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 2025-12-25 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （ ...

当前国际形势复杂多变，大宗商品价格波动加剧，实体企业经营面临的不确定性显著增加，对精细化、专业化风险管理的需求日益迫切。期 货市场作为价格发现和风险管理的关键枢纽，其服务实体经济的本源使命愈发凸显。安粮期货深刻洞察行业发展趋势，积极践行"金融服务 实体经济"根本宗旨，在各期货交易所的大力支持下，主动深入企业、贴近产业，通过一系列精准、深入的"一对一"专场活动，将期货工具 的专业价值转化为实体企业稳健经营的实际助力。 一、聚焦产业痛点，以创新工具精准对接原料定价需求 化工产业链企业长期面临原料价格频繁波动的难题，而大连商品交易所新上市的线型低密度聚乙烯（LLDPE）、聚氯乙烯（PVC）、聚丙烯 （PP）月均价期货，正是契合产业月度定价需求的创新衍生工具。该类品种上市首月便运行平稳，价格贴合基本面，套期保值功能初步显 现，获得市场广泛认可。 安粮期货紧跟交易所产品创新步伐，将推广化工品月均价期货作为服务化工企业的重要切入点。11月21日，公司在山东某上市企业成功举 办"DCE·产业行－聚丙烯月均价期货培训"专场活动，吸引近30位产业人士参加。活动不仅系统阐释了聚丙烯月均价期货的设计原理、运行情 况与应用前景，更紧 ...

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]

农产品期权 2025-12-10 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （ ...