农产品期权 2025-08-26 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （ ...

菜籽系产业日报 2025-08-25 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):菜籽油(日,元/吨) | 9891 | 1 期货收盘价(活跃合约):菜籽粕(日,元/吨) | 2547 | 4 | | 期货市场 | 菜油月间差(1-5):(日,元/吨) 主力合约持仓量:菜油(日,手) | 291283 | -5 菜粕月间价差(1-5)(日,元/吨) 6998 主力合约持仓量:菜粕(日,手) | 422516 | 1488 | | | | 174 | | 74 | 0 | | | 期货前20名持仓:净买单量:菜油(日,手) | 6365 | -98 期货前20名持仓:净买单量:菜粕(日,手) | -4882 | 3873 | | | 仓单数量:菜油(日,张) | 3487 | 0 仓单数量:菜粕(日,张) | 8066 | -187 | | | 期货收盘价(活跃):ICE油菜籽(日,加元/吨) | 665 | 3.2 期货收盘价(活跃合约):油菜籽(日,元/吨) | ...

农产品期权 2025-08-22 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （ ...

他认为，当下的油脂油料期货市场，超越了"风险避风港"的单一定位，是中国千万产业企业稳健经营 的"压舱石"，已成为全球市场感知中国供需的"晴雨表"。 中粮油脂控股有限公司副总经理王朝晖建议，在国际政策与市场不确定性加剧的背景下，应推动产业链 企业更深入、系统地运用套期保值等金融工具，通过有效对冲价格波动增强经营韧性与稳定性，为全行 业高质量发展筑牢金融防线。 国家粮食和物资储备数据中心正高级经济师王辽卫表示，油脂油料风险防控应密切关注全球九大植物油 产量、进出口动态、关税政策调整及生物柴油产业政策等市场热点因素。(完) （文章来源：中国新闻网） 中新网郑州8月20日电(王宇)2025中国(郑州)国际期货论坛(简称郑州期货论坛)20日下午举行"农产品(油 脂油料)"分论坛，与会业界聚焦油脂油料风险管理。 作为重要的油脂油料品种，菜籽油是中国生产量和消费量第二大的植物油，花生是中国自给率最高的大 宗油料作物。 在是次论坛上，郑州商品交易所(以下简称郑商所)相关负责人表示，2023年1月，郑商所菜籽油、菜籽 粕、花生期货和期权作为特定品种对境外交易者开放，美国艾地盟(ADM)公司、嘉吉等国际粮商深度参 与，俄罗斯等国 ...

