农产品期权 2026-01-09 农产品期权策略早报 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） | (万手) | | (万手) | | | 豆一 | A2603 | 4,326 | -7 | -0.16 | 2.70 | -1.47 | 5.79 | -0.18 | | 豆二 | B2602 | 3,786 | -37 | -0.97 | 1.32 | 0.13 | 1.80 | -0.47 | | 豆粕 | M2603 | 3,098 | -29 | -0.93 | 24.46 | 7.74 | 54.02 | -1.53 | | 菜籽粕 | RM2603 | 2,408 | -37 | -1.51 | 5.18 | 2.49 | 2.64 | -0.46 | | 棕榈油 | P2602 | 8,586 | ...

农产品期权 2025-12-29 农产品期权策略早报 | 李立勤 | 高级投研经 | 从业资格号：F3074095 | 交易咨询号：Z0017896 | 邮箱：lilq@wkqh.cn | | --- | --- | --- | --- | --- | | | 理 | | | | | 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， 棉花偏强盘整，谷物类玉米和淀粉偏多窄幅盘整。 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 | | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

农产品期权 2025-12-22 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， 棉花偏强盘整，谷物类玉米和淀粉偏多窄幅盘整。 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （ ...

农产品期权 2025-12-19 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， 棉花偏强盘整，谷物类玉米和淀粉偏多窄幅盘整。 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （ ...

| 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 2025-12-17 农产品期权策略早报 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， 棉花偏强盘整，谷物类玉米和淀粉偏多窄幅盘整。 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （ ...

棉花市场2026年年报 棉花：千寻深处探春温 一绽云裳上玉墀 ——2025年棉花市场回顾与2026年展望 方正中期期货研究院 农产品团队 侯芝芳 Z0014216 摘要： 2025年棉花期货整体是筑底行情。年度走势锚定因子主要是三个，一是中美贸易 关系反复，二是进口量同比下滑明显，三是新疆产量增幅较为明显。美国对等关税把 利空情绪打到极致，期价进入年内低位区间，而进口量同比下滑，使得年度尾端供应 吃紧，又把期价抬到了年内高位区间，之后又在新疆产量增幅超预期的带动下，回到 低位区间。 2026年棉花价格到底是接着筑底还是筑底回升，关键点主要还是看供应端是否有 驱动。目前种植端是有风险累积的。全球角度来看，棉花期价持续处于低位之后，种 植积极性是有所下降的，并且美棉/美玉米以及美棉/美豆比价确实也不支持其面积增 长，政策端来看，中国以及印度边际驱动也是下降的，因此棉花种植端是有缩量预期 的，不过这个风险累积是否能引发资金热情，还是要看是否有天气助力，一旦出现天 气扰动，就可能会触发一波上涨行情。国内角度来看，补贴的边际提振也在下降，同 时2026年将面临新一轮政策方案，方案定调也会引发价格波动。目前对于2026年 ...

