农产品期权 2025-11-27 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。 表2：期权因子—量仓PCR 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

农产品期权研究 农产品期权 2025-11-25 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The agricultural product options market shows different trends. Oilseeds and oils are in a weak and volatile state, while other sectors like by - products, soft commodities, and grains also have their own market trends. For example, soft commodity sugar has a slight fluctuation, and cotton is in a weak consolidation state [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 Related Catalogs 3.1 Futures Market Overview - Different agricultural product futures have different price changes. For example, the latest price of soybean No.1 (A2601) is 4,108, down 2 with a decline of 0.05%; the latest price of soybean meal (M2601) is 3,017, up 4 with an increase of 0.13% [3]. 3.2 Option Factors - Volume and Open Interest PCR - Volume and open interest PCR of different options vary. For example, the volume PCR of soybean No.1 is 0.72 with a change of 0.24, and the open interest PCR is 1.12 with a change of - 0.05 [4]. 3.3 Option Factors - Pressure and Support Levels - Pressure and support levels of different options are different. For example, the pressure point of soybean No.1 is 4,200 and the support point is 4,050 [5]. 3.4 Option Factors - Implied Volatility - Implied volatility of different options shows different characteristics. For example, the at - the - money implied volatility of soybean No.1 is 11.38, and the weighted implied volatility is 12.73 with a change of - 0.10 [6]. 3.5 Strategy and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1**: Fundamentally, Brazilian soybean planting progress is slow, and the market has shown a rebound after a decline. Option - wise, implied volatility is below the historical average, and the open interest PCR indicates a weak market. Strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal**: Fundamentally, trading volume,提货量, and inventory have changed. The market has shown a rebound after a decline. Option - wise, implied volatility is below the historical average, and the open interest PCR indicates a weak market. Strategies are similar to those of soybean No.1 [9]. - **Palm Oil**: Fundamentally, the spot basis of oils has risen slightly, and inventory is decreasing. The market is in a low - level consolidation state. Option - wise, implied volatility is below the historical average, and the open interest PCR indicates support at the bottom. Strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [9]. - **Peanut**: Fundamentally, the price is affected by factors such as farmers' reluctance to sell. The market is in a weak and downward state. Option - wise, implied volatility is at a relatively high historical level, and the open interest PCR indicates a weak and volatile market. The strategy is to hold a long spot + buy a put option + sell an out - of - the - money call option [10]. 3.5.2 By - product Options - **Pig**: Fundamentally, the spot price has declined, and the market is in a weak state. Option - wise, implied volatility is above the historical average, and the open interest PCR indicates a weak market. Strategies include constructing a short - biased call + put option combination strategy and a covered call strategy for spot [10]. - **Egg**: Fundamentally, the laying hen inventory has changed. The market has shown a rebound after a decline. Option - wise, implied volatility is at a relatively high level, and the open interest PCR indicates a weak market. Strategies include constructing a neutral short call + put option combination strategy [11]. - **Apple**: Fundamentally, the supply has decreased in quality and quantity, and the price has increased. The market is in a high - level consolidation state. Option - wise, implied volatility is above the historical average, and the open interest PCR indicates strong support at the bottom. Strategies include constructing a long - biased call + put option combination strategy and a long collar strategy for spot hedging [11]. - **Jujube**: Fundamentally, the purchase price in the production area has changed. The market is in a weak and downward state. Option - wise, implied volatility has risen rapidly above the historical average, and the open interest PCR indicates a weak market. Strategies include constructing a short - biased wide - straddle option combination strategy and a covered call strategy for spot hedging [12]. 3.5.3 Soft Commodity Options - **Sugar**: Fundamentally, sugar production and exports in Brazil and India have changed. The market is in a weak and downward state. Option - wise, implied volatility is at a relatively low historical level, and the open interest PCR indicates a range - bound market. Strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [12]. - **Cotton**: Fundamentally, the progress of cotton picking, delivery, processing, and sales has changed. The market is in a short - term weak state. Option - wise, implied volatility is at a relatively low level, and the open interest PCR indicates a weak market. Strategies include constructing a short - biased call + put option combination strategy and a covered call strategy for spot [13]. 3.5.4 Grain Options - **Corn**: Fundamentally, the average price of corn has increased. The market is in a weak rebound state. Option - wise, implied volatility is at a relatively low historical level, and the open interest PCR indicates a weak market. Strategies include constructing a neutral short call + put option combination strategy [13].

