1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The agricultural product options market shows a mixed trend, with oilseeds and oils being weakly volatile, while some products like apples show a warming - up trend. Strategies mainly focus on constructing option combination strategies based on sellers to enhance returns [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Various agricultural product futures have different price changes, such as a 0.13% decline in soybean No.1 (A2511), a 0.22% decline in soybean No.2 (B2511), and a 0.49% increase in peanuts (PK2511) [3]. 3.2 Option Factor - Volume and Open Interest PCR - Different option varieties have different volume and open - interest PCR values, which reflect the strength of the option underlying market and the turning point of the market. For example, the volume PCR of soybean No.1 is 0.60, and the open - interest PCR is 0.49 [4]. 3.3 Option Factor - Pressure and Support Levels - The pressure and support levels of different option varieties are analyzed. For instance, the pressure level of soybean No.1 is 4000, and the support level is 3900 [5]. 3.4 Option Factor - Implied Volatility - The implied volatility of different option varieties shows different trends. For example, the implied volatility of soybean No.1 is 11.265%, and the weighted implied volatility is 13.07% [6]. 3.5 Option Strategies for Different Product Categories 3.5.1 Oilseeds and Oils Options - **Soybean No.1**: Build a short - biased call + put option combination strategy and a long collar strategy for spot hedging [8]. - **Soybean Meal**: Construct a bear - spread put option strategy, a short - biased call + put option combination strategy, and a long collar strategy for spot hedging [10]. - **Palm Oil**: Build a short - biased call + put option combination strategy and a long collar strategy for spot hedging [11]. - **Peanuts**: Construct a bear - spread put option strategy and a long collar strategy for spot hedging [12]. 3.5.2 Agricultural By - product Options - **Pigs**: Build a short - biased call + put option combination strategy and a long - spot + short - out - of - the - money call option strategy [12]. - **Eggs**: Construct a bear - spread put option strategy, a short - biased call + put option combination strategy [13]. - **Apples**: Build a long - biased call + put option combination strategy [13]. - **Jujubes**: Build a long - biased wide - straddle option combination strategy and a long - spot + short - out - of - the - money call option strategy [14]. 3.5.3 Soft Commodity Options - **Sugar**: Build a short - biased call + put option combination strategy and a long collar strategy for spot hedging [14]. - **Cotton**: Build a short - biased call + put option combination strategy and a long - spot + long - put + short - out - of - the - money call option strategy [15]. 3.5.4 Grain Options - **Corn**: Build a short - biased call + put option combination strategy [15].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The agricultural product options market shows a mixed trend, with oilseeds and oils in a weak and volatile state, while some agricultural by - products and soft commodities are in a volatile or weak - consolidating situation. - It is recommended to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Various agricultural product futures show different price changes. For example, the latest price of soybean A2511 is 3,938, down 2 (-0.05%); the price of soybean meal M2511 is 2,903, down 13 (-0.45%); and the price of palm oil P2511 is 9,224, up 16 (0.17%) [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 A is 0.42, down 0.06; the open - interest PCR is 0.47, up 0.02 [4]. 3.3 Option Factors - Pressure and Support Levels - Each option variety has corresponding pressure and support levels. For example, the pressure level of soybean A is 4000, and the support level is 3900; the pressure level of soybean meal is 3100, and the support level is 3050 [5]. 3.4 Option Factors - Implied Volatility - Implied volatility varies among different option varieties. For example, the weighted implied volatility of soybean A is 13.00, up 0.26; the weighted implied volatility of soybean meal is 16.37, up 0.45 [6]. 3.5 Option Strategies for Different Product Categories 3.5.1 Oilseeds and Oils Options - **Soybean A**: The implied volatility is below the historical average. The recommended strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [8]. - **Soybean Meal**: The implied volatility is below the historical average. Directional strategy: construct a bear - spread put option combination; volatility strategy: construct a short - biased call + put option combination; spot hedging: use a long collar strategy [10]. - **Palm Oil**: The implied volatility is falling below the historical average. Volatility strategy: construct a short - biased call + put option combination; spot hedging: use a long collar strategy [11]. - **Peanut**: The implied volatility is at a relatively high historical level. Directional strategy: construct a bear - spread put option combination; spot hedging: hold a long position in the spot + buy a put option + sell an out - of - the - money call option [12]. 