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 | A2511 | 3,960 | 0 | 0.00 | 10.55 | 1.73 | 13.76 | 0.10 | | 豆二 | B2511 | 3,637 | 4 | 0.11 | 10.21 | 2.57 | 8.70 | -0.15 | | 豆粕 | M2511 | 2,903 | -6 | -0.21 | 9.03 | 2.94 | 35.21 | -4.75 | | 菜籽粕 | RM2601 | 2,418 | -11 | -0.45 | 20.63 | -1.13 | 35.62 | 0.33 | | 棕榈油 | P2511 | 9,436 | 20 | 0.21 | 0.80 | 0.27 | 1.35 | -0.21 | | 豆油 | Y2511 | 8,370 | 8 ...

（原标题：国内商品期货早盘开盘 集运欧线涨超3%） 人民财讯10月10日电，国内商品期货早盘开盘，集运欧线涨超3%，铁矿石、玻璃等涨超1%，纯碱、热 卷等小幅上涨；沥青跌超1%，短纤、菜籽粕等小幅下跌。 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - For rapeseed meal, near - month rapeseed arrivals are low, reducing supply pressure, and the seasonal demand for rapeseed meal in aquaculture is increasing. However, the good substitution advantage of soybean meal weakens the demand expectation. Amid frequent trade policy news, the market is cautious, and short - term trading is recommended [2]. - For rapeseed oil, domestic consumption support is limited, and the supply - demand of vegetable oil is still loose. But the low oil mill operating rate and limited near - month rapeseed purchases reduce supply pressure. Before the Sino - Canadian trade negotiation makes substantial progress, rapeseed oil may maintain a relatively strong oscillation [2]. Summary by Relevant Catalogs Futures Market - Futures prices of rapeseed oil, rapeseed meal, ICE rapeseed, and domestic rapeseed all decreased. For example, the futures收盘价(活跃合约) of rapeseed oil dropped by 147 yuan/ton to 9996 yuan/ton [2]. - There were changes in month - to - month spreads, open interest, net long positions, and warehouse receipts of rapeseed oil and rapeseed meal [2]. 现货市场 - Spot prices of rapeseed oil, rapeseed meal, and related substitutes decreased. For instance, the spot price of rapeseed oil in Jiangsu dropped by 160 yuan/ton to 10050 yuan/ton [2]. - The oil - meal ratio increased by 0.06 to 3.9, and there were changes in basis and spot price differences between different oils and meals [2]. Upstream Situation - Global rapeseed production increased slightly, and the import volume of rapeseed increased by 7.06 tons to 24.66 tons. The import rapeseed crushing profit increased by 56 yuan/ton to 987 yuan/ton [2]. - The oil mill inventory of rapeseed remained unchanged, and the weekly operating rate of imported rapeseed increased by 0.27% to 13.06% [2]. Industry Situation - The import volume of rapeseed oil and rapeseed meal changed, and the inventory of rapeseed oil and rapeseed meal in coastal, East China, and other regions also changed. For example, the coastal rapeseed oil inventory increased by 1 ton to 14 tons [2]. - The weekly提货量 of rapeseed oil and rapeseed meal decreased [2]. Downstream Situation - The monthly output of feed increased by 99.9 tons to 2927.2 tons, and the monthly output of edible vegetable oil increased by 30 tons to 450.6 tons. The monthly catering revenue decreased by 8.4 billion yuan to 4495.7 billion yuan [2]. Option Market - The implied volatility and historical volatility of rapeseed meal and rapeseed oil options changed. For example, the implied volatility of at - the - money call options of rapeseed meal increased by 1.79% to 18.8% [2]. Industry News - ICE rapeseed futures declined due to the weakness of CBOT soybean oil futures. The US soybean market is affected by factors such as harvest area adjustment, and Argentina's cancellation of agricultural export taxes may intensify international competition [2]. Key Points to Watch - The rapeseed operating rate and rapeseed oil and meal inventories in various regions reported by Myagric on Monday, as well as the trends of Sino - Canadian and Sino - US trade relations [2]

9月23日，国内商品期货收盘，主力合约多数下跌。跌幅方面，菜籽粕、豆粕等跌逾3%，工业硅、原油 等跌超2%，热卷、生猪等跌超1%，短纤、沪镍等小幅下跌；涨幅方面，沪金、沪银涨逾1%，红枣、 NR等小幅上涨。 ...

