Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The agricultural product options market shows a mixed performance, with oilseeds and oils, agricultural by - products, soft commodities, and grains having different trends. The overall strategy is 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, trading volumes, and open interest changes. For example, the latest price of soybean No.1 (A2511) is 3,942, up 12 with a 0.31% increase, and its trading volume is 17.14 million lots with a change of 5.81 million lots, and open interest is 17.92 million lots with a change of - 2.25 million lots [3]. 3.2 Option Factors - Quantity and Position PCR - PCR indicators are used to describe the strength of the option underlying market and the turning point of the market. For instance, the volume PCR of soybean No.1 is 0.48 with a change of - 0.18, and the position PCR is 0.45 with a change of - 0.04 [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 underlying assets are determined. For example, the pressure level of soybean No.1 is 4,000 and the support level is 3,850 [5]. 3.4 Option Factors - Implied Volatility - Implied volatility indicators, including at - the - money implied volatility and weighted implied volatility, are presented. For example, the at - the - money implied volatility of soybean No.1 is 12.31%, and the weighted implied volatility is 12.74% with a change of - 0.26% [6]. 3.5 Strategy and Recommendations - **Oilseeds and Oils Options** - **Soybean No.1 and No.2**: The soybean market has a complex trend. The implied volatility of soybean No.1 options is at a relatively high level compared to the historical average. Directional strategies are not recommended, while a short - biased call + put option combination strategy can be constructed for volatility strategies, and a long collar strategy can be used for spot long - hedging [7]. - **Soybean Meal and Rapeseed Meal**: The trading volume of soybean meal decreased. The implied volatility of soybean meal options is slightly above the historical average. A bear spread strategy of put options can be used for directional strategies, a short - biased call + put option combination strategy for volatility strategies, and a long collar strategy for spot long - hedging [9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The domestic oil inventory is higher than last year. The implied volatility of palm oil options has declined to a level below the historical average. Directional strategies are not recommended, a short - biased call + put option combination strategy can be used for volatility strategies, and a long collar strategy for spot long - hedging [10]. - **Peanuts**: The price of imported peanuts is stable, and the demand is weak. The implied volatility of peanut options is at a relatively low historical level. A bear spread strategy of put options can be used for directional strategies, and a long collar strategy for spot long - hedging [11]. - **Agricultural By - products Options** - **Pigs**: The pig market is in a state of oversupply. The implied volatility of pig options has increased to a relatively high level compared to the historical average. Directional strategies are not recommended, a short - biased call + put option combination strategy can be used for volatility strategies, and a covered call strategy for spot long - hedging [11]. - **Eggs**: The inventory of laying hens is increasing. The implied volatility of egg options is at a relatively high level. A bear spread strategy of put options can be used for directional strategies, a short - biased call + put option combination strategy for volatility strategies [12]. - **Apples**: The apple inventory has decreased. The implied volatility of apple options is slightly above the historical average. A short - biased call + put option combination strategy with a long delta can be used for volatility strategies [12]. - **Jujubes**: The jujube inventory has decreased. The implied volatility of jujube options has risen rapidly to a level above the historical average. A short - biased wide - straddle option combination strategy can be used for volatility strategies, and a covered call strategy for spot long - hedging [13]. - **Soft Commodities Options** - **Sugar**: The sugar production in Brazil has increased, and China's sugar imports have also increased. The implied volatility of sugar options is at a relatively low level. Directional strategies are not recommended, a short - biased call + put option combination strategy can be used for volatility strategies, and a long collar strategy for spot long - hedging [13]. - **Cotton**: The cotton market shows a short - term weak trend. The implied volatility of cotton options has decreased to a relatively low level. Directional strategies are not recommended, a short - neutral call + put option combination strategy can be used for volatility strategies, and a covered call strategy for spot long - hedging [14]. - **Grain Options** - **Corn and Starch**: The corn auction has a certain turnover rate, and the domestic corn spot is weak. The implied volatility of corn options is at a relatively low level. Directional strategies are not recommended, a short - biased call + put option combination strategy can be used for volatility strategies [14].