3.5.2 Agricultural By - products Options - **Pig**: The implied volatility is above the historical average. Volatility strategy: construct a short - biased call + put option combination; spot covered strategy: hold a long position in the spot + sell an out - of - the - money call option [12]. - **Egg**: The implied volatility is relatively high. Directional strategy: construct a bear - spread put option combination; volatility strategy: construct a short - biased call + put option combination [13]. - **Apple**: The implied volatility is above the historical average. Volatility strategy: construct a long - biased call + put option combination [13]. - **Jujube**: The implied volatility is rising above the historical average. Volatility strategy: construct a short - biased strangle option combination; spot covered hedging strategy: hold a long position in the spot + sell an out - of - the - money call option [14]. 3.5.3 Soft Commodities Options - **Sugar**: The implied volatility is at a relatively low historical level. Volatility strategy: construct a short - biased call + put option combination; spot hedging: use a long collar strategy [14]. - **Cotton**: The implied volatility is at a low level. Volatility strategy: construct a short - biased call + put option combination; spot covered strategy: hold a long position in the spot + buy a put option + sell an out - of - the - money call option [15]. 3.5.4 Grains Options - **Corn**: The implied volatility is at a relatively low historical level. Volatility strategy: construct a short - biased call + put option combination [15].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The agricultural product options market shows different trends across various sectors. Oilseeds and oils are weakly volatile, while agricultural by - products, soft commodities, and grains maintain their respective oscillating patterns. 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 by Relevant Catalogs 3.1 Futures Market Overview - Different agricultural product futures show diverse price changes. For example, the latest price of soybean No.1 (A2511) is 3,898, with a rise of 6 and a rise - fall rate of 0.15%; the latest price of soybean No.2 (B2511) is 3,670, with no change [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume and open - interest PCR of different options vary. For instance, the volume PCR of soybean No.1 is 0.57 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 - Each option has its corresponding pressure and support levels. For example, the pressure point of soybean No.1 is 3,950 and the support point is 3,900 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility of different options also shows differences. For example, the at - the - money implied volatility of soybean No.1 is 9.91%, and the weighted implied volatility is 12.19% with a change of - 0.98% [6]. 3.5 Strategy and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The fundamental situation of US soybeans has a neutral - to - negative impact. The option strategy includes constructing a selling option combination strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal and Rapeseed Meal**: The daily提货量 of soybean meal has increased, and the basis has decreased. The option strategies include a bear spread strategy for direction and a selling option combination strategy for volatility, as well as a long collar strategy for spot hedging [9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The palm oil inventory in Malaysia is expected to increase. The option strategies include a selling option combination strategy and a long collar strategy for spot hedging [10]. - **Peanuts**: The price of peanuts shows a weak consolidation pattern. The option strategies include a bear spread strategy and a long collar strategy for spot hedging [11]. 3.5.2 Agricultural By - products Options - **Pigs**: The supply pressure of pigs is large. The option strategies include a selling option combination strategy and a covered call strategy for spot [11]. - **Eggs**: The inventory of laying hens is expected to increase. The option strategies include a bear spread strategy and a selling option combination strategy, but no spot hedging strategy [12]. - **Apples**: The consumption market of apples is warming up. The option strategies include a selling option combination strategy, but no spot hedging strategy [12]. - **Jujubes**: The inventory of jujubes has decreased slightly. The option strategies include a wide - straddle selling strategy and a covered call strategy for spot hedging [13]. 3.5.3 Soft Commodities Options - **Sugar**: The low inventory of domestic sugar supports the price, but the sales volume is lower than expected. The option strategies include a selling option combination strategy and a long collar strategy for spot hedging [13]. - **Cotton**: The开机率 of spinning and weaving mills has changed, and the commercial inventory has decreased. The option strategies include a selling option combination strategy and a covered call strategy for spot [14]. 3.5.4 Grains Options - **Corn and Starch**: The corn yield is expected to increase. The option strategies include a selling option combination strategy, but no spot hedging strategy [14].