（文章来源：每日经济新闻） 每经AI快讯，9月23日，国内商品期货收盘，多数下跌。菜籽粕、豆粕等跌逾3%，工业硅、原油等跌超 2%，热卷、生猪等跌超1%，短纤、沪镍等小幅下跌；沪金、沪银涨逾1%，红枣、NR等小幅上涨。 ...

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 some agricultural by - products and soft commodities maintain a volatile or weak - consolidation trend. It is recommended to construct option combination strategies mainly based on sellers and spot hedging or covered strategies to enhance returns [2] - Each option variety has its own fundamental situation, market trend, option factor characteristics, and corresponding option strategies [7][9][10] 3. Summary According to Related Catalogs 3.1 Futures Market Overview - Different agricultural product futures show various price changes, volume changes, and open interest changes. For example, the price of soybean No.1 (A2511) is 3,884, down 27 with a decline rate of 0.69%, and the trading volume is 8.64 million lots with a decrease of 1.83 million lots [3] 3.2 Option Factors 3.2.1 Volume - to - Open - Interest PCR - Different option varieties have different volume - to - open - interest PCR values and their changes, which can be used to analyze the market sentiment and potential turning points of the underlying assets. For example, the volume PCR of soybean No.1 is 0.53 with a change of 0.14, and the open - interest PCR is 0.43 with a change of - 0.01 [4] 3.2.2 Pressure and Support Levels - From the perspective of option factors, each option variety has corresponding pressure and support levels. For example, the pressure level of soybean No.1 is 4000 and the support level is 3900 [5] 3.2.3 Implied Volatility - Different option varieties have different implied volatility values, including at - the - money implied volatility, weighted implied volatility, and their changes. For example, the at - the - money implied volatility of soybean No.1 is 10.84%, and the weighted implied volatility is 12.74% with a decrease of 0.26% [6] 3.3 Strategies and Recommendations for Different Option Types 3.3.1 Oilseed and Oil Options - **Soybean No.1 and No.2**: Based on the fundamental situation of soybeans, the market trend, and option factors, it is recommended to construct a short - biased call + put option combination strategy for volatility strategies and a long - collar strategy for spot long - hedging strategies [7] - **Soybean Meal and Rapeseed Meal**: For directional strategies, a bear - spread put option combination strategy can be constructed; for volatility strategies, a short - biased call + put option combination strategy can be used; and a long - collar strategy can be used for spot long - hedging [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: Volatility strategies suggest constructing short - biased call + put option combination strategies, and spot long - hedging strategies recommend long - collar strategies [10] - **Peanut**: A bear - spread put option combination strategy can be used for directional strategies, and a long - collar strategy for spot long - hedging [11] 3.3.2 Agricultural By - product Options - **Pig**: Volatility strategies suggest constructing short - biased call + put option combination strategies, and a covered call strategy can be used for spot long - covered strategies [11] - **Egg**: A bear - spread put option combination strategy can be used for directional strategies, a short - biased call + put option combination strategy for volatility strategies [12] - **Apple**: Volatility strategies suggest constructing long - biased call + put option combination strategies [12] - **Jujube**: Volatility strategies recommend constructing short - biased wide - straddle option combination strategies, and a covered call strategy for spot covered - hedging [13] 3.3.3 Soft Commodity Options - **Sugar**: Volatility strategies suggest constructing short - biased call + put option combination strategies, and a long - collar strategy for spot long - hedging [13] - **Cotton**: Volatility strategies recommend constructing long - biased call + put option combination strategies, and a long - collar strategy for spot long - covered strategies [14] 3.3.4 Grain Options - **Corn and Starch**: Volatility strategies suggest constructing short - biased call + put option combination strategies [14]