Group 1: Report Summary - The report provides an early morning strategy for agricultural product options, covering various agricultural product categories and providing corresponding strategies and suggestions [1][2] - The agricultural product sectors mainly include beans, oils, agricultural by - products, soft commodities, grains, and others. Each sector selects some varieties for option strategy analysis [8] Group 2: Market Overview Futures Market - For different agricultural product options, the report presents the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open - interest changes of their underlying contracts. For example, the latest price of A2511 (soybean No.1) is 3,924, with a price increase of 34 and a price change percentage of 0.87% [3] Option Factors - **Volume and Open - Interest PCR**: It shows the volume and open - interest PCR of different options, which are 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 0.66, with a change of - 0.41, and the open - interest PCR is 0.49, with a change of 0.00 [4] - **Pressure and Support Levels**: From the perspective of the strike prices with the largest open interests 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 4000, and the support level is 3900 [5] - **Implied Volatility**: It includes the at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatilities of different options. For example, the at - the - money implied volatility of soybean No.1 is 11.06, and the weighted implied volatility is 13.00, with a change of 0.11 [6] Group 3: Strategy and Suggestions Oilseed and Oil Options - **Soybean No.1 and No.2**: In terms of fundamentals, in the 37th week of 2025, domestic full - sample oil mills received a total of 37 ships of soybeans, about 2.405 million tons. The market of soybean No.1 has shown a trend of narrowing decline, then rising, followed by a slight shock. Option strategies include constructing a short - biased call + put option combination strategy and a long - collar strategy for spot hedging [7] - **Soybean Meal and Rapeseed Meal**: For soybean meal, as of September 17, the previous week's national soybean meal transaction was 670,300 tons, a decrease of 211,000 tons from the previous week. Option strategies include constructing a bear - spread strategy for put options, a short - biased call + put option combination strategy, and a long - collar strategy for spot hedging [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The domestic oil inventory is higher than last year, with a total increase of about 500,000 tons. Palm oil has shown a trend of high - level shock and then weakening. Option strategies include constructing a short - biased call + put option combination strategy and a long - collar strategy for spot hedging [10] - **Peanuts**: The price of imported peanuts was stable last week, with a significant decrease in import volume. The market has shown a weak shock trend. Option strategies include constructing a bear - spread strategy for put options and a long - collar strategy for spot hedging [11] Agricultural By - product Options - **Pigs**: Due to oversupply, the domestic pig price has accelerated its decline. The market has shown a weak shock trend. Option strategies include constructing a short - biased call + put option combination strategy and a covered - call strategy for spot hedging [11] - **Eggs**: As of the end of August, the laying - hen inventory was 1.365 billion, higher than expected. The market has shown a weak and bearish trend. Option strategies include constructing a bear - spread strategy for put options, a short - biased call + put option combination strategy [12] - **Apples**: As of September 17, the national apple cold - storage inventory decreased by 45,900 tons to 163,200 tons. The market has shown a continuous upward trend. Option strategies include constructing a long - biased call + put option combination strategy [12] - **Red Dates**: The physical inventory of 36 sample points decreased by 74 tons last week. The market has shown a large - amplitude shock trend. Option strategies include constructing a short - biased strangle option combination strategy and a covered - call strategy for spot hedging [13] Soft Commodity Options - **Sugar**: In the second half of August, the sugarcane crushing volume in the central - southern region of Brazil increased by 10.68% year - on - year, and the sugar production increased by 18.21% year - on - year. The market has shown a weak and bearish trend. Option strategies include constructing a short - biased call + put option combination strategy and a long - collar strategy for spot hedging [13] - **Cotton**: As of the week of September 19, the spinning mill's operating rate was 66.6%, and the cotton weekly commercial inventory decreased by 520,000 tons compared with the same period last year. The market has shown a short - term weak trend. Option strategies include constructing a neutral - biased call + put option combination strategy and a covered - call strategy for spot hedging [14] Grain Options - **Corn and Starch**: As of September 16, the corn auction volume was 4.98 million tons, with a transaction volume of 1.58 million tons and a transaction rate of 32%. The market has shown a weak and bearish shock trend. Option strategies include constructing a short - biased 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, with oilseeds and oils, agricultural by - products, soft commodities, and grains each having their own market