农产品期权 2025-11-24 农产品期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 农产品期权策略早报概要：油料油脂类农产品偏弱震荡，油脂类，农副产品维持震荡行情，软商品白糖小幅震荡， 棉花弱势盘整，谷物类玉米和淀粉弱势窄幅盘整。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （ ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The agricultural product options market shows a mixed trend, with oilseeds and oils showing a weak and volatile pattern, while agricultural by - products and soft commodities like sugar and cotton maintain a volatile or weak - consolidation trend [2]. - For investment strategies, 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 - Multiple agricultural product futures show price changes. For example, the price of soybean No.1 (A2601) is 4,128, down 23 (-0.55%); soybean No.2 (B2601) is 3,742, down 15 (-0.40%); etc. [3]. 3.2 Option Factors - Volume and Open Interest PCR - Different option varieties have different volume and open - interest PCR values. For instance, the volume PCR of soybean No.1 is 0.48, and the open - interest PCR is 1.16 [4]. 3.3 Option Factors - Pressure and Support Levels - Each option variety has corresponding pressure and support levels. For example, the pressure point of soybean No.1 is 4,200, and the support point is 4,050 [5]. 3.4 Option Factors - Implied Volatility - Implied volatility varies among different option varieties. For example, the implied volatility of soybean No.1 is 11.405 (at - the - money implied volatility) [6]. 3.5 Option Strategies and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1**: The fundamentals show that Brazilian soybean planting progress is slow, and the market has formed a pattern of oversold rebound. Option - related factors indicate that the implied volatility is below the historical average, and the open - interest PCR is below 0.70. Strategies include constructing a neutral short - call + short - put option combination strategy and a long - collar strategy for spot hedging [7]. - **Soybean Meal**: The fundamentals show changes in trading volume, delivery volume, basis, and inventory. The market shows a pattern of oversold rebound. Option - related factors indicate that the implied volatility is below the historical average, and the open - interest PCR is below 0.60. Strategies include constructing a neutral short - call + short - put option combination strategy and a long - collar strategy for spot hedging [9]. - **Palm Oil**: The fundamentals show that the spot basis of oils has increased slightly, and the total inventory is decreasing. The market shows a pattern of low - level consolidation. Option - related factors indicate that the implied volatility is below the historical average, and the open - interest PCR is above 1.00. Strategies include constructing a short - biased short - call + short - put option combination strategy and a long - collar strategy for spot hedging [9]. - **Peanuts**: The fundamentals show that the price of peanut oil is stable, and the peanut market is affected by factors such as farmers' reluctance to sell. The market shows a pattern of weak consolidation under bearish pressure. Option - related factors indicate that the implied volatility is at a relatively high historical level, and the open - interest PCR is below 0.60. Strategies include a long - collar strategy for spot hedging [10]. 3.5.2 Agricultural By - products Options - **Pigs**: The fundamentals show that the spot price of pigs has decreased, and the market shows a pattern of weak bearish decline. Option - related factors indicate that the implied volatility is above the historical average, and the open - interest PCR is below 0.50. Strategies include constructing a short - biased short - call + short - put option combination strategy and a long - covered strategy [10]. - **Eggs**: The fundamentals show changes in the inventory of laying hens. The market shows a pattern of rebound and slight consolidation under pressure. Option - related factors indicate that the implied volatility is at a relatively high level, and the open - interest PCR is below 0.60. Strategies include constructing a neutral short - call + short - put option combination strategy [11]. - **Apples**: The fundamentals show that the apple storage is nearing completion, and the inventory is lower than in previous years. The market shows a pattern of continuous rebound and high - level consolidation under pressure. Option - related factors indicate that the implied volatility is above the historical average, and the open - interest PCR is above 0.90. Strategies include constructing a long - biased short - call + short - put option combination strategy and a long - collar strategy for spot hedging [11]. - **Jujubes**: The fundamentals show that the purchase price of jujubes in different regions has changed, and the market shows a pattern of weak bearish decline. Option - related factors indicate that the implied volatility has risen rapidly to above the historical average, and the open - interest PCR is below 0.50. Strategies include constructing a short - biased short - strangle option combination strategy and a long - covered hedging strategy [12]. 