Group 1: Market Expansion - In 2024, a total of 15 new futures and options products were launched in China, enriching the futures market ecosystem [3] - The cumulative number of listed futures and options products in China has reached 146, covering various important sectors of the national economy [3][4] - The options coverage rate for mature commodity futures exceeds 80%, indicating a robust development of the product ecosystem [3] Group 2: Product Launches - In the non-ferrous metals sector, four new options products including lead, nickel, tin, and alumina were launched in September [1] - In the renewable energy sector, polysilicon futures and options were listed in December, marking the third renewable metal product on the Guangzhou Futures Exchange [1] - The agricultural sector saw the introduction of jujube options, along with egg, corn starch, and live pig options, enhancing the derivative tools available for related industries [3] Group 3: Trading Data - From January to November 2024, the cumulative trading volume in the futures market reached 561.99 trillion yuan, reflecting a year-on-year growth of 7.98% [3] - As of the end of November, the total number of effective clients in the market was 2.4898 million, with total funds amounting to 1.73 trillion yuan, representing increases of 12.86% and 14.97% respectively since the beginning of the year [3] Group 4: Economic Impact - The expansion of the futures and options product matrix allows for broader service to the real economy and more complete industry chains, providing diverse risk management tools for enterprises [4] - The influence of "China prices" in international trade pricing is growing, with many futures prices becoming benchmarks for domestic trade [5] - The Shanghai Futures Exchange is accelerating the development of green products, while the Zhengzhou Commodity Exchange is preparing for the listing of propylene futures and options by 2025 [5]

期权实战36技 期权被誉为金融衍生品皇冠上的明珠，是最复杂的金融衍生品之一，在实战过程中要注意很多细节，讲究很多交易技法，看似杂乱无章的内容，实际上还是 有章可循的。笔者总结一些比较实用但又不好记住的内容，让大家通过一定的技巧就能轻松掌握。 第16技 有章可循的行权价间距 期权的行权价间距非常多，差距也非常大，比如上证50ETF期权现在的行权价间距是0.25元，原油期权现在的行权价间距是10元，白糖期权现在的行权价间 距是100元，而镍期权现在的行权价间距是2000元。那么这些行权价间距有没有规律可循呢？ 目前国内期权的行权价间距都不一样，差别非常大，但还是有一定的规律的，只是有一些细节不同而已。 期权标的价格在0元至100元之间的行权价间距的规律如下表所示。ETF期权的行权价间距以这个规律为主。 | 期权标的收盘价区间 | 行权价间距 | | --- | --- | | 3元或以下 | 0.05 元 | | 3元至5元(含) | 0.1 元 | | 5元至10元(含) | 0.25 元 | | 10元至20元(含) | 0.5 元 | | 20元至50元(含) | 1元 | | 50元至100元(含) | ...

Report Summary 1. Investment Rating The report does not provide an investment rating for the agricultural products options industry. 2. Core Viewpoints - The agricultural products options market shows different trends across various sectors. Oilseeds and oils are in a relatively strong and volatile state, while other sectors such as by - products, soft commodities, and grains have their own specific trends like range - bound trading or short - term weakness [2]. - The recommended strategy is to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Various agricultural product futures show different price changes, trading volumes, and open interest changes. For example, the price of soybean No.1 (A2509) dropped by 0.63% to 4,126, with a trading volume of 11.89 million lots and a decrease of 1.99 million lots compared to the previous period, and an open interest of 12.87 million lots with a decrease of 0.47 million lots [3]. 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. For example, the volume PCR of soybean No.1 is 0.38, a decrease of 0.16, and the open interest PCR is 0.39, a decrease of 0.01 [4]. - **Pressure and Support Levels**: From the perspective of the maximum open interest of call and put options, the pressure and support levels of the underlying assets are analyzed. For example, the pressure level of soybean No.1 is 4,300 and the support level is 4,100 [5]. - **Implied Volatility**: Each option variety has different implied volatility values, changes, and differences compared to historical volatility, which can be used to measure the market's expectation of future price fluctuations. For example, the weighted implied volatility of soybean No.1 is 12.36%, a decrease of 0.72% [6]. 