Report Industry Investment Rating - No relevant content provided Core Viewpoints of the Report - The agricultural products options market shows a complex situation, with different product sectors presenting diverse trends. Oilseeds and oils, as well as agricultural by - products, are in a weak and volatile state, while soft commodities like sugar are slightly volatile, and cotton is in a weak consolidation phase. Grains such as corn and starch are in a narrow - range weak consolidation. The overall strategy is to construct option portfolio strategies mainly for sellers and spot hedging or covered strategies to enhance returns [2]. Summary According to Related Catalogs 1. Futures Market Overview - Multiple agricultural product futures show different price changes, trading volumes, and open interest changes. For example, the price of soybean No.1 (A2601) is 4,202 with a 0.36% increase, trading volume of 15.07 million lots (a decrease of 10.20 million lots), and open interest of 27.88 million lots (a decrease of 0.87 million lots). The price of soybean No.2 (B2601) is 3,781 with a 0.48% increase, trading volume of 14.61 million lots (an increase of 2.14 million lots), and open interest of 14.53 million lots (a decrease of 1.06 million lots) [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 0.41 (an increase of 0.06), and the open interest PCR is 1.08 (an increase of 0.01). The volume PCR of soybean No.2 is 0.78 (an increase of 0.30), and the open interest PCR is 0.82 (a decrease of 0.13) [4]. 3. Option Factors - Pressure and Support Levels - From the perspective of option factors, different option varieties have corresponding pressure and support levels. For example, the pressure level of soybean No.1 is 4,200, and the support level is 4,050. The pressure level of soybean No.2 is 3,800, and the support level is 3,650 [5]. 4. Option Factors - Implied Volatility - Different option varieties have different implied volatility values and their changes. For example, the at - the - money implied volatility of soybean No.1 is 11.68%, the weighted implied volatility is 13.08% (a decrease of 1.01%), and the historical average is 13.01%. The at - the - money implied volatility of soybean No.2 is 12.56%, the weighted implied volatility is 13.95% (a decrease of 2.69%), and the historical average is 14.91% [6]. 5. Strategy and Recommendations 5.1 Oilseeds and Oils Options - **Soybean No.1**: Fundamentally, the CNF premium of Brazilian soybeans in February 2026 decreased slightly week - on - week, the import cost increased, and the planting progress was slow. The option implied volatility is below the historical average, the open interest PCR is below 0.70, and the pressure and support levels are 4,200 and 3,900 respectively. The recommended strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal**: Fundamentally, the average daily trading volume and提货 volume increased, the basis decreased, and the inventory decreased week - on - week but increased year - on - year. The option implied volatility is below the historical average, the open interest PCR is below 0.60, and the pressure and support levels are 2,950 and 2,800 respectively. The recommended strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [9]. - **Palm Oil**: Fundamentally, the spot basis of oils increased slightly, and the total inventory continued to decline. The option implied volatility is below the historical average, the open interest PCR is above 1.00, and the pressure and support levels are 9,500 and 9,000 respectively. The recommended strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [9]. - **Peanut**: Fundamentally, the price of peanut oil remained stable, and the price of peanuts was affected by factors such as farmers' reluctance to sell. The option implied volatility is at a relatively high historical level, the open interest PCR is below 0.60, and the pressure and support levels are 8,000 and 7,700 respectively. The recommended strategy is a long collar strategy for spot hedging [10]. 5.2 Agricultural By - products Options - **Pig**: Fundamentally, the spot price of pigs decreased, the second - fattening volume decreased significantly, and the slaughter volume did not improve significantly. The option implied volatility is above the historical average, the open interest PCR is below 0.50, and the pressure and support levels are 14,000 and 11,000 respectively. The recommended strategies include constructing a short - biased call + put option combination strategy and a covered call strategy for spot [10]. - **Egg**: Fundamentally, the inventory of laying hens in October decreased slightly month - on - month and increased year - on - year, and the estimated inventory in November increased slightly. The option implied volatility is at a relatively high level, the open interest PCR is below 0.60, and the pressure and support levels are 4,000 and 2,800 respectively. The recommended strategy is to construct a neutral short call + put option combination strategy [11]. - **Apple**: Fundamentally, the apple storage is coming to an end, the inventory is lower than in previous years, and the price in cold storage may be higher. The option implied volatility is above the historical average, the open interest PCR is above 0.90, and the pressure and support levels are 10,000 and 8,000 respectively. The recommended strategies include constructing a long - biased call + put option combination strategy and a long collar strategy for spot hedging [11]. - **Jujube**: Fundamentally, the acquisition price in different regions of jujubes has changed, and the acquisition progress has accelerated. The option implied volatility has risen rapidly to above the historical average, the open interest PCR is below 0.50, and the pressure and support levels are 12,600 and 10,000 respectively. The recommended strategies include constructing a short - biased wide - straddle option combination strategy and a covered call strategy for spot hedging [12]. 