12月23日，大连商品交易所（下称大商所）在上海举办系列期权宣讲座谈会，多家产业企业、投资机构 及期货公司的相关代表出席会议，围绕系列期权服务实体经济模式进行了探讨，并就短期期权等新工具 的研究开发提出意见和建议。 这一设计精准契合了产业的短期风险管理需求。上海源耀农业公司参会代表认为，系列期权推出后，能 更好地匹配企业偏短期的现货头寸，在期限灵活性与成本控制方面的优势较常规期权更为突出。尤其是 对下游中小企业而言，受限于资金规模和专业能力，其难以开展标准化期货套期保值操作。在市场行情 波动加剧的背景下，系列期权、周期权等短期期权工具能够以更低的资金占用和更灵活的期限结构，帮 助企业实现风险对冲，是更贴合其经营实际的风险管理工具。 厦门国贸农林有限公司参会代表表示，当前产业企业主要通过场外渠道开展累沽累购业务，在场内市场 则购入虚值期权，为期货套保头寸提供保护。未来系列期权及其他短期期权的推出，将为产业企业参与 套期保值提供更灵活多元的工具选择。 大商所相关工作人员表示，下一步将扎实推进各项准备工作，确保豆粕和玉米系列期权的平稳上市、顺 利交易。同时，加强宣传培育工作，提升市场对系列期权的认知度与参与度。未来 ...

当前常规期权合约难以覆盖实际采销周期，对于每月均有采销需求的企业，缺少对应月份的期权工具。即将上市的玉米和豆粕系列期 权与已上市的白糖系列期权类似，都是在现有常规期权基础上，对最近一个月的期货加挂早于期货两个月到期的期权合约，补足每月 到期的期权。 | 标的期货交割月份 3月 5月 7月 9月 11月 次年1月 | | --- | | 常规期权到期月份 2月 4月 6月 8月 10月 12月 | | 系列期权到期月份 1月 3月 5月 7月 9月 1月 | 表为玉米期货、常规期权及系列期权到期月份 什么是系列期权 目前已上市的商品期权多为常规期权，即一个标的期货合约对应一个期权，常规期权比期货早1个月到期。如果期货没有覆盖12个月 份，对应的常规期权也不会覆盖12个到期月份。系列期权的推出解决了这一痛点，在常规期权未覆盖的到期月份增挂以近月交割期货 为标的的期权合约，使期权合约覆盖12个到期月份。在全球商品期权市场中，系列期权合约广泛出现在农产品期权市场，这与其独特 的自然周期性和产业对成本的敏感性有关。系列期权满足了农产品企业在风险管理中对时间准确、成本低廉、月份灵活的需求。 玉米和豆粕系列期权 根据大连商 ...

Core Viewpoint - The Dalian Commodity Exchange (DCE) is set to launch series options contracts for soybean meal and corn on February 2, 2026, marking a significant innovation in China's agricultural options market, aimed at providing more precise short-term risk management tools for the industry [1][2]. Group 1: Series Options Introduction - The series options will be introduced alongside existing conventional options, with the first contracts being soybean meal M2607 and corn C2607 [1]. - The series options will cover contract months of March, May, July, and November for soybean meal, and January, March, May, July, September, and November for corn, fulfilling the market demand for monthly expirations [2]. Group 2: Trading Mechanism and Features - Series options will share a mature rule system with conventional options, including trading codes structured as "variety-contract month-MS-type-strike price" and consistent fee standards and maximum order volumes [2]. - The core characteristics of series options include a shorter lifespan of approximately three and a half months, compared to nearly one year for conventional options, aligning with the short-term risk management needs of the industry [2]. Group 3: Market Demand and Benefits - There is a strong market demand for short-term options, as conventional options often have longer expiration periods and higher premium costs, which can hinder hedging effectiveness for enterprises facing short-term market volatility [3]. - The introduction of series options is expected to lower the cost of premiums for enterprises, facilitating more active buying and diverse short-term hedging strategies, thereby increasing market participation [3]. Group 4: Industry Response and Future Plans - The launch of series options is seen as a response to market needs, helping enterprises manage risks associated with raw material procurement and product sales more flexibly [3]. - The DCE plans to ensure a smooth market operation for the new series options and will focus on market cultivation and investor education to enhance understanding and participation in options trading [4].

Core Insights - The introduction of series options for soybean meal and corn marks a significant innovation in China's agricultural derivatives market, aimed at enhancing short-term risk management for enterprises [1][2][5] Group 1: Series Options Launch - The Dalian Commodity Exchange announced that soybean meal and corn series options will be listed for trading starting February 2, 2026, with the first contracts linked to soybean meal M2607 and corn C2607 [2] - Series options are new contracts added to existing conventional options, designed to provide a full cycle of monthly expiration contracts, thereby meeting market demand for short-term risk management [2][4] Group 2: Features and Benefits - The series options are characterized by a shorter lifespan of approximately 3.5 months, compared to nearly 1 year for conventional options, aligning with the short-term risk management needs of industries [4] - The introduction of series options is expected to lower the cost of hedging for enterprises, making it easier for them to engage in active buying and diversify their short-term hedging strategies [4] Group 3: Market Response and Future Plans - The Dalian Commodity Exchange has established a solid regulatory framework since the launch of the first options tool in 2017, ensuring smooth market operations and paving the way for the introduction of series options [5] - The exchange plans to enhance market cultivation and investor education regarding the new series options to promote understanding and encourage rational participation in trading [5]