3.5.3 Soft Commodities Options - **Sugar**: The fundamentals show an increase in sugar production in Brazil's central - southern region and India's sugar export policy. The market shows a pattern of weak bearish decline. Option - related factors indicate that the implied volatility is at a relatively low historical level, and the open - interest PCR is around 0.60. Strategies include constructing a short - biased short - call + short - put option combination strategy and a long - collar strategy for spot hedging [12]. - **Cotton**: The fundamentals show the progress of cotton picking, delivery, processing, and sales. The market shows a short - term weak pattern. Option - related factors indicate that the implied volatility is at a relatively low level, and the open - interest PCR is below 1.00. Strategies include constructing a short - biased short - call + short - put option combination strategy and a long - covered strategy [13]. 3.5.4 Grains Options - **Corn**: The fundamentals show an increase in the national average price of corn. The market shows a pattern of weak rebound under pressure. Option - related factors indicate that the implied volatility is at a relatively low historical level, and the open - interest PCR is below 0.60. Strategies include constructing a neutral short - call + short - put option combination strategy [13].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The agricultural product options market shows different trends. Oilseed and oil - related agricultural products are in a weak and volatile state, while fats, agricultural by - products maintain a volatile market. Soft commodities like sugar have a slight fluctuation, 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 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 - Various agricultural product futures have different price movements. For example, the latest price of soybean No.1 (A2601) is 4,148, down 29 (- 0.69%); palm oil (P2601) is 8,846, up 158 (1.82%). There are also differences in trading volume and open interest changes among different varieties [3] 3.2 Option Factor - Quantity and Position PCR - The PCR indicators of different agricultural product options vary. For instance, the trading volume PCR of soybean No.1 is 0.33 (down 0.08), and the open interest PCR is 1.08 (unchanged). These indicators are used to describe the strength of the option underlying market and the turning point of the underlying market [4] 3.3 Option Factor - Pressure and Support Levels - From the perspective of the 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 4200 and the support level is 4050 [5] 3.4 Option Factor - Implied Volatility - The implied volatility of different agricultural product options shows different characteristics. For example, the at - the - money implied volatility of soybean No.1 is 11.745, and the weighted implied volatility is 13.39 (up 0.31). The implied - historical volatility difference is - 0.39 [6] 3.5 Strategies and Recommendations for Different Options 3.5.1 Oilseed and Oil Options - **Soybean No.1**: Fundamentally, the CNF premium of Brazilian soybeans in February 2026 has a slight weekly decline, and the planting progress is slow. The option implied volatility is below the historical average, and the open interest PCR is below 0.70. It is recommended to construct a neutral short - call + short - put option combination strategy and a long - collar strategy for spot hedging [7] - **Soybean Meal**: The daily average trading volume and delivery volume of soybean meal in mainstream oil mills have changed. The option implied volatility is below the historical average, and the open interest PCR is below 0.60. It is recommended to construct a neutral short - call + short - put option combination strategy and a long - collar strategy for spot hedging [9] - **Palm Oil**: The spot basis of oils has a slight increase, and the total inventory is decreasing. The option implied volatility is below the historical average, and the open interest PCR is above 1.00. It is recommended to construct a short - biased short - call + short - put option combination strategy and a long - collar strategy for spot hedging [9] - **Peanut**: The price of peanut oil is stable. The option implied volatility is at a relatively high historical level, and the open interest PCR is below 0.60. It is recommended to use a long - collar strategy for spot hedging [10] 3.5.2 Agricultural By - product Options - **Pig**: The spot price of pigs has decreased. The option implied volatility is above the historical average, and the open interest PCR is below 0.50. It is recommended to construct a short - biased short - call + short - put option combination strategy and a covered call strategy for spot [10] - **Egg**: The inventory of laying hens has changed. The option implied volatility is at a relatively high level, and the open interest PCR is below 0.60. It is recommended to construct a neutral short - call + short - put option combination strategy [11] - **Apple**: The apple storage is less than the same period in previous years. The option implied volatility is above the historical average, and the open interest PCR is above 0.90. It is recommended to construct a long - biased short - call + short - put option combination strategy and a long - collar strategy for spot hedging [11] - **Jujube**: The acquisition price of jujube has changed. The option implied volatility has rapidly risen above the historical average, and the open interest PCR is below 0.50. It is recommended to construct a short - biased short - strangle option combination strategy and a covered call strategy for spot hedging [12] 3.5.3 Soft Commodity Options - **Sugar**: The sugar production in the central - southern region of Brazil has increased, and India has allowed sugar exports. The option implied volatility is at a relatively