5.3 Soft Commodities Options - **Sugar**: Fundamentally, the sugar production in the central - southern region of Brazil increased in the second half of October, and India allowed 1.5 million tons of sugar exports. The option implied volatility is at a relatively low historical level, the open interest PCR is around 0.60, and the pressure and support levels are 5,700 and 5,400 respectively. The recommended strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [12]. - **Cotton**: Fundamentally, the picking, delivery, and processing progress of new cotton is relatively fast, and the sales rate is 18.3%. The option implied volatility is at a relatively low level, the open interest PCR is below 1.00, and the pressure and support levels are 13,600 and 13,000 respectively. The recommended strategies include constructing a short - biased call + put option combination strategy and a covered call strategy for spot [13]. 5.4 Grains Options - **Corn**: Fundamentally, the average price of corn in the country increased. The option implied volatility is at a relatively low historical level, the open interest PCR is below 0.60, and the pressure and support levels are 2,200 and 2,000 respectively. The recommended strategy is to construct a neutral short call + put option combination strategy [13].

农产品期权 2025-11-17 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （ ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The agricultural products options market shows different trends. Oilseeds and oils are in a weak and volatile state, while other products like soft commodities and grains also have their own market trends. It is recommended to construct option portfolio strategies mainly as sellers and spot hedging or covered strategies to enhance returns [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market Overview - Different agricultural product options have various price changes, trading volumes, and open interest changes. For example, the price of soybean No.1 (A2601) is 4,168, up 46 with a 1.12% increase in price, and its trading volume is 8.85 million lots with an increase of 0.91 million lots [3] 3.2 Option Factors - Volume and Open Interest PCR - PCR indicators are used to describe the strength of the option underlying market and the turning point of the underlying market. For instance, the volume PCR of soybean No.1 is 0.45 with a change of -0.23, and the open interest PCR is 1.19 with a change of -0.04 [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 the option underlyings are analyzed. For example, the pressure level of soybean No.1 is 4,200 and the support level is 4,050 [5] 3.4 Option Factors - Implied Volatility - Implied volatility indicators include at - the - money implied volatility, weighted implied volatility, etc. For example, the at - the - money implied volatility of soybean No.1 is 11.01%, and the weighted implied volatility is 12.15% with a change of 0.19 [6] 3.5 Strategy and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1**: Fundamentally, the CNF premium of Brazilian soybeans in January 2026 decreased weekly, the import cost increased, and the planting progress in Brazil slowed down. The market trend has shown a rebound after a decline. Option - wise, the implied volatility is below the historical average, and the open interest PCR is below 0.70. Strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [7] - **Soybean Meal**: Fundamentally, the average daily trading volume and pick - up volume of soybean meal decreased weekly, and the basis increased slightly. The market has shown a rebound after a decline. Option - wise, the implied volatility is below the historical average, and the open interest PCR is below 0.60. Strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [9] - **Palm Oil**: Fundamentally, the production in Malaysia is good, and the inventory at the end of the year will be at a relatively high historical level. The market has shown a low - level consolidation. Option - wise, the implied volatility is below the historical average, and the open interest PCR is above 1.00. Strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [9] - **Peanut**: Fundamentally, the peanut oil market is in a contradictory state of high - quality resource support and loose supply - demand. The market has shown a weak downward trend. Option - wise, the implied volatility is at a relatively high historical level, and the open interest PCR is below 0.60. Strategies include a long collar strategy for spot hedging [10] 3.5.2 Agricultural By - product Options - **Pig**: Fundamentally, the national pig slaughter and pork production