conditions. Strategies mainly focus on constructing option combination strategies based on sellers and spot hedging or covered strategies to enhance returns [2] 3. Summary by Related Catalogs 3.1 Market Overview of Underlying Futures - Different agricultural product options have various price changes, trading volumes, and open interest changes. For example, the latest price of soybean No.1 (A2511) is 3,901, down 5 with a decline of 0.13%, and its trading volume is 10.47 million lots, down 0.52 million lots [3] 3.2 Option Factors - Volume and Open Interest PCR - The volume and open - interest PCR of different options 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 0.39, down 0.18, and the open - interest PCR is 0.43, with no change [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 underlyings are determined. For example, the pressure level of soybean No.1 is 4000, and the support level is 3900 [5] 3.4 Option Factors - Implied Volatility - The implied volatility of different options is calculated, including at - the - money implied volatility and weighted implied volatility. For example, the at - the - money implied volatility of soybean No.1 is 10.17%, and the weighted implied volatility is 13.00%, up 0.81% [6] 3.5 Strategies and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The fundamental situation of soybeans shows the arrival volume of domestic oil mills. The market of soybean No.1 is in a weak shock. Option strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [7] - **Soybean Meal and Rapeseed Meal**: The trading volume of soybean meal has decreased. The market of soybean meal is in a weak shock with pressure. Option strategies include constructing a bear spread strategy for call options and a long collar strategy for spot hedging [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The total inventory of domestic oils is higher than last year. The market of palm oil is in a high - level shock. Option strategies include constructing a long - biased call + put option combination strategy and a long collar strategy for spot hedging [10] - **Peanuts**: The import volume of peanuts has decreased, and the market is in a weak shock. Option strategies include constructing a bear spread strategy for call options and a long collar strategy for spot hedging [11] 3.5.2 Agricultural By - products Options - **Pigs**: The pig market is in a supply - exceeding - demand situation, and the price is in a weak shock. Option strategies include constructing a short - biased call + put option combination strategy and a covered call strategy for spot hedging [11] - **Eggs**: The inventory of laying hens is expected to increase. The egg market is in a weak bearish trend. Option strategies include constructing a bear spread strategy for call options and a short - biased call + put option combination strategy [12] - **Apples**: The cold - storage inventory of apples has decreased. The apple market is in a warming - up upward trend. Option strategies include constructing a long - biased call + put option combination strategy [12] - **Jujubes**: The physical inventory of jujubes has decreased. The jujube market is in a large - amplitude shock. Option strategies include constructing a short - biased strangle option combination strategy and a covered call strategy for spot hedging [13] 3.5.3 Soft Commodities Options - **Sugar**: The sugar production in Brazil has increased, and the import volume in China has also increased. The sugar market is in a weak bearish trend. Option strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [13] - **Cotton**: The开机 rate of spinning and weaving factories and the commercial inventory of cotton have changed. The cotton market is in a short - term weak trend. Option strategies include constructing a long - biased call + put option combination strategy and a covered call strategy for spot hedging [14] 3.5.4 Grains Options - **Corn and Starch**: The auction volume and成交 rate of corn have certain characteristics, and the corn market is in a weak shock. Option strategies include constructing a short - biased call + put option combination strategy [14]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The agricultural product option market shows different trends. Oilseeds and oils are in a weak - oscillating state, while oils, agricultural by - products maintain an oscillating trend. Soft commodities like sugar show a slight oscillation, cotton is in a weak consolidation, and grains such as corn and starch are in a weak and narrow - range consolidation [2]. - It is recommended to construct option combination strategies mainly based on sellers, along with spot hedging or covered strategies to enhance returns [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market Overview - Different agricultural product futures have varying price changes, trading volumes, and open interests. For example, the price of soybean No.1 (A2511) decreased by 0.30% to 3,963, with a trading volume of 7.84 million lots and an open interest of 19.66 million lots [3]. 3.2 Option Factors - PCR - The volume PCR and open interest PCR of different agricultural product options are used to describe the strength of the option underlying market and the turning point of the underlying market. For example, the volume PCR of soybean No.1 is 0.41 with a change of - 0.10, and the open interest PCR is 0.41 with a change of - 0.00 [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 agricultural product options are determined. For example, the pressure level of soybean No.1 is 4100 and the support level is 3900 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility of different agricultural product options shows different trends. For example, the implied volatility of soybean No.1 has a weighted implied volatility of 12.97% with a change of - 0.10%, and the difference between implied and historical volatility is - 2.34% [6]. 