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - For rapeseed meal, the USDA's August supply - demand report is overall bullish, but in the domestic market, high oil - mill operating rates and soybean meal inventory accumulation suppress prices. However, uncertainties in fourth - quarter purchases, low near - month rapeseed arrivals, and peak aquaculture season support the market. Although soybean meal substitution weakens demand expectations, the market still maintains a bullish outlook despite increased volatility [2]. - For rapeseed oil, in the international market, supply - side risks in Indonesia and strong palm oil export data from Malaysia provide upward momentum. Domestically, the off - season of oil consumption and sufficient supply restrain prices. But low oil - mill operating rates reduce output pressure, fewer third - quarter rapeseed purchases ease supply pressure, and anti - dumping measures on Canadian rapeseed weaken long - term supply. The market is still recommended to be participated in with a bullish approach despite increased volatility [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Futures closing prices: Rapeseed oil (active contract) is 9826 yuan/ton (up 69 yuan), rapeseed meal (active contract) is 2590 yuan/ton (up 44 yuan), ICE rapeseed (active) is 660.5 Canadian dollars/ton (up 6.3 Canadian dollars), and domestic rapeseed (active contract) is 4966 yuan/ton (down 68 yuan) [2]. - Spreads: Rapeseed oil 1 - 5 month spread is 146 yuan/ton (down 19 yuan), rapeseed meal 1 - 5 month spread is 86 yuan/ton (up 27 yuan) [2]. - Positions: Rapeseed oil main - contract positions are 290,638 lots (down 5,858 lots), rapeseed meal main - contract positions are 434,330 lots (down 14,280 lots). Rapeseed oil's top 20 net long positions are 2,808 lots (up 5,092 lots), rapeseed meal's top 20 net long positions are - 5,037 lots (up 12,433 lots) [2]. - Warehouse receipts: Rapeseed oil has 3,487 receipts (unchanged), rapeseed meal has 9,821 receipts (unchanged) [2]. 3.2 Spot Market - Spot prices: Rapeseed oil in Jiangsu is 9900 yuan/ton (down 100 yuan), rapeseed meal in Nantong is 2650 yuan/ton (up 40 yuan), rapeseed in Yancheng, Jiangsu is 5700 yuan/ton (unchanged), fourth - grade soybean oil in Nanjing is 8830 yuan/ton (up 50 yuan), 24 - degree palm oil in Guangdong is 9570 yuan/ton (up 270 yuan), and soybean meal in Zhangjiagang is 3070 yuan/ton (unchanged) [2]. - Averages and others: Average rapeseed oil price is 9965 yuan/ton (down 100 yuan), import cost of rapeseed is 8306.78 yuan/ton (up 178.07 yuan), oil - meal ratio is 3.72 (down 0.06), rapeseed oil main - contract basis is 143 yuan/ton (down 17 yuan), rapeseed meal main - contract basis is 60 yuan/ton (down 4 yuan), rapeseed oil - soybean oil spot spread is 1120 yuan/ton (down 40 yuan), rapeseed oil - palm oil spot spread is 600 yuan/ton (down 20 yuan), and soybean meal - rapeseed meal spot spread is 420 yuan/ton (down 40 yuan) [2]. 3.3 Upstream Situation - Production: Global rapeseed production forecast is 89.77 million tons (up 0.21 million tons), and annual rapeseed production forecast is 12,378 thousand tons (unchanged) [2]. - Imports: Total rapeseed import volume is 18.45 tons (down 15.1 tons), import volume of rapeseed oil and mustard oil is 15 tons (up 4 tons), and rapeseed meal import volume is 27.03 tons (up 7.56 tons) [2]. - Inventory and operation: Total rapeseed inventory in oil mills is 15 tons (up 5 tons), import rapeseed weekly operating rate is 11.94% (down 4.9%), and import rapeseed crushing profit is 596 yuan/ton (down 27 yuan) [2]. 3.4 Industry Situation - Inventory: Coastal rapeseed oil inventory is 11 tons (up 0.35 tons), coastal rapeseed meal inventory is 2.55 tons (down 0.65 tons), East China rapeseed oil inventory is 54.92 tons (down 0.58 tons), East China rapeseed meal inventory is 33.25 tons (up 0.68 tons), Guangxi rapeseed oil inventory is 5.5 tons (down 0.2 tons), and South China rapeseed meal inventory is 21 tons (down 1.5 tons) [2]. -提货量: Rapeseed oil weekly提货量 is 3.47 tons (up 1.77 tons), and rapeseed meal weekly提货量 is 2.72 tons (down 0.15 tons) [2]. 3.5 Downstream Situation - Production: Feed production is 2937.7 tons (up 175.6 tons), and edible vegetable oil production is 476.9 tons (up 41.8 tons) [2]. - Consumption: Total retail sales of consumer goods in the catering industry is 4707.6 billion yuan (up 129.4 billion yuan) [2]. 3.6 Option Market - Implied volatility: Rapeseed meal at - the - money call option implied volatility is 13.22% (down 14.17%), put option implied volatility is 27.39% (down 1.71%), 20 - day historical volatility is 31.16% (up 6.81%), and 60 - day historical volatility is 21.29% (up 2.19%). Rapeseed oil at - the - money call option implied volatility is 13.52% (down 0.48%), put option implied volatility is 13.5% (down 0.53%), 20 - day historical volatility is 18.14% (up 0.46%), and 60 - day historical volatility is 14.58% (up 0.12%) [2]. 3.7 Industry News - ICE rapeseed futures closed higher on August 15, with the most actively traded November contract up 6.40 Canadian dollars to 660.90 Canadian dollars/ton, and the January contract up 5.70 Canadian dollars to 672.70 Canadian dollars/ton. The market has stabilized after a sharp decline earlier in the week [2]. - The USDA's August supply - demand report shows that the US 2025/26 soybean harvest area is estimated at 80.1 million acres (down from 82.5 million acres in July), yield is 53.6 bushels/acre (higher than expected and July's estimate), production is estimated at 4.292 billion bushels (down from 4.335 billion bushels in July), and ending stocks are estimated at 290 million bushels (down 20 million bushels, the lowest in three years) [2].

农产品期权 2025-08-18 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强震荡，油脂类，农副产品维持震荡行情，软商品白糖小幅震荡， 棉花多头上涨有所回落，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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | ...