3.3 Strategies and Recommendations - **Oilseeds and Oils Options** - **Soybean No.1 and No.2**: The USDA July report adjusted the supply - demand balance of soybeans. The market of soybean No.1 shows a pattern of small - range consolidation with pressure above. Recommended strategies include constructing a neutral short 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 shows a certain pattern. The market of soybean meal shows a pattern of weak consolidation with support below followed by a rebound and then a decline. Recommended strategies are similar to those of soybean No.1 [9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The palm oil market is affected by export and production factors, showing a pattern of long - position high - level consolidation. Recommended strategies include constructing a long - biased short call + put option combination strategy and a long collar strategy for spot hedging [10]. - **Peanuts**: The peanut market is affected by factors such as supply and demand, showing a pattern of weak consolidation under bearish pressure. Recommended strategies include constructing a bearish spread strategy of put options and a long collar strategy for spot hedging [11]. - **By - product Options** - **Pigs**: The pig market is affected by factors such as supply and demand, showing a pattern of small - range consolidation under bearish pressure. Recommended strategies include constructing a short - biased short call + put option combination strategy and a covered call strategy for spot [11]. - **Eggs**: The egg market is affected by factors such as weather and supply and demand, showing a pattern of weak consolidation with pressure above. Recommended strategies include constructing a bearish spread strategy of put options and a short - biased short call + put option combination strategy [12]. - **Apples**: The apple market is affected by factors such as production and inventory, showing a pattern of gradual rebound with pressure above. Recommended strategies include constructing a neutral short call + put option combination strategy [12]. - **Jujubes**: The jujube market shows a pattern of rebound and then decline with pressure above. Recommended strategies include constructing a short - biased wide - straddle option combination strategy and a covered call strategy for spot hedging [13]. - **Soft Commodity Options** - **Sugar**: The sugar market shows a pattern of rebound after a decline with support below. Recommended strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [13]. - **Cotton**: The cotton market shows a short - term weak pattern. Recommended strategies include constructing a long - biased short call + put option combination strategy and a covered call strategy for spot [14]. - **Grain Options** - **Corn and Starch**: The corn market shows a pattern of weak decline with pressure above. Recommended strategies include constructing a bearish spread strategy of put options and a short - biased short call + put option combination strategy [14].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The agricultural products sector includes beans, oils, agricultural by - products, soft commodities, grains, and others. Oilseeds and oils show a relatively strong and volatile trend, while oils, agricultural by - products maintain a volatile market. Soft commodity sugar rebounds and fluctuates upward, cotton shows a bullish trend, and grains such as corn and starch are weakly and narrowly consolidated. 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 Related Catalogs 3.1 Futures Market Overview - Different agricultural product options have various price changes, trading volumes, and open interest changes. For example, the latest price of soybean A2509 is 4,241, with a rise of 28 and a rise rate of 0.66%, trading volume of 14.61 million lots (a decrease of 3.65 million lots), and open interest of 18.11 million lots (an increase of 0.81 million lots) [3]. 3.2 Option Factors - Quantity and Position PCR - The quantity and position 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 A is 0.23 (a decrease of 0.11), and the position PCR is 0.48 (an increase 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 varieties are determined. For example, the pressure level of soybean A is 4,500, and the support level is 4,100 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility of different option varieties also shows differences. For example, the at - the - money implied volatility of soybean A is 10.525, the weighted implied volatility is 11.72 (an increase of 0.33), and the difference between implied and historical volatility is - 0.40 [6]. 