3.5 Strategy and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The fundamental data of soybeans show changes in the US soybean good - rate and Brazilian soybean import costs. The soybean No.1 market shows a pattern of small - range consolidation. Option strategies include constructing a neutral call + put option combination for volatility strategies and a long collar strategy for spot hedging [7]. - **Soybean Meal and Rapeseed Meal**: The supply of soybean meal is abundant, and the price is under pressure. Option strategies include a bear spread strategy for direction and a short - biased call + put option combination for volatility, along with a long collar strategy for spot hedging [9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The palm oil market shows a pattern of high - level and large - range oscillation. Option strategies include a long - biased call + put option combination for volatility and a long collar strategy for spot hedging [10]. - **Peanut**: The peanut market is in a weak consolidation. Option strategies include a bear spread strategy for direction and a long collar strategy for spot hedging [11]. 3.5.2 Agricultural By - product Options - **Pig**: The pig market is in a weak consolidation. Option strategies include a short - biased call + put option combination for volatility and a covered call strategy for spot [11]. - **Egg**: The egg market is in a weak and bearish trend. Option strategies include a bear spread strategy for direction, a short - biased call + put option combination for volatility [12]. - **Apple**: The apple market shows a continuous upward trend with pressure. Option strategies include a long - biased call + put option combination for volatility [12]. - **Jujube**: The jujube market shows a short - term decline. Option strategies include a short - biased strangle option combination for volatility and a covered call strategy for spot [13]. 3.5.3 Soft Commodity Options - **Sugar**: The sugar market is in a weak and bearish trend. Option strategies include a short - biased call + put option combination for volatility and a long collar strategy for spot hedging [13]. - **Cotton**: The cotton market is in a short - term weak trend. Option strategies include a long - biased call + put option combination for volatility and a covered call strategy for spot [14]. 3.5.4 Grain Options - **Corn and Starch**: The corn market is in a weak and bearish rebound. Option strategies include a short - biased call + put option combination for volatility [14].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The agricultural products sector mainly includes beans, oils, agricultural by - products, soft commodities, grains, and others. The sector shows different trends: oilseeds and oils are weakly volatile, oils and agricultural by - products maintain a volatile market, soft commodity sugar has a slight fluctuation, cotton is weakly consolidating, and grains such as corn and starch are weakly and narrowly consolidating. Strategies suggest building option combination strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [2][8] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The report provides the latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various agricultural product futures contracts, including soybeans, soybean meal, palm oil, eggs, etc. For example, the latest price of soybean (A2511) is 3,958, with a price change of - 6 and a change rate of - 0.15% [3] 3.2 Option Factors - Volume and Open Interest PCR - Volume PCR and open interest PCR are used to describe the strength of the option underlying market and the turning point of the underlying market. Different agricultural product options have different PCR values and changes. For instance, the volume PCR of soybean (A2511) is 0.44, with a change of - 0.01, and the open interest PCR is 0.43, with a change of 0.01 [4] 3.3 Option Factors - Pressure and Support Levels - Pressure and support levels of option underlyings are determined by the strike prices where the maximum open interest of call and put options are located. For example, the pressure level of soybean (A2511) is 4,100, and the support level is 3,900 [5] 3.4 Option Factors - Implied Volatility - The report presents the at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average, call implied volatility, put implied volatility, historical 20 - day volatility, and the difference between implied and historical volatility of various agricultural product options. For example, the at - the - money implied volatility of soybean (A2511) is 10.585, and the weighted implied volatility is 12.95, with a change of - 0.13 [6] 3.5 Strategy and Recommendations for Different Agricultural Product Options 3.5.1 Oils and Oilseeds Options - **Soybeans (A2511, B2511)**: Based on the USDA crop growth report and steel - union data, the fundamentals and market trends of soybeans are analyzed. Option strategies include building a neutral call + put option combination strategy for volatility, and a long collar strategy for spot long - hedging [7] - **Soybean Meal (M2511) and Rapeseed Meal (RM2511)**: Analyze the fundamentals such as soybean crushing volume and开机率. Option strategies involve a bear spread strategy for direction, a short - biased call + put option combination strategy for volatility, and a long collar strategy for spot long - hedging [9] - **Palm Oil (P2510), Soybean Oil (Y2511), and Rapeseed Oil (OI2511)**: Analyze the fundamentals of oils such as production, exports, and inventories. Option strategies include a short - biased call + put option combination strategy for volatility and a long collar strategy for spot long - hedging [10] - **Peanuts (PK2510)**: Analyze the fundamentals such as market prices and supply - demand relationships. Option strategies include a bear spread strategy for direction and a long collar strategy for spot long - hedging [11] 3.5.2 Agricultural By - products Options - **Pigs (LH2511)**: Analyze the supply and demand fundamentals of pigs. Option strategies include a short - biased call + put option combination strategy for volatility and a covered call strategy for spot long - hedging [11] - **Eggs (JD2510)**: Analyze the fundamentals such as egg production and demand. Option strategies include a bear spread strategy for direction, a short - biased call + put option combination strategy for volatility [12] - **Apples (AP2601)**: Analyze the fundamentals such as cold - storage inventory. Option strategies include a short - biased call + put option combination strategy for volatility [12] - **Jujubes (CJ2601)**: Analyze the fundamentals such as inventory and market transactions. Option strategies include a short - neutral strangle option combination strategy for volatility and a covered call strategy for spot long - hedging [13] 3.5.3 Soft Commodities Options - **Sugar (SR2511)**: Analyze the fundamentals such as inventory and new - season production. Option strategies include a short - biased call + put option combination strategy for volatility and a long collar strategy for spot long - hedging [13] - **Cotton (CF2511)**: Analyze the fundamentals such as cotton growth and production expectations. Option strategies include a short - biased call + put option combination strategy for volatility and a covered call strategy for spot long - hedging [14] 3.5.4 Grains Options - **Corn (C2511) and Starch (CS2511)**: Analyze the fundamentals such as inventory and demand. Option strategies include a short - biased call + put option combination strategy for volatility [14]

Group 1: Report Overview - Report title: Agricultural Product Options Strategy Morning Report [1] - Date: September 3, 2025 [1] - Core view: Oilseeds and oils are in a weak shock, while oils, agricultural and sideline products maintain a shock trend. Soft commodity sugar has a small shock, cotton is in a weak consolidation, and grains such as corn and starch are in a weak and narrow - range consolidation. It is recommended to construct an option portfolio strategy mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2] Group 2: Underlying Futures Market Overview - Multiple agricultural product options are involved, including soybean No.1, soybean No.2, etc. Each product shows different price trends, trading volumes, and changes in positions [3] Group 3: Option Factor - Volume and Position PCR - For each option variety, the report provides data on trading volume, volume changes, open interest, position changes, trading volume PCR, and its changes, as well as open interest PCR and its changes [4] Group 4: Option Factor - Pressure and Support Levels - It shows the pressure points, support points, and other information of each option variety from the perspective of the maximum open interest of call and put options [5] Group 5: Option Factor - Implied Volatility - The implied volatility data of each option variety are presented, including at - the - money implied volatility, weighted implied volatility, its changes, annual average, call implied volatility, put implied volatility, HISV20, and the difference between implied and historical volatilities [6] Group 6: Option Strategies and Recommendations Oilseeds and Oils Options - **Soybean No.1 and No.2**: Based on the USDA crop growth report and steel - union data, the market analysis is carried out. Option strategies include constructing a short - neutral call + put option combination strategy and a long collar strategy for spot hedging [7] - **Soybean Meal and Rapeseed Meal**: According to the steel - union's estimated soybean crushing volume and start - up rate, option strategies such as a bear spread strategy for put options and a long collar strategy for spot hedging are proposed [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: Analyze the fundamentals of oils and propose option strategies such as a short - bullish call + put option combination strategy and a long collar strategy for spot hedging [10] - **Peanuts**: Based on the price change of peanut cash - rice and market supply and demand, option strategies like a bear spread strategy for put options and a long collar strategy for spot hedging are recommended [11] Agricultural and Sideline Products Options - **Pigs**: Considering the supply and demand situation, option strategies such as a short - bearish call + put option combination strategy and a covered call strategy for spot are provided [11] - **Eggs**: Based on the egg supply and demand situation, option strategies including a bear spread strategy for put options and a short - bearish call + put