trading and covered call strategies for spot hedging [12]. - **Egg**: The egg inventory is expected to increase, and the price has shown a rebound after a decline. Option strategies include selling short - biased call + put option combinations for volatility trading [13]. - **Apple**: The apple cold - storage inventory is at a low level, and the price is in a weak state. Option strategies include bear spread for directional trading and selling short - biased call + put option combinations for volatility trading [13]. - **Jujube**: The jujube inventory has decreased slightly, and the price is in a weak state. Option strategies include selling neutral strangle option combinations for volatility trading and covered call strategies for spot hedging [14]. 3.3.3 Soft Commodity Options - **Sugar**: The sugar price has shown a weak trend. Option strategies include selling short - biased call + put option combinations for volatility trading and long collar strategies for spot hedging [14]. - **Cotton**: The cotton supply and demand situation has changed, and the price has shown a warming - up trend. Option strategies include selling neutral call + put option combinations for volatility trading and covered call strategies for spot hedging [15]. 3.3.4 Grain Options - **Corn and Starch**: The global corn production and inventory situation has changed, and the corn price has shown an upward trend. Option strategies include selling long - biased call + put option combinations for volatility trading [15].