农产品期权 2025-12-15 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， 棉花偏强盘整，谷物类玉米和淀粉偏多窄幅盘整。 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 document 2. Core Viewpoints of the Report - The agricultural product options market shows different trends: oilseeds and oils are weakly volatile, fats and oils and agricultural by - products maintain a volatile market, soft commodity sugar fluctuates slightly, cotton consolidates strongly, and grains such as corn and starch are narrowly bullish [2]. - Strategies suggest constructing option combination strategies mainly as sellers, as well as spot hedging or covered strategies to enhance returns [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Different agricultural product futures have different price changes, trading volumes, and open interest changes. For example, the latest price of soybean No.1 (A2601) is 4,159, up 36 with a gain of 0.87%, trading volume is 14.46 million lots, and open interest is 14.53 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 underlying market. For example, the trading volume PCR of soybean No.1 is 0.71, and the open interest PCR is 1.02 [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 option underlyings are identified. For example, the pressure level of soybean No.1 is 4250, and the support level is 4050 [5]. 3.4 Option Factors - Implied Volatility - Implied volatility indicators show the market's expectation of future price fluctuations. For example, the at - the - money implied volatility of soybean No.1 is 10.5, and the weighted implied volatility is 12.46 [6]. 3.5 Option Strategies and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1**: The fundamental situation has a slightly bullish impact. The option implied volatility fluctuates around the historical average. Directional strategy: None; Volatility strategy: Construct a neutral call + put option combination strategy; Spot long - hedging strategy: Construct a long collar strategy [7]. - **Soybean meal**: The trading volume and basis have certain changes. The option implied volatility is below the historical average. Directional strategy: None; Volatility strategy: Construct a neutral call + put option combination strategy; Spot long - hedging strategy: Construct a long collar strategy [9]. - **Palm oil**: The production and inventory situation is complex. The option implied volatility is below the historical average. Directional strategy: Construct a bearish put option spread combination strategy; Volatility strategy: Construct a bearish call + put option combination strategy; Spot long - hedging strategy: Construct a long collar strategy [9]. - **Peanut**: The market is in a high - level consolidation stage. The option implied volatility is at a relatively high historical level. Directional strategy: None; Volatility strategy: None; Spot long - hedging strategy: Hold long spot + buy put option + sell out - of - the - money call option [10]. 3.5.2 Agricultural By - product Options - **Live pig**: The supply is relatively loose, and the demand increases. The option implied volatility fluctuates around the historical average. Directional strategy: None; Volatility strategy: Construct a bearish call + put option combination strategy; Spot long - covered strategy: Hold long spot + sell out - of - the - money call option [10]. - **Egg**: The egg - laying hen inventory is high, and the supply and demand are loose. The option implied volatility is at a relatively high level. Directional strategy: None; Volatility strategy: Construct a bearish call + put option combination strategy; Spot hedging strategy: None [11]. - **Apple**: The cold - storage inventory is decreasing. The option implied volatility is above the historical average. Directional strategy: None; Volatility strategy: Construct a bullish call + put option combination strategy; Spot hedging strategy: Construct a long collar strategy [11]. - **Jujube**: The trading in the market is not active. The option implied volatility is above the historical average. Directional strategy: None; Volatility strategy: Construct a bearish wide - straddle option combination strategy; Spot covered - hedging strategy: Hold long spot + sell out - of - the - money call option [12]. 3.5.3 Soft Commodity Options - **Sugar**: The Brazilian sugarcane harvest is approaching, and the domestic supply and demand situation is complex. The option implied volatility is at a relatively low historical level. Directional strategy: None; Volatility strategy: Construct a bearish call + put option combination strategy; Spot long - hedging strategy: Construct a long collar strategy [12]. - **Cotton**: The spinning mill's operating rate is decreasing, and the inventory is increasing. The option implied volatility is at a low level. Directional strategy: None; Volatility strategy: Construct a neutral call + put option combination strategy; Spot collar strategy: Hold long spot + buy put option + sell out - of - the - money call option [13]. 3.5.4 Grain Options - **Corn**: The price has certain fluctuations. The option implied volatility is at a relatively low historical level. Directional strategy: None; Volatility strategy: Construct a bullish call + put option combination strategy; Spot long - hedging strategy: None [13]. - **Starch**: The price is relatively stable. The option implied volatility is at a relatively low historical level. Directional strategy: Not provided; Volatility strategy: Not provided; Spot hedging strategy: Not provided [13]. 3.5.5 Other Options - **Log**: The price is decreasing. The option implied volatility is at a relatively high level. Directional strategy: Not provided; Volatility strategy: Not provided; Spot hedging strategy: Not provided [3]

黄红雨认为，棉花产业的稳定发展离不开对产区源头的风险把控。近年来，同舟集团将服务触角延伸至 国内核心产棉区——新疆，聚焦当地棉企、棉农在生产经营中的价格波动痛点，大力推广棉花期货、期 权相结合的含权贸易模式。通过实地走访、专场培训等形式，同舟集团专业团队向产区企业详细拆解含 权贸易的运作逻辑，从期货套保策略制定，到期权工具对冲价格波动风险，再到结合现货交易的综合方 案设计，手把手帮助企业掌握"锁定成本、保障收益"的实操方法。经过同舟集团的不懈努力，新疆棉花 主产区已有一定规模的企业将含权贸易模式融入日常经营，有效规避了棉花价格波动带来的经营风险， 实现稳健发展。 "'郑商所期权专项奖'通过设置投教活动优秀组织奖，激励机构推广期权知识；通过设置参赛选手奖， 筛选优秀交易人才，引导资金方关注棉花期权品种，显著提升了产业企业的参与度。"黄红雨说。 棉花作为关系国计民生的重要农产品，其价格波动直接影响棉农、轧花厂、纺织企业等产业企业的生产 经营效益。近年来，随着我国衍生品市场不断成熟，棉花期权逐渐成为棉花产业发展的"稳定器"。以河 南同舟国际贸易集团有限公司（下称同舟集团）为代表的棉花产业龙头企业，深耕产融结合，以" ...