Group 1 - The core issue revolves around China's imposition of a 100% tariff on Canadian canola meal, which is seen as a retaliatory measure against Canada's recent tariffs on Chinese electric vehicles and steel products [1][3][5] - Canada is the largest supplier of canola to China, with exports valued at CAD 4.9 billion in 2024, accounting for 67% of its canola exports, making this a critical economic issue for Canada [1][5] - The 100% tariff and a 75.8% temporary anti-dumping tax effectively block Canadian canola from the Chinese market, while China can source canola from other countries like Australia and Russia [1][7] Group 2 - Canada's actions are viewed as aligning with U.S. strategies, which has led to accusations of trade protectionism and discrimination from China, citing violations of WTO rules [3][5] - The political implications of the tariff are significant, as it exacerbates tensions between the Canadian federal government and its western provinces, which are heavily reliant on canola farming [7][9] - China's strong response is framed as a warning to other nations, particularly the U.S. and EU, indicating that those who engage in trade wars will face consequences [7][9]

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The agricultural products sector mainly includes beans, oils and fats, agricultural by - products, soft commodities, grains, and others. Different varieties show different market trends, and corresponding option strategies are proposed for each variety [8]. - For the overall market, oil and fat - related agricultural products are in a relatively strong and volatile state, while other products such as soft commodities and grains show different degrees of volatility and trends. Strategies suggest constructing option combination strategies mainly on the short - selling side, as well as spot hedging or covered strategies to enhance returns [2] Summary by Relevant Catalogs 1. Market Overview of Underlying Futures - Multiple agricultural product futures show different price changes, trading volumes, and open interest changes. For example, the price of soybean No. 1 (A2511) is 4,049, down 22 with a decline rate of 0.54%, and the trading volume is 16.68 million lots, down 5.56 million lots [3]. 2. Option Factors - Volume and Open Interest PCR - Different agricultural product options have different volume and open interest PCR values and their changes, which are used to describe the strength of the option underlying market and the turning point of the market [4]. 3. Option Factors - Pressure and Support Levels - The pressure and support levels of different agricultural product options are analyzed. For example, the pressure level of soybean No. 1 is 4,500 and the support level is 4,100 [5]. 4. Option Factors - Implied Volatility - The implied volatility of different agricultural product options is presented, including at - the - money implied volatility, weighted implied volatility, and its changes compared with the annual average [6]. 5. Option Strategies and Recommendations 5.1 Oil and Fat Options - **Soybean No. 1 and No. 2**: Fundamental data shows changes in import costs and weather conditions. The market of soybean No. 1 shows a pattern of short - term consolidation. Option strategies include constructing short - neutral call + put option combination strategies and long - collar strategies [7]. - **Soybean Meal and Rapeseed Meal**: The fundamentals of soybean meal show changes in daily提货量, basis, and inventory. The market shows a pattern of weak consolidation and then a rebound. Option strategies include constructing short - neutral call + put option combination strategies and long - collar strategies [9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The fundamentals of palm oil show changes in production, inventory, and exports. The market of palm oil shows a bullish trend. Option strategies include constructing bull - spread call option strategies, short - bullish call + put option combination strategies, and long - collar strategies [10]. - **Peanut**: The fundamentals show changes in trading volume, price, and oil mill operation rate. The market shows a pattern of weak consolidation. Option strategies include constructing bear - spread put option strategies and long - collar strategies [11]. 5.2 Agricultural By - product Options - **Pig**: The fundamentals show a slight decline in the spot price of pigs. The market shows a pattern of weak consolidation. Option strategies include constructing short - bearish call + put option combination strategies and long - covered call strategies [11]. - **Egg**: The fundamentals show a weak operation of the spot price of eggs. The market shows a bearish trend. Option strategies include constructing bear - spread put option strategies, short - bearish call + put option combination strategies [12]. - **Apple**: The fundamentals show changes in production and inventory. The market shows a pattern of continuous recovery. Option strategies include constructing short - neutral call + put option combination strategies [12]. - **Jujube**: The fundamentals show an improvement in the market trading atmosphere and de - stocking process. The market shows a short - term bullish rebound. Option strategies include constructing bull - spread call option strategies, short - bullish strangle option combination strategies, and long - covered call strategies [13]. 5.3 Soft Commodity Options - **Sugar**: The fundamentals show an expected increase in domestic production and a change in import policies. The market shows a weak bearish trend. Option strategies include constructing short - bearish call + put option combination strategies and long - collar strategies [13]. - **Cotton**: The fundamentals show changes in import and shipment volumes. The market shows a short - term weak trend. Option strategies include constructing short - bullish call + put option combination strategies and long - covered call strategies [14]. 5.4 Grain Options - **Corn and Starch**: The fundamentals show changes in corn auctions and inventory. The market shows a weak bearish trend. Option strategies include constructing bear - spread put option strategies, short - bearish call + put option combination strategies [14].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The agricultural product options market shows different trends. Oilseeds and oils are in a strong - side volatile trend, while other products like eggs, soft commodities, and grains have their own specific trends. 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 Relevant Catalogs 3.1 Futures Market Overview - Different agricultural product options have different price changes. For example, the latest price of soybean No.1 (A2511) is 4,080, down 7 with a decline rate of - 0.17%. The trading volume and open interest of each variety also vary [3] 3.2 Option Factors - Volume and Open Interest PCR - The volume and open - interest PCR of different agricultural product options are different, which can be used to describe the strength of the option underlying market and the turning point of the underlying market [4] 3.3 Option Factors - Pressure and Support Levels - Each agricultural product option has its own pressure and support levels. For example, the pressure level of soybean No.1 is 4,300 and the support level is 4,050 [5] 3.4 Option Factors - Implied Volatility - The implied volatility of different agricultural product options shows different characteristics. For example, the implied volatility of soybean No.1 option maintains a relatively high level of historical average fluctuations [6] 3.5 Option Strategies and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The fundamental situation of soybeans shows changes in import costs and weather in the US. In terms of options, the implied volatility of soybean No.1 is high, and the open - interest PCR is below 0.6. Recommended strategies include selling neutral call + put option combinations and constructing long collar strategies for spot hedging [7] - **Soybean Meal and Rapeseed Meal**: The fundamentals of soybean meal show changes in daily提货量, basis, and inventory. The implied volatility of soybean meal options is above the historical average, and the open - interest PCR is below 0.6. Recommended strategies are similar to those of soybean No.1 [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The fundamentals of palm oil show changes in production, inventory, and exports. Palm oil is in a bullish trend. The implied volatility of palm oil options is decreasing, and the open - interest PCR is above 1. Recommended strategies include constructing bullish call option spread combinations and selling bullish call + put option combinations [10] - **Peanut**: The peanut market has changes in trading volume, price, and oil mill operations. Peanut is in a weak - side volatile trend. Recommended strategies include constructing bearish put option spread combinations and long collar strategies for spot hedging [11] 3.5.2 Agricultural By - product Options - **Pig**: The spot price of pigs has declined. Pig is in a weak - side volatile trend. The implied volatility of pig options is rising, and the open - interest PCR is below 0.5. Recommended strategies include selling bearish call + put option combinations and covered strategies for spot [11] - **Egg**: The spot price of eggs is weak. Eggs are in a bearish trend. Recommended strategies include constructing bearish put option spread combinations and selling bearish call + put option combinations [12] - **Apple**: The apple market shows changes in production and inventory. Apples are in a gradually warming - up trend. Recommended strategies include selling neutral call + put option combinations [12] - **Jujube**: The jujube market has a good de - stocking process. Jujubes are in a short - term bullish trend. Recommended strategies include constructing bullish call option spread combinations and selling bullish wide - straddle option combinations [13] 3.5.3 Soft Commodity Options - **Sugar**: The domestic sugar market has an increasing production and tightened import policies. Sugar is in a weak - side bearish trend. Recommended strategies include selling bearish call + put option combinations and long collar strategies for spot hedging [13] - **Cotton**: The cotton market has changes in import and shipment. Cotton is in a short - term weak trend. Recommended strategies include selling bullish call + put option combinations and covered strategies for spot [14] 3.5.4 Grain Options - **Corn and Starch**: The corn market has changes in auctions, inventory, and production costs. Corn is in a weak - side bearish trend. Recommended strategies include constructing bearish put option spread combinations and selling bearish call + put option combinations [14]