increased in the first three quarters of 2025. The market has shown a weak downward trend. Option - wise, the implied volatility is above the historical average, and the open interest PCR is below 0.50. Strategies include constructing a short - biased call + put option combination strategy and a covered call strategy for spot [10] - **Egg**: Fundamentally, the market has a pattern of high supply and weak demand. The market has shown a rebound after a decline. Option - wise, the implied volatility is at a relatively high level, and the open interest PCR is below 0.60. Strategies include constructing a neutral call + put option combination strategy [11] - **Apple**: Fundamentally, the apple production decreased this year, and the cold - storage inventory is expected to be low. The market has shown a continuous upward trend. Option - wise, the implied volatility is above the historical average, and the open interest PCR is above 0.90. Strategies include constructing a long - biased call + put option combination strategy and a long collar strategy for spot hedging [11] - **Jujube**: Fundamentally, the jujube market price is stable, and the supply is sufficient. The market has shown a weak downward trend. Option - wise, the implied volatility has risen rapidly above the historical average, and the open interest PCR is below 0.50. Strategies include constructing a short - biased strangle option combination strategy and a covered call strategy for spot hedging [12] 3.5.3 Soft Commodity Options - **Sugar**: Fundamentally, the weak external sugar market restricts the rebound of Zhengzhou sugar, but the expected decline in Brazilian sugar production may have a certain impact. The market has shown a weak downward trend. Option - wise, the implied volatility is at a relatively low historical level, and the open interest PCR is around 0.60. Strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [12] - **Cotton**: Fundamentally, the cotton harvest in Xinjiang is coming to an end, and the new - season supply will increase, putting pressure on cotton prices. The market has shown a short - term weak trend. Option - wise, the implied volatility is at a relatively low level, and the open interest PCR is below 1.00. Strategies include constructing a short - biased call + put option combination strategy and a covered call strategy for spot [13] 3.5.4 Grain Options - **Corn**: Fundamentally, the purchase price of domestic processing enterprises has decreased, and the market supply is relatively abundant. The market has shown a weak rebound. Option - wise, the implied volatility is at a relatively low historical level, and the open interest PCR is below 0.60. Strategies include constructing a neutral call + put option combination strategy [13]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The overall trend of agricultural product options shows that oilseeds and oils are weakly volatile, while other sectors such as by - products, soft commodities, and grains maintain a volatile market. It is recommended to construct option combination strategies mainly based on sellers and spot hedging or covered strategies to enhance returns [2] 3. Summary According to Related Catalogs 3.1 Overview of the Underlying Futures Market - Different agricultural product options have various price changes, trading volumes, and open - interest changes. For example, the price of soybeans A2601 decreased by 0.12% to 4,113, with a trading volume of 7.95 million lots and a decrease of 4.92 million lots compared to the previous period, and an open - interest of 24.71 million lots with a decrease of 0.05 million lots [3] 3.2 Option Factors - 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 instance, the volume PCR of soybeans is 0.68 with a change of 0.10, and the open - interest PCR is 1.22 with a change of 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 different option underlying are determined. For example, the pressure level of soybeans is 4,200 and the support level is 4,050 [5] 3.4 Option Factors - Implied Volatility - The implied volatility of different option products shows different trends. For example, the weighted implied volatility of soybeans decreased by 0.20 to 11.96, and the difference between implied and historical volatility is - 1.23 [6] 3.5 Option Strategies for Different Agricultural Products 3.5.1 Oilseeds and Oils Options - **Soybeans**: Fundamentally, the CNF premium of Brazilian soybeans decreased, and the import cost increased. The market has shown a rebound after a decline. Optionally, the implied volatility is below the historical average, and the open - interest PCR indicates a weak market. Strategies include constructing a neutral call + put option combination and a long collar strategy for spot hedging [7] - **Soybean Meal**: Fundamentally, the trading volume and pick - up volume decreased, and the basis increased slightly. The market has shown a rebound after a decline. Optionally, the implied volatility is below the historical average, and the open - interest PCR indicates a weak market. Strategies include constructing a neutral call + put option combination and a long collar strategy for spot hedging [9] - **Palm Oil**: Fundamentally, the production in Malaysia is expected to be high in the fourth quarter, and the inventory