3.5 Option Strategies and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean A and B**: The USDA July report adjusted the supply - demand data of US soybeans. Soybean A showed a rebound after a decline in June and July. The implied volatility of soybean A options is at a relatively high level, the position PCR is below 0.70, and the pressure and support levels are 4,500 and 4,100 respectively. It is recommended to construct a neutral call + put option combination strategy for volatility, and a long collar strategy for spot hedging [7]. - **Soybean Meal and Rapeseed Meal**: The purchase volume of soybean meal from March to September is different. Soybean meal showed a rebound after a decline in June and July. The implied volatility of soybean meal options is slightly above the historical average, the position PCR is around 0.80, and the pressure and support levels are 3,450 and 2,900 respectively. Similar to soybean A, it is recommended to construct 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**: The export and production data of Malaysian palm oil in June are different. Palm oil showed a bullish trend. The implied volatility of palm oil options is decreasing to below the historical average, the position PCR is around 1.00, and the pressure and support levels are 10,000 and 8,000 respectively. It is recommended to construct a bullish call + put option combination strategy for volatility and a long collar strategy for spot hedging [10]. - **Peanuts**: The price of peanuts in Henan and the northeast shows different trends. Peanuts showed a weak consolidation trend. The implied volatility of peanut options is at a relatively low level, the position PCR is below 0.80, and the pressure and support levels are 9,000 and 7,200 respectively. It is recommended to construct a bearish spread strategy for direction and a long collar strategy for spot hedging [11]. 3.5.2 Agricultural By - products Options - **Pigs**: The domestic pig price showed a decline last week. Pigs showed a weak trend after a rebound. The implied volatility of pig options is above the historical average, the position PCR is below 0.50, and the pressure and support levels are 18,000 and 13,800 respectively. It is recommended to construct a bearish call + put option combination strategy for volatility and a covered call strategy for spot [11]. - **Eggs**: The domestic egg price rebounded last week. Eggs showed a weak bearish trend. The implied volatility of egg options is at a relatively high level, the position PCR is below 0.60, and the pressure and support levels are 3,500 and 2,800 respectively. It is recommended to construct a bearish spread strategy for direction and a bearish call + put option combination strategy for volatility [12]. - **Apples**: The inventory of apples in cold storage is at a low level. Apples showed a weak rebound trend. The implied volatility of apple options is below the historical average, the position PCR is below 0.60, and the pressure and support levels are 8,900 and 7,000 respectively. It is recommended to construct a neutral call + put option combination strategy for volatility [12]. - **Red Dates**: The inventory of red dates decreased slightly. Red dates showed a rebound and then a decline. The implied volatility of red date options is decreasing and is above the average, the position PCR is below 0.50, and the pressure and support levels are 14,000 and 8,600 respectively. It is recommended to construct a bearish strangle option combination strategy for volatility and a covered call strategy for spot [13]. 3.5.3 Soft Commodities Options - **Sugar**: The number of ships waiting to load sugar in Brazilian ports decreased. Sugar showed a rebound after a decline. The implied volatility of sugar options is at a relatively low level, the position PCR is around 0.80, and the pressure and support levels are 6,100 and 5,700 respectively. It is recommended to construct a neutral call + put option combination strategy for volatility and a long collar strategy for spot hedging [13]. - **Cotton**: The开机 rate of spinning and weaving factories decreased, and the commercial inventory of cotton decreased. Cotton showed a rebound trend. The implied volatility of cotton options is decreasing and is at a low level, the position PCR is below 1.00, and the pressure and support levels are 14,000 and 13,000 respectively. It is recommended to construct a bullish spread strategy for direction, a bullish call + put option combination strategy for volatility, and a covered call strategy for spot [14]. 3.5.4 Grains Options - **Corn and Starch**: The spot price of corn showed a weak trend, and the futures market was also weak. Corn showed a bearish trend. The implied volatility of corn options is at a relatively low level, the position PCR is around 0.80, and the pressure and support levels are 2,400 and 2,240 respectively. It is recommended to construct a bearish spread strategy for direction and a bearish call + put option combination strategy for volatility [14].