Group 1: Report Industry Investment Rating - Not available in the provided content Group 2: Core Viewpoints of the Report - The report presents a comprehensive overview of the current situation in the global oilseeds and oils market, including export, production, and import data, as well as policy changes and climate - related information [1] Group 3: Summary Based on Different Aspects 1. U.S. Soybean Data - As of the week ending September 18, the U.S. soybean export inspection volume was 484,116 tons, at the lower end of the estimated range. The previous week's volume was 821,809 tons (revised). The cumulative export inspection volume for the current crop year is 1,569,77 tons, compared to 1,246,429 tons in the same period last year [1] - As of the week ending September 21, the U.S. soybean good - to - excellent rate was 61%, lower than the market expectation of 62%. The harvest rate was 9%, lower than the expected 12%. The leaf - falling rate was 61% [1] 2. Argentina's Policy - Argentina's government announced the suspension of export taxes on all grains and by - products such as soybean oil and soybean meal to boost exports and increase dollar supply. The policy will be effective from Tuesday until October 31 or until the declared export value reaches $7 billion. The soybean export tax will drop from 26% to zero, soybean oil and meal from 24.5% to zero, and corn from 9.5% to zero [1] 3. Brazil's Soybean Export - Brazil exported 4,719,426.05 tons of soybeans in the first three weeks of September, with an average daily export volume of 314,628.40 tons, an 8.20% increase compared to the same period last year [1] 4. Malaysia's Palm Oil Data - Different institutions reported different trends in Malaysia's palm oil exports from September 1 - 20. ITS showed an 8.7% increase, AmSpec an 8.3% increase, and SGS a 16.1% decrease compared to the previous month. The production from September 1 - 20 decreased by 7.89% compared to the previous period [1] 5. China's Import Data - In August 2025, China's palm oil imports were 336,550.12 tons, a month - on - month increase of 82.32% and a year - on - year increase of 16.54%. The main import sources were Indonesia and Malaysia [1] - China's rapeseed imports in August were 246,639.83 tons, a month - on - month increase of 40.13% but a year - on - year decrease of 58.52%. The main source was Canada [1] - China's rapeseed meal imports in August were 213,385.30 tons, a month - on - month increase of 16.56% and a year - on - year increase of 4.72%. The main sources were India and the UAE [1] - China's rapeseed oil imports in August were 137,572.47 tons, a month - on - month increase of 3.75% and a year - on - year increase of 18.68%. The main sources were Russia and the UAE [1] 6. Indonesia's Policy Consideration - Indonesia is considering introducing B45 as a transitional step before implementing B50 due to potential technical and economic obstacles that may delay the full implementation of B50 until after 2026 [1] 7. Price and Spread Data - The report also includes data on import crushing margins, import profits, spot prices, protein meal basis, oil basis, regional price spreads, and seasonal spreads for various oilseeds and oils products [2][4][6][8]

Report Title - "连粕大幅下挫 油脂高位震荡—国信期货油脂油料周报" [2] Report Date - September 19, 2025 [2] Industry Investment Rating - Not provided Core Views - In the protein meal market, the CBOT soybeans and domestic continuous meal both showed a downward trend this week. The future of US soybean exports depends on the improvement of Sino-US economic and trade relations, and the domestic continuous meal is affected by factors such as whether China purchases US soybeans, Brazilian premium, and RMB exchange rate. In the oil market, the US biofuel policy is unclear, and the Malaysian palm oil is in a high - level shock. The domestic oil market is affected by supply, cost, and policy, showing an oscillating and slightly stronger trend [6][139]. Content Summary by Section Part 1: Protein Meal Market Analysis Market Trends - CBOT