low historical level, and the open interest PCR is around 0.60. It is recommended to construct a short - biased short - call + short - put option combination strategy and a long - collar strategy for spot hedging [12] - **Cotton**: The progress of cotton picking, delivery, and processing has changed. The option implied volatility is at a relatively low level, and the open interest PCR is below 1.00. It is recommended to construct a short - biased short - call + short - put option combination strategy and a covered call strategy for spot [13] 3.5.4 Grain Options - **Corn**: The average price of corn has increased. The option implied volatility is at a relatively low historical level, and the open interest PCR is below 0.60. It is recommended to construct a neutral short - call + short - put option combination strategy [13]

Group 1: Report Summary - The agricultural products option market shows a mixed trend, with oilseeds and oils, and agricultural by - products in a weak or stable oscillation. Soft commodities like sugar and cotton also display a similar pattern, and grains such as corn and starch are in a narrow - range weak oscillation [2]. - It is recommended to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [2]. Group 2: Futures Market Overview - Various agricultural product futures show different price changes. For example, the latest price of soybean No.1 (A2601) is 4,138, up 24 with a 0.58% increase; soybean meal (M2601) is 3,051, unchanged; and palm oil (P2601) is 8,708, up 38 with a 0.44% increase [3]. Group 3: Option Factor - Quantity and Position PCR - The PCR indicators of different agricultural product options vary. For instance, the volume PCR of soybean No.1 is 0.53, down 0.29; the position PCR is 1.19, down 0.00. These indicators help describe the strength of the option - underlying market and potential turning points [4]. Group 4: Option Factor - Pressure and Support Levels - Each agricultural product option has its own pressure and support levels. For example, the pressure point of soybean No.1 is 4,200 and the support point is 4,050; the pressure point of soybean meal is 3,100 and the support point is also 3,100 [5]. Group 5: Option Factor - Implied Volatility - The implied volatility of different agricultural product options shows different trends. For example, the weighted implied volatility of soybean No.1 is 12.18, down 0.52; that of soybean meal is 15.09, up 0.17 [6]. Group 6: Option Strategies and Recommendations Oilseeds and Oils Options - **Soybean No.1**: The fundamentals are affected by factors such as the decline of Brazilian soybean CNF premium and the slowdown of planting progress. The market shows a rebound after a decline. It is recommended to construct a neutral - selling call + put option combination strategy and a long - collar strategy for spot hedging [7]. - **Soybean Meal**: The fundamentals are related to factors like daily trading volume and inventory changes. The market shows a rebound after a decline. Similar to soybean No.1, a neutral - selling call + put option combination strategy and a long - collar strategy for spot hedging are recommended [9]. - **Palm Oil**: The fundamentals are influenced by Malaysian production and inventory. The market is in a low - level consolidation. It is recommended to construct a short - biased selling call + put option combination strategy and a long - collar strategy for spot hedging [9]. - **Peanut**: The fundamentals are in a contradictory state of high - quality resource support and loose supply - demand. The market is in a weak downward trend. A long - collar strategy for spot hedging is recommended [10]. Agricultural By - products Options - **Pig**: The fundamentals are related to the increase in pig slaughter and inventory. The market is in a weak downward trend. A bear - spread strategy of put options, a short - biased selling call + put option combination strategy, and a covered strategy for spot are recommended [10]. - **Egg**: The fundamentals are characterized by high supply and weak demand. The market shows a rebound after a decline. A neutral - selling call + put option combination strategy is recommended [11]. - **Apple**: The fundamentals are affected by factors such as reduced production and low inventory. The market is in a rising and oscillating state. A long - biased selling call + put option combination strategy and a long - collar strategy for spot hedging are recommended [11]. - **Jujube**: The fundamentals are related to stable prices and sufficient supply. The market is in a weak downward trend. A short - biased wide - straddle option combination strategy and a covered strategy for spot hedging are recommended [12]. Soft Commodities Options - **Sugar**: The fundamentals are affected by the weak external sugar market. The market is in a weak downward state. A short - biased selling call + put option combination strategy and a long - collar strategy for spot hedging are recommended [12]. - **Cotton**: The fundamentals are related to the end of cotton harvesting and increasing supply. The market is in a short - term weak state. A short - biased selling call + put option combination strategy and a covered strategy for spot are recommended [13]. Grains Options - **Corn**: The fundamentals are influenced by factors such as price declines and supply - demand imbalance. The market shows a rebound after a decline. A neutral - selling call + put option combination strategy is recommended [13].