Core Viewpoint - The original wood futures market is demonstrating stable trading and increasing participation from industry players, contributing to the stability of the wood supply chain and enhancing China's influence on wood pricing [1][2][3][4] Group 1: Market Performance - As of the end of June, the average daily trading volume of original wood futures was approximately 31,200 contracts, with an average daily open interest of about 34,100 contracts, indicating a reasonable market scale and liquidity [1] - Since the listing of the original wood futures on November 18, 2024, the trading has been smooth, and the market functions are gradually being realized [1] Group 2: Delivery and Participation - By July 13, a total of 464 contracts had been successfully delivered, with significant activity concentrated in Shandong Lanshan, Jiangsu Taicang, and Chongqing, showcasing the effective delivery process [2] - Over a hundred industry enterprises are currently participating in trading, utilizing futures and options to manage price volatility risks [2] Group 3: Industry Impact and Innovations - The original wood futures market is facilitating the unification of measurement standards across regions, addressing long-standing issues in the physical wood market [3] - The introduction of intelligent inspection equipment has increased the efficiency of wood measurement by over five times, enhancing the operational efficiency of wood trading [3] Group 4: Future Developments - The Dalian Commodity Exchange plans to enhance market openness and facilitate foreign participation, aiming to strengthen China's pricing power in the international wood market [4] - Continuous optimization of contract rules and delivery processes is expected to improve industry participation and support the high-quality development of the original wood spot market [4]

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 have weakened, while some agricultural and sideline products are in a volatile state. Soft commodities like sugar continue to be weak, cotton is rising moderately, and grains such as corn and starch are in a narrow - range weak 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 by Related Catalogs 3.1 Futures Market Overview - Information on the latest price, price change, price change rate, trading volume, volume change, open interest, and open interest change of various agricultural product futures is presented, including soybeans, soybean meal, palm oil, etc. [3] 3.2 Option Factors 3.2.1 Volume - Open Interest PCR - Details of the trading volume, volume change, open interest, open interest change, trading volume PCR, volume PCR change, open interest PCR, and open interest PCR change of different option varieties are provided [4]. 3.2.2 Pressure and Support Levels - The pressure points, pressure point offsets, support points, support point offsets, maximum call option open interest, and maximum put option open interest of each option variety are listed [5]. 3.2.3 Implied Volatility - Data on the at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average, call option implied volatility, put option implied volatility, historical volatility, and implied - historical volatility difference of various option varieties are given [6]. 3.3 Strategies and Recommendations for Different Option Types 3.3.1 Oilseeds and Oils Options - **Soybeans (Bean 1 and Bean 2)**: Based on the USDA July report, the inventory - to - sales ratio of US soybeans in the 25/26 season has increased. Bean 1 has shown a weakening trend recently. Directional strategies suggest constructing a bear spread of put options; volatility strategies recommend selling a neutral combination of call and put options; and spot long - hedging strategies propose a long collar strategy [7]. - **Soybean Meal and Rapeseed Meal**: The fundamentals of soybean meal show that domestic trading has slightly improved but remains weak. The market has shown a weak rebound and then a decline. For soybean meal, volatility strategies suggest selling a bearish combination of call and put options, and spot long - hedging strategies use a long collar strategy [9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The MPOB June report indicates that Malaysian palm oil exports are lower than expected. Palm oil has shown a bullish trend. Volatility strategies recommend selling a bullish combination of call and put options, and spot long - hedging strategies use a long collar strategy [10]. - **Peanuts**: The fundamentals show that peanut prices are weak, and the downstream consumption is also weak. Directional strategies suggest constructing a bear spread of put options, and spot long - hedging strategies use a long collar strategy [11]. 3.3.2 Agricultural and Sideline Products Options - **Pigs**: The domestic pig price has stabilized after a decline. The market has shown a rebound and then a slight consolidation. Volatility strategies recommend selling a neutral combination of call and put options, and spot long - covered strategies suggest holding a long position in the spot and selling out - of - the - money call options [11]. - **Eggs**: The inventory of laying hens is increasing. The market has shown a weak downward trend. Directional strategies suggest constructing a bear spread of put options, and volatility strategies recommend selling a bearish combination of call and put options [12]. - **Apples**: The inventory of apples in cold storage is at a low level in recent years. The market has shown a weak rebound. Volatility strategies recommend selling a neutral combination of call and put options [12]. - **Jujubes**: The inventory of jujubes has decreased slightly, but the consumption is in the off - season. Volatility strategies recommend selling a bearish wide - straddle option combination, and spot covered - hedging strategies suggest holding a long position in the spot and selling out - of - the - money call options [13]. 