豆粕生猪：美农报告超预期 连粕大幅上涨 朱皓天 zhuhaotian@jsfco.com 期货从业资格号：F03090081 投资咨询从业证书号：Z0016204 表 1：豆粕生猪期货日度数据监测 美国中西部地区的西部降雨活跃，东部保持相对干燥。【西部】本周一前局部有零星阵 雨。上周四至本周一气温接近至高于正常水平。【东部】上周四局部有阵雨。上周五至周日 1 / 5 天气大体上干燥。本周一局部有阵雨。上周四至本周一气温接近至高于正常水平。6-10 日 展望：本周二至周六局部有零星阵雨。气温接近至高于正常水平。作物影响：上周前半段， 中西部的西部地区天气很活跃，气温也在变暖，一些地方的高温达到了 90 多华氏度。到上 周末，一股更强的锋面将进入该地区，带来分散阵雨和轻微降温，西部气温接近 平均水平。 东部将保持相对干燥，直到本周初冷锋到来。随着玉米和大豆进入繁殖阶段，大多数地区的 土壤湿度保持良好状态。 三、宏观、行业要闻 | | 完日期货 JUSHI FILLIBE | | | 粕 类 生 猪 每 日 数 据 追 踪 | | | | | --- | --- | --- | --- | --- | --- | ...