option combination strategy are suggested [12] - **Apples**: According to the apple inventory data, option strategies such as a short - bullish call + put option combination strategy are proposed [12] - **Red Dates**: Based on the red - date inventory data and market trading situation, option strategies like a short - neutral strangle strategy and a covered call strategy for spot are recommended [13] Soft Commodity Options - **Sugar**: Considering the sugar inventory and new - season production expectations, option strategies such as a short - bearish call + put option combination strategy and a long collar strategy for spot hedging are provided [13] - **Cotton**: Based on the cotton growth situation and market expectations, option strategies including a short - bullish call + put option combination strategy and a covered call strategy for spot are proposed [14] Grain Options - **Corn and Starch**: Considering the corn inventory and demand situation, option strategies such as a short - bearish call + put option combination strategy are suggested [14] Group 7: Option Charts - The report includes price trend charts, trading volume and open - interest charts, PCR charts, implied volatility charts, historical volatility cone charts, and pressure and support level charts for various option varieties such as soybean No.1, soybean No.2, etc. [16][35][53]

Group 1: Investment Rating - No investment rating for the industry is provided in the report. Group 2: Core Viewpoints - The agricultural products options market shows different trends. Oilseeds and oils are in a weakly oscillating trend, while other products have their own market trends. For example, soft - commodity sugar shows a slight oscillation, and cotton is in a weak consolidation state. Grains such as corn and starch are in a weak and narrow - range 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]. Group 3: Summary by Content 1. Futures Market Overview - Various agricultural product futures have different price changes, trading volumes, and open interest changes. For example, the latest price of soybeans (A2511) is 3,924, down 9 (-0.23%), with a trading volume of 103,400 lots and an open interest of 227,900 lots [3]. 2. Option Factor - 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 market [4]. 3. Option Factor - Pressure and Support Levels - The pressure and support levels of different option varieties are analyzed from the perspective of the exercise prices corresponding to the maximum open interests of call and put options. For example, the pressure level of soybeans is 4,500 and the support level is 3,900 [5]. 4. Option Factor - Implied Volatility - The implied volatility of different option varieties is presented, including at - the - money implied volatility, weighted implied volatility, and its changes compared with the annual average [6]. 5. Strategies and Recommendations Oilseeds and Oils Options - **Soybeans (A2511)**: The fundamental situation of soybeans is analyzed, and different strategies are recommended, including volatility strategies (constructing a neutral - biased call + put option combination strategy) and spot long - hedging strategies (constructing a long - collar strategy) [7]. - **Soybean Meal (M2511)**: According to the estimated domestic soybean crushing volume and other fundamentals, different strategies are recommended, such as a bear - spread strategy for directional trading and a long - collar strategy for spot long - hedging [9]. - **Palm Oil (P2510)**: Based on the supply and demand situation of oils and the market trend of palm oil, a bull - spread strategy for directional trading and a long - collar strategy for spot long - hedging are recommended [10]. - **Peanuts (PK2510)**: Given the market price and supply situation of peanuts, a bear - spread strategy for directional trading and a long - collar strategy for spot long - hedging are recommended [11]. Agricultural By - product Options - **Pigs (LH2511)**: Considering the supply and demand situation of pigs, a short - biased call + put option combination strategy for volatility trading and a covered call strategy for spot long - hedging are recommended [11]. - **Eggs (JD2510)**: Based on the egg inventory situation, a bear - spread strategy for directional trading and a short - biased call + put option combination strategy for volatility trading are recommended [12]. - **Apples (AP2510)**: According to the apple inventory situation, a neutral - biased call + put option combination strategy for volatility trading is recommended [12]. - **Jujubes (CJ2601)**: Given the jujube inventory situation, a neutral - biased wide - straddle option combination strategy for volatility trading and a covered call strategy for spot long - hedging are recommended [13]. Soft - Commodity Options - **Sugar (SR2511)**: Based on the domestic sugar price and related indicators, a short - biased call + put option combination strategy for volatility trading and a long - collar strategy for spot long - hedging are recommended [13]. - **Cotton (CF2511)**: Considering the cotton inventory and market situation, a long - biased call + put option combination strategy for volatility trading and a covered call strategy for spot long - hedging are recommended [14]. Grain Options - **Corn (C2511)**: Given the import and auction situation of corn, a bear - spread strategy for directional trading and a short - biased call + put option combination strategy for volatility trading are recommended [14].