will gradually decline. The market is in a low - level consolidation. Optionally, the implied volatility is below the historical average, and the open - interest PCR indicates support at the bottom. Strategies include constructing a bearish call + put option combination and a long collar strategy for spot hedging [9] - **Peanuts**: Fundamentally, the peanut oil market is in a contradictory situation. The market is in a weak consolidation. Optionally, the implied volatility is at a relatively high historical level, and the open - interest PCR indicates a weak market. Strategies include a long collar strategy for spot hedging [10] 3.5.2 By - products Options - **Pigs**: Fundamentally, the production and inventory of pigs have increased. The market is in a downward trend. Optionally, the implied volatility is above the historical average, and the open - interest PCR indicates a weak market. Strategies include constructing a bearish spread strategy for call options, a bearish call + put option combination, and a covered strategy for spot [10] - **Eggs**: Fundamentally, the market has a high supply and weak demand. The market has shown a rebound after a decline. Optionally, the implied volatility is at a relatively high level, and the open - interest PCR indicates a weak market. Strategies include constructing a neutral call + put option combination [11] - **Apples**: Fundamentally, the apple production has decreased, and the expected cold - storage inventory is low. The market is in an upward trend. Optionally, the implied volatility is above the historical average, and the open - interest PCR indicates strong support at the bottom. Strategies include constructing a bullish call + put option combination and a long collar strategy for spot hedging [11] - **Jujubes**: Fundamentally, the market price is stable, and the supply is sufficient. The market is in a downward trend. Optionally, the implied volatility has rapidly increased to above the historical average, and the open - interest PCR indicates a weak market. Strategies include constructing a bearish wide - straddle option combination and a covered strategy for spot hedging [12] 3.5.3 Soft Commodities Options - **Sugar**: Fundamentally, the external sugar market is weak, and the production in Brazil may decline. The market is in a weak and volatile state. Optionally, the implied volatility is at a relatively low historical level, and the open - interest PCR indicates a range - bound market. Strategies include constructing a bearish call + put option combination and a long collar strategy for spot hedging [12] - **Cotton**: Fundamentally, the new cotton supply will increase, putting pressure on prices. The market is in a short - term weak state. Optionally, the implied volatility is at a low level, and the open - interest PCR indicates a weak market. Strategies include constructing a bearish call + put option combination and a covered strategy for spot [13] 3.5.4 Grains Options - **Corn**: Fundamentally, the purchase price of corn has decreased, and the supply exceeds demand. The market is in a weak rebound state. Optionally, the implied volatility is at a relatively low historical level, and the open - interest PCR indicates a weak market. Strategies include constructing a neutral call + put option combination [13]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The agricultural products market shows different trends: oilseeds and oils are weakly volatile, oils and by - products maintain a volatile market, soft commodities like sugar show a slight fluctuation, cotton is weakly consolidating, and grains such as corn and starch are weakly and narrowly consolidating. 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 Related Catalogs 3.1 Futures Market Overview - Different agricultural product futures have various price changes and volume/position adjustments. For example, the latest price of soybean No.1 (A2601) is 4,114, down 14 (-0.34%), with a trading volume of 128,700 lots and an open interest of 247,500 lots [3] 3.2 Option Factor - Volume and Position PCR - The volume and position PCR of different agricultural product options vary, which can be used to describe the strength of the option underlying market and the turning point of the underlying market [4] 3.3 Option Factor - Pressure and Support Levels - From the perspective of the strike prices with the largest open interest of call and put options, the pressure and support levels of different agricultural product options are identified. For example, the pressure level of soybean No.1 is 4,200 and the support level is 4,050 [5] 3.4 Option Factor - Implied Volatility - The implied volatility of different agricultural product options shows different levels and changes, which is related to the market expectations and risks of the underlying assets [6] 3.5 Strategy and Recommendations 3.5.1 Oils and Oilseeds Options - **Soybean No.1**: Fundamental factors include changes in Brazilian soybean CNF premiums, planting progress, etc. The option strategy includes constructing a neutral call + put option combination strategy and a long collar strategy [7] - **Soybean Meal**: The fundamentals involve changes in trading volume, delivery volume, basis, and inventory. Option strategies include constructing a neutral call + put option combination strategy and a long collar strategy [9] - **Palm Oil**: The fundamentals are related to Malaysian production and inventory. Option strategies include constructing a bearish call + put option combination strategy and a long collar strategy [9] - **Peanut**: The fundamentals are about the price and market situation of peanut oil. The option strategy is to hold a long spot + buy a put option + sell an out - of - the - money call option [10] 3.5.2 By - product Options - **Live Pig**: The fundamentals are based on national production and inventory data. Option strategies include constructing a bearish put spread strategy, a bearish call + put option combination strategy, and a long covered strategy [10] - **Egg**: The fundamentals are related to the supply - demand pattern of the egg market. Option strategies include constructing a neutral call + put option combination strategy [11] - **Apple**: The fundamentals involve production, quality, and cold - storage inventory. Option strategies include constructing a bullish call + put option combination strategy and a long collar strategy [11] - **Jujube**: The fundamentals are about the market price and supply - demand situation. Option strategies include constructing a bearish strangle option combination strategy and a long covered hedging strategy [12] 3.5.3 Soft Commodity Options - **Sugar**: The fundamentals are affected by the international sugar price and domestic production expectations. Option strategies include constructing a bearish call + put option combination strategy and a long collar strategy [12] - **Cotton**: The fundamentals are related to the harvest progress and cost of cotton. Option strategies include constructing a bearish call + put option combination strategy and a long covered strategy [13] 3.5.4 Grain Options - **Corn**: The fundamentals involve domestic purchase prices and supply - demand relationships. Option strategies include constructing a neutral call + put option combination strategy [13]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The agricultural product options market shows different trends. Oilseeds and oils are in a weak and volatile state, while agricultural by - products and soft commodities like sugar are in a volatile or slightly volatile situation, and grains such as 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] 3. Summary According to Related Catalogs 3.1. Futures Market Overview - Various agricultural product futures show different price changes. For example, the latest price of soybean No.1 (A2601) is 4,118, down 7 with a decline rate of - 0.17%. The trading volume and open interest also have corresponding changes. [3] 3.2. Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of different agricultural product options are presented. For instance, the volume PCR of soybean No.1 is 0.81 with a change of 0.26, and the open interest PCR is 1.19 with a change of 0.04. These indicators are used to describe the strength of the option underlying market and the turning point of the market. [4] 3.3. Option Factors - Pressure and Support Levels - The pressure and support levels of different agricultural product options are given. For example, the pressure level of soybean No.1 is 4,200 and the support level is 4,050. These levels are determined from the strike prices with the largest open interest of call and put options. [5] 3.4. Option Factors - Implied Volatility - The implied volatility of different agricultural product options is analyzed. For example, the at - the - money implied volatility of soybean No.1 is 11.7, the weighted implied volatility is 12.70 with a change of - 0.00, and the difference between implied and historical volatility is - 0.21. [6] 3.5. Option Strategies and Recommendations 3.5.1. Oilseeds and Oils Options - **Soybean No.1**: - Fundamental analysis shows that the CNF premium of Brazilian soybeans in January 2026 decreased week - on - week, while the import cost increased, and the crushing profit decreased. The planting progress of Brazilian soybeans slowed down, which has a slightly positive impact. - The option strategy includes constructing a neutral call + put option combination strategy to obtain time value and a long collar strategy for spot hedging. [7] - **Soybean Meal**: - The average daily trading volume and delivery volume of soybean meal decreased week - on - week, and the basis increased slightly. - Option strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging. [9] - **Palm Oil**: - The production and rainfall in Malaysia are favorable, and the inventory at the end of the year is expected to be at a relatively high historical level. - Option strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging. [9] - **Peanut**: - The peanut market is in a contradiction between the support of high - quality resources and the overall loose supply - demand situation. - The option strategy is to construct a long collar strategy for spot hedging. [10] 3.5.2. Agricultural By - products Options - **Pig**: - The production and inventory of pigs in the first three quarters of 2025 increased. - Option strategies include constructing a bear spread strategy for call options, a short - biased call + put option combination strategy, and a covered call strategy for spot. [10] - **Egg**: - The egg market has a pattern of high supply and weak demand. - Option strategies include constructing a neutral call + put option combination strategy. [11] - **Apple**: - The apple production decreased this year, and the cold - storage inventory is expected to be low. - Option strategies include constructing a long - biased call + put option combination strategy and a long collar strategy for spot hedging. [11] - **Jujube**: - The jujube market price is stable, and the supply is sufficient. - Option strategies include constructing a short - biased wide - straddle option combination strategy and a covered call strategy for spot hedging. [12] 3.5.3. Soft Commodities Options - **Sugar**: - The weak external sugar market restricts the rebound of Zhengzhou sugar, but the expected decline in sugar production in southern Brazil may have a certain restrictive effect on the decline. - Option strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging. [12] - **Cotton**: - The new cotton supply is increasing, which exerts pressure on cotton prices. - Option strategies include constructing a short - biased call + put option combination strategy and a covered call strategy for spot hedging. [13] 3.5.4. Grains Options - **Corn**: - The purchase price of corn by domestic processing enterprises decreased, and the market supply exceeded demand. - Option strategies include constructing a neutral call + put option combination strategy. [13]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The agricultural product options market shows different trends. Oilseeds and oils are in a weak and volatile state, while some agricultural by - products and soft commodities maintain a volatile trend. The report suggests constructing 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 various price changes, trading volumes, and open interest changes. For example, the price of soybean No.1 (A2601) increased by 1.52% to 4,139, with a trading volume of 21.72 million lots and an open interest of 24.83 million lots [3] 3.2 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of different option varieties vary, which can be used to describe the strength of the option underlying market and the turning point of the underlying market. For instance, the volume PCR of soybean No.1 is 0.85 with a change of - 0.29, and the open interest PCR is 1.20 with no change [4] 3.3 Option Factors - Pressure and Support Levels - From the perspective of the strike prices with the largest open interest of call and put options, the pressure and support levels of different option varieties are determined. For example, the pressure level of soybean No.1 is 4200 and the support level is 4050 [5] 3.4 Option Factors - Implied Volatility - The implied volatility of different option varieties shows different levels and changes. For example, the weighted implied volatility of soybean No.1 is 12.58% with a change of 0.67%, and the annual average is 13.32% [6] 3.5 Option Strategies and Recommendations - **Oilseeds and Oils Options**: - **Soybean No.1**: The price is stable and slightly strong. It is recommended to construct a neutral - biased call + put option combination strategy for volatility, and a long collar strategy for spot hedging [7] - **Soybean Meal**: The domestic soybean crushing volume has changed. It is recommended to construct a short - biased call + put option combination strategy for volatility, and a long collar strategy for spot hedging [9] - **Palm Oil**: The production and export of Malaysian palm oil have changed. It is recommended to construct a short - biased call + put option combination strategy for volatility, and a long collar strategy for spot hedging [9] - **Peanut**: The price of peanut oil is stable. It is recommended to use a long collar strategy for spot hedging [10] - **Agricultural By - products Options**: - **Pig**: The price has increased slightly, but there are supply - side pressures. It is recommended to construct a bear spread strategy for direction, a short - biased call + put option combination strategy for volatility, and a covered strategy for spot [10] - **Egg**: The inventory of laying hens has decreased. It is recommended to construct a bear spread strategy for direction, a short - biased call + put option combination strategy for volatility [11] - **Apple**: The price has increased due to quality issues. It is recommended to construct a long - biased call + put option combination strategy for volatility, and a long collar strategy for spot hedging [11] - **Jujube**: The inventory has increased. It is recommended to construct a short - biased strangle option combination strategy for volatility, and a covered strategy for spot hedging [12] - **Soft Commodities Options**: - **Sugar**: The spot price has decreased. It is recommended to construct a short - biased call + put option combination strategy for volatility, and a long collar strategy for spot hedging [12] - **Cotton**: The price index has increased. It is recommended to construct a short - biased call + put option combination strategy for volatility, and a covered strategy for spot [13] - **Grain Options**: - **Corn**: The supply has increased and the demand is weak. It is recommended to construct a short - biased call + put option combination strategy for volatility [13]