soybeans first rose and then fell this week. Domestic continuous meal oscillated lower, with the main contract breaking through the 3000 - integer mark and then rebounding at the end of the week. Domestic soybean meal spot prices also declined under pressure [6]. Export and Inspection - As of September 11, 2025, the weekly US soybean export inspection volume was 804,352 tons, higher than expected, but the cumulative export inspection volume this year is still affected by China's non - purchase [10][12]. Crop Growth - As of September 14, 2025, the US soybean good - to - excellent rate was 63%, the harvest rate was 5%, and the defoliation rate was 41% [24]. Weather Conditions - North American weather is complex, with the eastern half experiencing cool and dry weather, and some areas having unstable weather due to the interaction of cold fronts and monsoon circulation. South American weather information is not detailed in the report [27]. Oilseed Market - In August, the US soybean crushing volume decreased, but it was still higher than the same period last year. Analysts have different forecasts for Brazil's 2025/26 soybean production, and the US soybean industry is affected by Sino - US trade conflicts [41][42]. Inventory and Profit - As of the end of this week, the domestic port's imported soybean inventory decreased, and the theoretical available days for crushing are 19 days. The spot and futures crushing margins both declined significantly [50]. Production and Inventory - As of the 37th week (September 13), the domestic soybean oil mill's soybean opening rate increased, and the soybean meal inventory increased slightly. The rapeseed opening rate also increased, but it was at a very low level, and the rapeseed meal inventory decreased [58][67]. Consumption and Basis - The estimated apparent consumption of soybean meal in the 37th week was 190.12 tons, an increase from last week. The basis analysis of soybean meal and rapeseed meal shows different trends [61]. Part 2: Oil Market Analysis Market Trends - US soybean oil first rose and then fell this week. Malaysian palm oil followed US soybean oil and oscillated lower. Domestic oils showed a differentiated trend, with rapeseed oil rising, soybean oil first falling and then rebounding, and palm oil following Malaysian palm oil and oscillating [74]. International Oil Information - In August, the NOPA member's soybean oil inventory decreased. In Brazil, the proportion of soybean oil in soybean crushing profit reached a record high. India's palm oil imports increased in August, while soybean oil imports decreased. Different institutions have different statistics on Malaysia's September 1 - 15 palm oil exports [77][78]. Weather Conditions - Southeast Asia has experienced large - scale seasonal rains, with some areas having heavy rainfall [85]. Price and Spread - The prices and spreads of the three major vegetable oils (soybean oil, palm oil, and rapeseed oil) in the spot and futures markets show different trends. The overall inventory of domestic oils increased slightly this week, with soybean oil and palm oil inventories increasing and rapeseed oil inventory decreasing [95]. Basis and Spread Analysis - The basis analysis of soybean oil, palm oil, and rapeseed oil shows different trends. The oil - to - meal ratio of beans decreased, while that of rapeseed increased slightly. The spread between soybean and rapeseed meal increased slightly [115]. Inter - monthly Spread - This week, the 1 - 5 spread of soybean oil and palm oil decreased significantly, while the 1 - 5 spread of rapeseed oil increased significantly [123]. Part 3: Market Outlook Seasonal Analysis - Seasonal analysis of the US soybean, soybean meal, domestic continuous meal, and various oil and meal indexes shows different trends [129][130][132]. Next - Week Outlook - Technically, the short - term, medium - term, and long - term indicators of different varieties show different trends. Fundamentally, the protein meal market is affected by Sino - US trade and domestic inventory, and the oil market is affected by international policies and domestic demand [138][139].