1. Report Industry Investment Rating There is no information provided in the document regarding the industry investment rating. 2. Core Viewpoints of the Report - The agricultural products options market shows a mixed trend, with oilseeds and oils being weakly volatile, and agricultural by - products and soft commodities maintaining a volatile pattern. For example, soft commodity sugar shows a slight fluctuation, while cotton is in a weak consolidation state, 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, as well as spot hedging or covered strategies to enhance returns [2]. 3. Summaries Based on Related Catalogs 3.1 Futures Market Overview - The latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various agricultural product options' underlying futures contracts are presented. For instance, the latest price of soybeans (A2601) is 4,141, with a price increase of 23 and a price change rate of 0.56%, a trading volume of 84,000 lots, a volume decrease of 19,600 lots, an open interest of 188,200 lots, and an open interest decrease of 2,200 lots [3]. 3.2 Option Factors - Volume and Open Interest PCR - 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 various agricultural product options are provided. For example, for soybean options, the trading volume is 35,896, with a volume decrease of 12,647, an open interest of 97,502, an open interest increase of 744, a trading volume PCR of 0.88, a volume PCR increase of 0.23, an open interest PCR of 0.98, and an open interest PCR change of 0 [4]. 3.3 Option Factors - Pressure and Support Levels - The underlying contracts, at - the - money strike prices, pressure points, pressure point offsets, support points, support point offsets, maximum call option open interests, and maximum put option open interests of various agricultural product options are given. For example, for soybean options (A2601), the at - the - money strike price is 4,150, the pressure point is 4,200 with an offset of 0, the support point is 4,000 with an offset of 0, the maximum call option open interest is 6,822, and the maximum put option open interest is 7,405 [5]. 3.4 Option Factors - Implied Volatility - The at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average implied volatility, call option implied volatility, put option implied volatility, historical 20 - day volatility, and implied - historical volatility difference of various agricultural product options are presented. For example, for soybean options, the at - the - money implied volatility is 11.355, the weighted implied volatility is 11.92, with a decrease of 0.47, the annual average implied volatility is 12.82, the call option implied volatility is 12.35, the put option implied volatility is 11.42, the historical 20 - day volatility is 12.07, and the implied - historical volatility difference is - 0.72 [6]. 3.5 Option Strategies and Recommendations - **Oilseeds and Oils Options**: - **Soybean Options**: The fundamental situation shows that due to China's purchase of US soybeans, the purchase progress has advanced. The option implied volatility is below the historical average, and the open interest PCR is above 1.00, indicating a volatile market. The pressure level is 4,200, and the support level is 4,000. It is recommended to construct a neutral call + put option selling combination strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal Options**: The oil mill operating rate is about 61.41%. The option implied volatility is below the historical average, and the open interest PCR is below 0.80, indicating a weak market. The pressure level is 2,950, and the support level is 2,800. It is recommended to construct a bearish call + put option selling combination strategy and a long collar strategy for spot hedging [9]. - **Palm Oil Options**: The production in Malaysia has increased, while the export volume has decreased. The option implied volatility is below the historical average, and the open interest PCR is around 0.80, indicating a weak market. The pressure level is 9,500, and the support level is 9,000. It is recommended to construct a bearish call spread strategy, a bearish call + put option selling combination strategy, and a long collar strategy for spot hedging [9]. - **Peanut Options**: The peanut market is in a high - level consolidation phase. The option implied volatility is at a relatively high historical level, and the open interest PCR is around 1.00, indicating a volatile and strong market. The pressure level is 8,000, and the support level is 7,700. It is recommended to construct a long collar strategy for spot hedging [10]. - **Agricultural By - product Options**: - **Pig Options**: The average slaughter weight of pigs has increased. The option implied volatility is above the historical average, and the open interest PCR is below 0.50, indicating a weak market. The pressure level is 14,000, and the support level is 11,000. It is recommended to construct a bearish call + put option selling combination strategy and a covered call strategy for spot [10]. - **Egg Options**: The domestic egg price has a limited increase, and the supply is sufficient while the demand has no obvious improvement. The option implied volatility is at a relatively high level, and the open interest PCR is below 0.60. The pressure level is 4,000, and the support level is 2,800. It is recommended to construct a neutral call + put option selling combination strategy [11]. - **Apple Options**: The new - season late - Fuji apple storage work is coming to an end, and the storage volume is less than last year. The option implied volatility is above the historical average, and the open interest PCR is above 0.90, indicating strong support below. The pressure level is 10,600, and the support level is 8,000. It is recommended to construct a bullish call + put option selling combination strategy and a long collar strategy for spot hedging [11]. - **Jujube Options**: The new - season jujube production in Xinjiang is expected to decrease, and the inventory pressure is large. The option implied volatility has rapidly risen above the historical average, and the open interest PCR is below 0.50. The pressure level is 12,600, and the support level is 10,000. It is recommended to construct a bearish strangle option selling combination strategy and a covered call strategy for spot hedging [12]. - **Soft Commodity Options**: - **Sugar Options**: The number of sugar mills in Guangxi that have started crushing is less than last year. The option implied volatility is at a relatively low historical level, and the open interest PCR is around 0.60, indicating a range - bound market. The pressure level is 5,700, and the support level is 5,400. It is recommended to construct a bearish call + put option selling combination strategy and a long collar strategy for spot hedging [12]. - **Cotton Options**: The spinning mill operating rate is 65.5%, and the cotton commercial inventory has increased. The option implied volatility is at a low level, and the open interest PCR is below 1.00, indicating a weak market. The pressure level is 13,600, and the support level is 13,000. It is recommended to construct a bullish call + put option selling combination strategy and a covered call strategy for spot [13]. - **Grain Options**: - **Corn Options**: The corn inventory in northern ports is accumulating, and the trading in Guangdong ports is light. The option implied volatility is at a relatively low historical level, and the open interest PCR is below 0.60, indicating a weak market. The pressure level is 2,200, and the support level is 2,000. It is recommended to construct a bullish call + put option selling combination strategy [13].