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

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - In the past week, the trading volume of commodity options increased slightly, with only the trading volume of the precious metals sector decreasing. Most varieties are in a volatility - reduction cycle, and it is advisable to move short - option positions to far - month contracts in advance to avoid end - of - contract risks [4]. - The options of the black sector showed increased volatility and trading volume. Affected by the decline in iron ore futures prices, the implied volatility of black options has risen. The previous policy - driven boost has basically been realized, and the market trading logic has returned to fundamentals. There is a lack of new macro - drivers, and the upward momentum of prices has been weakened. The implied volatility still has room to rise, and it is advisable to buy a bearish put spread portfolio to hedge against the downward market [4]. 3. Summary According to the Directory 3.1 Market Overview - The trading volume of commodity options increased slightly last week, with the precious metals sector being the only one with a decline in trading volume. Energy and chemical products such as short - fiber, PTA, methanol, glass, crude oil, caustic soda, soda ash, and bottle chips are about to expire on Wednesday. Most varieties are in a volatility - reduction cycle [4]. - The options of the black sector showed increased volatility and trading volume. The implied volatility of black options has risen due to the decline in iron ore futures prices. The previous policy - driven boost has basically been realized, and the market trading logic has returned to fundamentals [4]. 3.2 Market Data 3.2.1 Market Overview - The table shows the quantitative data of commodity options, including the flat - value volatility, 60 - day quantile, Skew, and 60 - day quantile of various varieties such as corn, soybean meal, and crude oil [12]. 3.2.2 - 3.2.54 Option Data of Each Variety - For each variety (such as corn, soybean meal, etc.), the data includes the closing price, trading volume, open interest, trading volume PCR, open interest PCR, flat - value volatility, HV - 10 days, HV - 20 days, and Skew of the main contract, secondary - main contract, and all contracts [13][14][15] etc.

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoint of the Report - In the short - term, under the weak trend of domestic and international sugar prices, the price of the main contract (SR601) of white sugar futures may continue to show a weak and volatile trend [16] 3. Summary According to the Catalog 3.1 Futures Market 3.1.1 Contract Market - On November 5, 2025, the price of the main contract (SR601) of Zhengzhou Commodity Exchange's white sugar futures showed a weak and volatile trend, closing at 5441 yuan/ton, down 47 yuan/ton or 0.86% from the previous day. The trading volume was 184,476 lots, the open interest was 367,492 lots, and the daily increase in positions was - 1330 lots. The total long positions of the Top20 members in the main contract (SR601) of white sugar futures were 250,486 lots with a long position difference of 2,705 lots, and the total short positions were 292,279 lots with a short position difference of 3,970 lots [2] - The closing prices, price changes, trading volumes, open interests, daily position changes and amplitudes of other contracts (SR511, SR603, SR605) are also provided [3] 3.1.3 Options Market - On this day, a total of 81,238 lots of white sugar options were traded, with 47,103 lots of call options and 34,135 lots of put options. The open interest of the variety was 306,152 lots, the open interest of call options was 194,706 lots, the open interest of put options was 111,446 lots, and the open interest PCR was 0.5724 [3] 3.2 Spot Market 3.2.1 Spot Quotation - According to Wind data, the domestic white sugar spot quotation on this day was 5,723 yuan/ton, down 29 yuan/ton from the previous observation day [7] 3.2.2 Registered Warehouse Receipts - The total number of registered warehouse receipts for white sugar futures on this day was 7,422, a decrease of 10 from the previous trading day [10] 3.3 Influencing Factors 3.3.1 External Market Quotes - On November 4, the opening price of the main contract of ICE raw sugar was 14.65 cents/pound, the highest price was 14.72 cents/pound, the lowest price was 14.13 cents/pound, and the closing price was 14.21 cents/pound, down 0.44 cents/pound or 3.00% from the previous day. The open interest was 478,904 lots, and the daily increase in positions was 3,720 lots [11] 3.3.2 Basis Data - The white sugar basis on this day was 299 yuan/ton, and the basis continued to strengthen [14] 3.4 Market Outlook - The domestic white sugar spot price has weakened again, and the price of the main contract of ICE white sugar futures has failed to rebound and turned down. On the futures market, the price of the main contract (SR601) of white sugar futures opened low and moved lower, showing a weak and volatile trend throughout the day [16]