Group 1 - On September 19, domestic futures market for oilseeds and oils showed a positive trend, with canola oil and canola meal rising over 1% [1] - As of the latest data, canola meal futures increased by 1.26% to 2500.00 CNY/ton, while canola oil futures rose by 1.32% to 10098.00 CNY/ton [1] - Other notable increases included soybean meal up 0.60% to 3692.00 CNY/ton and peanuts up 0.54% to 7886.00 CNY/ton [1] Group 2 - The futures prices on September 19 were as follows: soybean oil at 8298.00 CNY, palm oil at 9314.00 CNY, canola oil at 9986.00 CNY, soybean meal at 2995.00 CNY, canola meal at 2475.00 CNY, and peanuts at 7866.00 CNY [2] - The trading volumes for various futures contracts showed stability, with soybean oil at 24544 lots, palm oil at 1570 lots, and canola oil at 8206 lots, all remaining unchanged from the previous trading day [3] Group 3 - As of September 18, the basis data indicated that several contracts, including canola oil, canola meal, palm oil, and soybean oil, experienced a phenomenon of "backwardation," where spot prices exceeded futures prices [3] - The basis and basis rates for various commodities were reported, with canola oil showing a basis of 140 CNY and a basis rate of 1.39%, while canola meal had a basis of 137 CNY and a basis rate of 5.26% [4]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - For rapeseed meal, the USDA report is generally bearish, but domestically, near - month rapeseed arrivals are low, reducing supply pressure, and aquaculture season boosts demand. However, soybean meal substitution and potential increase in domestic imported soybean supply suppress the market. Today, rapeseed meal saw increased positions and price decline, so short - term participation is recommended [2]. - For rapeseed oil, Canada's 2025/26 rapeseed production is up, which exerts pressure on prices. Domestically, terminal consumption boost is limited, and the supply - demand is loose. But low oil mill operating rates and fewer near - month rapeseed purchases ease supply pressure. Affected by the decline of soybean and palm oil, rapeseed oil's upward trend has slowed [2][3][5]. Summary by Directory Futures Market - Futures closing prices: Rapeseed oil's active contract closed at 9999 yuan/ton, down 54 yuan; rapeseed meal's active contract closed at 2460 yuan/ton, down 58 yuan. ICE rapeseed's active contract closed at 640.5 Canadian dollars/ton, up 7.7 Canadian dollars; rapeseed's active contract closed at 5264 yuan/ton, down 66 yuan [2]. - Month - to - month spreads: Rapeseed oil's 1 - 5 spread was 466 yuan/ton, down 1 yuan; rapeseed meal's 1 - 5 spread was 99 yuan/ton, down 22 yuan [2]. - Main contract positions: Rapeseed oil's main contract positions were 336743 lots, up 3703 lots; rapeseed meal's were 399317 lots, up 22735 lots [2]. - Top 20 futures positions: Rapeseed oil's net long positions were 22886 lots, down 3903 lots; rapeseed meal's were - 41680 lots, down 27612 lots [2]. - Warehouse receipts: Rapeseed oil had 8202 warehouse receipts, unchanged; rapeseed meal had 10104, down 110 [2]. Spot Market - Spot prices: Rapeseed oil in Jiangsu was 10060 yuan/ton, up 120 yuan; rapeseed meal in Nantong was 2570 yuan/ton, down 50 yuan. Rapeseed in Yancheng, Jiangsu was 5700 yuan/ton, unchanged [2]. - Average prices: Rapeseed oil's average price was 10125 yuan/ton, up 120 yuan. Imported rapeseed's import cost was 7996.89 yuan/ton, up 97.04 yuan [2]. - Basis: Rapeseed oil's main contract basis was 7 yuan/ton, down 33 yuan; rapeseed meal's was 110 yuan/ton, up 8 yuan [2]. - Substitute product prices: Fourth - grade soybean oil in Nanjing was 8680 yuan/ton, up 30 yuan; 24 - degree palm oil in Guangdong was 9450 yuan/ton, up 50 yuan; soybean meal in Zhangjiagang was 2980 yuan/ton, down 50 yuan [2]. - Price