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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （ ...

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]

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].

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].