Group 1: Introduction to Volatility Indexes - The financial options implied volatility index reflects the 30 - day implied volatility (IV) trend as of the previous trading day. The commodity options implied volatility index is obtained by weighting the IV of the two - strike options around the at - the - money option of the front - month contract, reflecting the IV change trend of the front - month contract [3] - The difference between the IV index and historical volatility (HV) indicates the relative level of IV to HV. A larger difference means higher IV relative to HV, and a smaller difference means lower IV relative to HV [3] Group 2: Volatility Data Graphs - There are graphs showing the IV, HV, and IV - HV differences for various financial and commodity options, including 300 Index, 50ETF, 1000 Index, 500ETF, and many commodity options such as silver, gold, sugar, cotton, etc. [4] Group 3: Quantile Rankings of Volatility - Implied volatility quantiles represent the current level of a variety's IV in history. A high quantile means the current IV is high, and a low quantile means the IV is low. Volatility spread is related to the IV index and historical volatility [5] - There are rankings of implied volatility quantiles and historical volatility quantiles for different varieties, such as 300 Index with quantiles of 0.89 and 0.74, 300 Index with 0.62, etc. [5][6]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The agricultural product options market shows different trends. Oilseeds and oils are in a weak and volatile state, while some agricultural by - products and soft commodities maintain a volatile trend. The report suggests constructing option portfolio strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Different agricultural product options have various price changes, trading volumes, and open interest changes. For example, the price of soybean No.1 (A2601) increased by 1.52% to 4,139, with a trading volume of 21.72 million lots and an open interest of 24.83 million lots [3] 3.2 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of different option varieties vary, which can be used to describe the strength of the option underlying market and the turning point of the underlying market. For instance, the volume PCR of soybean No.1 is 0.85 with a change of - 0.29, and the open interest PCR is 1.20 with no change [4] 3.3 Option Factors - Pressure and Support Levels - From the perspective of the strike prices with the largest open interest of call and put options, the pressure and support levels of different option varieties are determined. For example, the pressure level of soybean No.1 is 4200 and the support level is 4050 [5] 3.4 Option Factors - Implied Volatility - The implied volatility of different option varieties shows different levels and changes. For example, the weighted implied volatility of soybean No.1 is 12.58% with a change of 0.67%, and the annual average is 13.32% [6] 3.5 Option Strategies and Recommendations - **Oilseeds and Oils Options**: - **Soybean No.1**: The price is stable and slightly strong. It is recommended to construct a neutral - biased call + put option combination strategy for volatility, and a long collar strategy for spot hedging [7] - **Soybean Meal**: The domestic soybean crushing volume has changed. It is recommended to construct a short - biased call + put option combination strategy for volatility, and a long collar strategy for spot hedging [9] - **Palm Oil**: The production and export of Malaysian palm oil have changed. It is recommended to construct a short - biased call + put option combination strategy for volatility, and a long collar strategy for spot hedging [9] - **Peanut**: The price of peanut oil is stable. It is recommended to use a long collar strategy for spot hedging [10] - **Agricultural By - products Options**: - **Pig**: The price has increased slightly, but there are supply - side pressures. It is recommended to construct a bear spread strategy for direction, a short - biased call + put option combination strategy for volatility, and a covered strategy for spot [10] - **Egg**: The inventory of laying hens has decreased. It is recommended to construct a bear spread strategy for direction, a short - biased call + put option combination strategy for volatility [11] - **Apple**: The price has increased due to quality issues. It is recommended to construct a long - biased call + put option combination strategy for volatility, and a long collar strategy for spot hedging [11] - **Jujube**: The inventory has increased. It is recommended to construct a short - biased strangle option combination strategy for volatility, and a covered strategy for spot hedging [12] - **Soft Commodities Options**: - **Sugar**: The spot price has decreased. It is recommended to construct a short - biased call + put option combination strategy for volatility, and a long collar strategy for spot hedging [12] - **Cotton**: The price index has increased. It is recommended to construct a short - biased call + put option combination strategy for volatility, and a covered strategy for spot [13] - **Grain Options**: - **Corn**: The supply has increased and the demand is weak. It is recommended to construct a short - biased call + put option combination strategy for volatility [13]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The agricultural product options market shows different trends. Oilseeds and oils are weakly volatile, while some other products like eggs and apples have their own specific trends. 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 Futures Market Overview - Different agricultural product futures have various price changes. For example, the price of soybean No.1 (A2601) is 4,042, down 34 (-0.83%); the price of soybean No.2 (B2512) is 3,707, down 32 (-0.86%); and the price of palm oil (P2601) is 8,654, up 2 (0.02%) [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume and open - interest PCR of different agricultural product options vary. For instance, the volume PCR of soybean No.1 is 1.14, with a change of - 0.02; the open - interest PCR is 1.20, with a change of 0.05 [4]. 3.3 Option Factors - Pressure and Support Levels - From the perspective of option factors, different agricultural products have different pressure and support levels. For example, the pressure level of soybean No.1 is 4,200, and the support level is 4,050; the pressure level of soybean No.2 is 3,800, and the support level is 3,600 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility of different agricultural product options also shows differences. For example, the at - the - money implied volatility of soybean No.1 is 11.145, and the weighted implied volatility is 11.91, with a change of - 0.35 [6]. 3.5 Strategy and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1**: The fundamental price is stable with a slight upward trend. The option implied volatility is below the historical average. The recommended strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal**: The domestic soybean weekly crushing volume has decreased. The option 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 [9]. - **Palm Oil**: The production of Malaysian palm oil faces pressure, and the export growth rate has narrowed. The option 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 [9]. - **Peanut**: The price of peanut oil is stable. The option implied volatility is at a relatively high historical level. The recommended strategy is a long collar strategy for spot hedging [10]. 3.5.2 Agricultural By - product Options - **Pig**: The average price in some regions has increased slightly. The option implied volatility is above the historical average. The recommended strategies include constructing a bear spread strategy with put options, a short - biased call + put option combination strategy, and a covered call strategy for spot [10]. - **Egg**: The inventory of laying hens has decreased. The option implied volatility is at a relatively high level. The recommended strategies include constructing a bear spread strategy with put options and a short - biased call + put option combination strategy [11]. - **Apple**: The price of apple futures has increased. The option implied volatility is above the historical average. The recommended strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [11]. - **Jujube**: The physical inventory has increased. The option implied volatility has risen rapidly. The recommended strategies include constructing a short - biased strangle option combination strategy and a covered call strategy for spot hedging [12]. 3.5.3 Soft Commodity Options - **Sugar**: The spot price has decreased, and the basis has weakened. The option implied volatility is at a relatively low historical level. The recommended strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [12]. - **Cotton**: The price index has increased, and the basis has fluctuated. The option implied volatility is at a relatively low level. The recommended strategies include constructing a short - biased call + put option combination strategy and a covered call strategy for spot [13]. 3.5.4 Grain Options - **Corn**: The supply in the origin has increased, and the trading enthusiasm of traders has decreased. The option implied volatility is at a relatively low historical level. The recommended strategy is to construct a short - biased call + put option combination strategy [13].