differences: Rapeseed - soybean oil spot price difference was 1410 yuan/ton, up 70 yuan; rapeseed - palm oil was 660 yuan/ton, up 40 yuan; soybean - rapeseed meal was 410 yuan/ton, unchanged [2]. Upstream Situation - Global production: Global rapeseed production forecast for the year was 89.77 million tons, up 0.21 million tons; annual rapeseed production forecast was 12378 thousand tons, unchanged [2]. - Import volume: Total rapeseed import volume for the month was 17.6 tons, down 0.85 tons; rapeseed oil and mustard oil import volume for the month was 15 tons, up 4 tons; rapeseed meal import volume for the month was 27.03 tons, up 7.56 tons [2]. - Inventory and operating rate: Total rapeseed inventory in oil mills was 10 tons, unchanged; imported rapeseed weekly operating rate was 12.79%, down 0.27% [2]. - Pressing profit: Imported rapeseed's on - disk pressing profit was 866 yuan/ton, up 103 yuan [2]. Industry Situation - Inventory: Coastal rapeseed oil inventory was 8.65 tons, down 1.05 tons; coastal rapeseed meal inventory was 1.75 tons, down 0.05 tons. East China rapeseed oil inventory was 52.12 tons, down 1.08 tons; East China rapeseed meal inventory was 30 tons, down 1.51 tons. Guangxi rapeseed oil inventory was 4.1 tons, down 0.45 tons; South China rapeseed meal inventory was 20 tons, down 1.3 tons [2]. -提货量: Rapeseed oil's weekly提货量 was 4.33 tons, up 1.3 tons; rapeseed meal's was 3.57 tons, up 0.83 tons [2]. Downstream Situation - Production: Feed production for the month was 2827.3 tons, down 110.4 tons; edible vegetable oil production for the month was 476.9 tons [2]. - Consumption: Social consumer goods retail sales for catering revenue for the month was 4504.1 billion yuan, down 203.5 billion yuan [2]. Option Market - Implied volatility: Rapeseed meal's at - the - money call option implied volatility was 17.57%, down 0.91%; put option was 17.56%, down 0.92%. Rapeseed oil's at - the - money call and put option implied volatility was 14.25%, up 1.76% [2]. - Historical volatility: Rapeseed meal's 20 - day historical volatility was 15.96%, up 0.01%; 60 - day was 22.2%, up 0.01%. Rapeseed oil's 20 - day historical volatility was 7.91%, up 0.42%; 60 - day was 12.74%, down 0.48% [2]. Industry News - On Tuesday, ICE Canadian rapeseed futures closed higher, with the benchmark contract up 1.34% supported by the strength of Chicago soybean and soybean oil futures. Futures prices rose 4.9 - 8.5 Canadian dollars, with the November contract up 8.5 Canadian dollars to 640.8 Canadian dollars/ton [2]. Rapeseed Meal Viewpoint Summary - The USDA report shows that the estimated US soybean yield per acre in 2025/26 is 53.5 bushels, lower than last month's estimate but higher than analysts' average expectation. Production and ending stocks are both up, making the report bearish. Domestically, near - month rapeseed arrivals are low, and aquaculture boosts demand, but soybean meal substitution and potential increase in imported soybean supply suppress the market. The rapeseed meal price declined with increased positions today [2]. Rapeseed Oil Viewpoint Summary - The USDA report shows that Canada's 2025/26 rapeseed production is up 750 thousand tons to 20 million tons, exports are down 900 thousand tons, domestic use is up 500 thousand tons, and ending stocks are up 1.34 million tons. Domestically, terminal consumption boost is limited, and supply - demand is loose, but low operating rates and fewer near - month purchases ease supply pressure. Rapeseed oil's upward trend slowed due to the decline of soybean and palm oil [2][3][5]. Key Points of Concern - Monitor the rapeseed operating rate and rapeseed oil and meal inventory in various regions from myagric.com on Monday, as well as the development of China - Canada and China - US trade policies [3]