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The agricultural product sector includes beans, oils, agricultural by - products, soft commodities, grains, and others. Each sector has specific option strategies and suggestions based on the analysis of the underlying market, option factors, and option strategy recommendations [8]. - The overall market situation shows that oilseeds and oils are weakly volatile, oils are in a volatile range, agricultural by - products are volatile, soft commodity sugar has a slight fluctuation, cotton is weakly consolidating, and grains such as corn and starch are weakly and narrowly consolidating. The recommended strategy is to construct an option portfolio strategy 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 - Various agricultural product futures have different price changes, trading volumes, and open interest changes. For example, the latest price of soybean No.1 (A2511) is 3,996 with a 0.18% increase, and its trading volume is 9.95 million lots with an increase of 1.45 million lots, and open interest is 20.61 million lots with an increase of 0.91 million lots [3]. 3.2 Option Factor - Quantity and Open Interest PCR - Different option varieties have different quantity and open interest PCR values and their changes, which can be used to describe the strength of the option underlying market and the turning point of the underlying market. For example, the quantity PCR of soybean No.1 is 0.62 with a 0.18 change, and the open interest PCR is 0.41 with a 0.04 change [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 option underlyings are analyzed. For example, the pressure level of soybean No.1 is 4500 and the support level is 3900 [5]. 3.4 Option Factor - Implied Volatility - Different option varieties have different implied volatility values, including at - the - money implied volatility, weighted implied volatility, and their changes compared with the annual average. For example, the weighted implied volatility of soybean No.1 is 13.87% with a 0.28% change, and the annual average is 14.30% [6]. 3.5 Option Strategies and Suggestions 3.5.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: In terms of fundamentals, the US soybean good - rate is 68%, and the Brazilian soybean CNF premium and import cost have corresponding changes. The market shows a weak - volatile pattern. Option strategies include constructing a neutral call + put option combination for selling, and a long collar strategy for spot hedging [7]. - **Soybean Meal and Rapeseed Meal**: The domestic soybean crushing volume and operating rate have specific data. The market shows a pattern of weak consolidation and then a rebound. Option strategies include constructing a neutral call + put option combination for selling and a long collar strategy for spot hedging [9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The fundamentals show that the domestic oil inventory is sufficient. The palm oil market shows a bullish pattern with a pull - back. Option strategies include constructing a bullish spread combination for call options, a bullish - biased call + put option combination for selling, and a long collar strategy for spot hedging [10]. - **Peanuts**: The price of peanut kernels has decreased. The market shows a pattern of weak consolidation under bearish pressure. Option strategies include constructing a bearish spread combination for put options and a long collar strategy for spot hedging [11]. 3.5.2 Agricultural By - product Options - **Pigs**: The fundamentals show that the demand is average, and the slaughter volume is large. The market shows a pattern of weak consolidation under bearish pressure. Option strategies include constructing a bearish - biased call + put option combination for selling and a covered call strategy for spot [11]. - **Eggs**: The inventory of laying hens is higher than expected. The market shows a bearish pattern. Option strategies include constructing a bearish spread combination for put options, a bearish - biased call + put option combination for selling [12]. - **Apples**: The inventory of cold - stored apples is at a low level. The market shows a pattern of continuous recovery. Option strategies include constructing a neutral call + put option combination for selling [12]. - **Red Dates**: The inventory of red dates has decreased. The market shows a pattern of short - term pull - back. Option strategies include constructing a wide - straddle option combination for selling and a covered call strategy for spot hedging [13]. 3.5.3 Soft Commodity Options - **Sugar**: The domestic sugar price is volatile. The market shows a bearish pattern. Option strategies include constructing a bearish - biased call + put option combination for selling and a long collar strategy for spot hedging [13]. - **Cotton**: The opening rates of spinning and weaving factories and the commercial inventory of cotton have specific data. The market shows a short - term weak pattern. Option strategies include constructing a bullish - biased call + put option combination for selling and a covered call strategy for spot [14]. 3.5.4 Grain Options - **Corn and Starch**: The import of corn is regularly auctioned, and the domestic corn price is falling. The market shows a bearish pattern. Option strategies include constructing a bearish spread combination for put options, a bearish - biased call + put option combination for selling [14].

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].