3.3.3 Soft Commodities Options - **Sugar**: Brazilian sugar exports have increased. The market has shown a rebound after a decline. Volatility strategies recommend selling a neutral combination of call and put options, and spot long - hedging strategies use a long collar strategy [13]. - **Cotton**: The operating rates of spinning and weaving factories have declined, and the commercial inventory of cotton has decreased. The market has shown a rebound. Directional strategies suggest constructing a bull spread of call options, and volatility strategies recommend selling a neutral combination of call and put options, and spot covered strategies suggest holding a long position in the spot and selling out - of - the - money call options [14]. 3.3.4 Grains Options - **Corn and Starch**: The corn market is bearish due to the impact of imported corn auctions. The market has shown a downward trend. Directional strategies suggest constructing a bear spread of put options, and volatility strategies recommend selling a bearish combination of call and put options [14]. 3.4 Charts - Charts of various option varieties, including price trends, trading volume and open interest, open interest PCR, implied volatility, historical volatility cones, and pressure and support levels, are provided for different option types such as soybean options, soybean meal options, etc. [17][37][55]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The agricultural products sector is divided into beans, oils, agricultural by - products, soft commodities, grains, and others. Oils and fats, and agricultural by - products are in a volatile market, soft commodity sugar continues to be weak, cotton rises moderately, and grains such as corn and starch recover and then consolidate in a narrow range. It is recommended to construct option combination strategies mainly as 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 different price changes. For example, the latest price of soybean No.1 (A2509) is 4,126, down 3 with a decline rate of 0.07%; the latest price of sugar (SR2509) is 5,716, down 65 with a decline rate of 1.12% [3]. 3.2 Option Factor - Volume and Position PCR - Different option varieties have different volume and position PCR values and their changes. For instance, the volume PCR of soybean No.1 is 0.41 with a change of 0.07, and the position PCR is 0.49 with a change of - 0.03 [4]. 3.3 Option Factor - Pressure and Support Levels - Each option variety 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; the pressure level of soybean meal is 3,100 and the support level is 2,900 [5]. 3.4 Option Factor - Implied Volatility - Implied volatility varies among different option varieties. For example, the at - the - money implied volatility of soybean No.1 is 9.575, and the weighted implied volatility is 11.66 with a change of - 0.24 [6]. 3.5 Strategy and Recommendations 3.5.1 Oils and Fats Options - **Beans (Soybean No.1, Soybean No.2)**: As of June 24, the purchase volume of soybeans from December to September is known. Soybean No.1 has a weak market. Its implied volatility is at a relatively high level, and the position PCR is below 0.7. The recommended strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal, Rapeseed Meal**: The cost of distant - month soybean meal is in the range of 2,850 - 3,020 yuan/ton. The market shows a weak decline with support below. The implied volatility is slightly above the historical average, and the position PCR fluctuates around 0.8. Recommended strategies are similar to those for soybeans [9]. - **Palm Oil, Soybean Oil, Rapeseed Oil**: The fundamentals of oils are affected by multiple factors. Palm oil shows a pattern of rising and then falling. Its implied volatility is below the historical average, and the position PCR is around 1.0. Recommended strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [10]. - **Peanuts**: The peanut market has a weak supply - demand pattern. The implied volatility is at a low level, and the position PCR is below 0.8. The recommended strategies are a bearish spread strategy for put options and a long collar strategy for spot hedging [11]. 3.5.2 Agricultural By - product Options - **Pigs**: The pig price fluctuates upward. The implied volatility is above the historical average, and the position PCR is below 0.5. Recommended strategies include constructing a neutral short call + put option combination strategy and a covered call strategy for spot [11]. - **Eggs**: The egg inventory is expected to increase, and the market shows a weak downward trend. The implied volatility is high, and the position PCR is below 0.6. The recommended strategy is a short - biased bearish call + put option combination strategy [12]. - **Apples**: The apple inventory is decreasing, and the market shows a weak rebound. The implied volatility is below the historical average, and the position PCR is below 0.6. The recommended strategy is a neutral short call + put option combination strategy [12]. - **Red Dates**: The red date inventory is slightly decreasing, and the market rebounds. The implied volatility is above the average and decreasing, and the position PCR is below 0.5. The recommended strategies are a short - biased long strangle option combination strategy and a covered call strategy for spot [13]. 3.5.3 Soft Commodity Options - **Sugar**: The supply of Brazilian sugar is affected. The sugar market shows a weak rebound. The implied volatility is at a low level, and the position PCR is around 0.8. Recommended strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [13]. - **Cotton**: The cotton market shows a mild upward trend. The implied volatility is at a low level and decreasing, and the position PCR is below 1.0. Recommended strategies are a bullish spread strategy for call options, a neutral short call + put option combination strategy, and a covered call strategy for spot [14]. 3.5.4 Grain Options - **Corn, Starch**: The corn market is in a narrow - range consolidation. The implied volatility is at a low level, and the position PCR is around 0.8. The recommended strategy is a neutral short call + put option combination strategy [14].