Core Insights - The Dalian Commodity Exchange (DCE) announced the launch of series options contracts for soybean meal and corn, starting from February 2, 2026, marking a significant innovation in China's agricultural options market [1][2] - The introduction of series options aims to provide more precise short-term risk management tools for industries, enhancing the coverage of options contracts with a full cycle of 12-month expiration [1][2] Summary by Sections Announcement Details - The series options will be available for soybean meal contracts M2607 and corn contracts C2607, with the first trading day on January 30, 2026 [1] - The series options are designed to complement existing conventional options, allowing for a "monthly expiration" market demand [2] Trading Mechanism - Series options will share the same rule system as conventional options, including trading codes and fee structures, ensuring consistency in trading practices [2] - The core characteristics of series options include a shorter lifespan of approximately 3.5 months, compared to nearly 1 year for conventional options, aligning with the short-term risk management needs of industries [2] Market Demand and Impact - There is a strong market demand for short-term options, as indicated by the active trading of near-month conventional options for soybean meal and corn [3] - The introduction of series options is expected to lower the cost of hedging for enterprises, making it easier for them to manage short-term market volatility [3] - Companies like COFCO Oilseeds have expressed that series options fill the gap for monthly expiration contracts, allowing for more flexible hedging strategies in response to raw material procurement and product sales [3]

Core Viewpoint - The introduction of soybean meal and corn series options by the Dalian Commodity Exchange (DCE) on February 2, 2026, marks a significant innovation in China's agricultural derivatives market, enhancing risk management tools for industries [1][2]. Group 1: Series Options Launch - The DCE announced that soybean meal and corn series options will be listed for trading starting February 2, 2026, with the first contracts being M2607 and C2607 [2]. - Series options are new contracts added to existing conventional options, based on the same underlying futures contracts [2]. - The DCE has revised its trading management rules to accommodate series options, which will be listed five months before the delivery month and expire two months prior to the delivery month [2][3]. Group 2: Market Demand and Features - The series options are characterized by a shorter lifespan of approximately three and a half months, addressing the industry's need for short-term risk management [4]. - The introduction of series options is expected to lower the cost of hedging for enterprises, making it easier for them to engage in active buying and diversify their short-term hedging strategies [4]. - The series options fill the gap for monthly expiration contracts, allowing companies to manage risks related to raw material procurement and product sales more flexibly [4]. Group 3: Market Response and Future Plans - Since the launch of the first options tool in 2017, the DCE's options market has operated smoothly, with a solid regulatory framework supporting the introduction of series options [4]. - The DCE plans to ensure a stable market operation for the newly listed series options and will focus on market cultivation and investor education to enhance understanding of options tools [5].

Core Viewpoint - The Dalian Commodity Exchange (DCE) is set to launch series options contracts for soybean meal and corn on February 2, 2026, marking a significant innovation in the domestic agricultural options market aimed at enhancing short-term risk management tools for the industry [1][3]. Group 1: Series Options Introduction - Series options will be introduced based on existing conventional options, with the first contracts being soybean meal M2607 and corn C2607 [1]. - The DCE has revised its options trading management rules to accommodate series options, which will be listed five months before the delivery month and expire two months prior to the delivery month [2]. Group 2: Market Demand and Features - The series options are characterized by a shorter lifespan of approximately three and a half months, addressing the industry's urgent need for short-term risk management tools [3]. - The introduction of series options is expected to lower the cost of hedging for enterprises, thereby increasing market participation and enhancing the diversity of short-term hedging strategies [3]. Group 3: Market Response and Future Plans - The DCE has established a solid institutional foundation for the introduction of series options, responding to market demands and enhancing service to the industry [3]. - Future plans include ensuring a smooth market operation for the new series options and enhancing investor education to promote understanding and participation in options trading [4].

Core Viewpoint - The Dalian Commodity Exchange (DCE) is set to launch series options contracts for soybean meal and corn on February 2, 2026, marking a significant innovation in China's agricultural options market, aimed at providing more precise short-term risk management tools for the industry [1][3]. Group 1: Series Options Introduction - Series options will be listed based on existing conventional options contracts, with the first contracts being soybean meal M2607 and corn C2607 [1]. - The DCE has revised its options trading management rules to accommodate series options, which will be listed five months before the delivery month and expire two months prior to the delivery month [2]. Group 2: Market Demand and Features - The series options are characterized by a shorter lifespan of approximately three and a half months, compared to nearly one year for conventional options, aligning with the industry's short-term risk management needs [3]. - There is a strong market demand for short-term options, as conventional options often have longer expiration periods and higher premiums, which can hinder effective hedging for businesses [3]. Group 3: Industry Impact - The introduction of series options fills the gap for monthly expiration contracts, allowing companies to conduct more flexible hedging operations related to raw material procurement and product sales [3]. - The DCE's options market has been stable since the first options tool was launched in 2017, with the introduction of series options being a response to market needs and an effort to enhance service to the industry [3][4]. Group 4: Future Plans - The DCE plans to prepare for the listing of series options contracts and will focus on market cultivation and investor education to enhance understanding and participation in options trading [4].