【基本面信息】
　　豆粕：2023年第10周，全国大豆港口库存为407.18万吨，较上周减少24.26万吨；豆粕库存为57.61万吨，较上周减少6.23万吨；菜粕库存4.35万吨，较上周减少0.12万吨。大豆港口库存延续下滑趋势，豆菜粕小幅去库，整体处近年偏低水平。
　　棕榈油：截至2023年3月10日，全国重点地区棕榈油商业库存约101.57万吨，较上周减少1.31万吨；全国重点地区豆油商业库存约74.25万吨，较上周增加0.24万吨；华东菜油库存17.28万吨，较上周减少0.96万吨。
　　棉花：截止到2023年3月14日，新疆地区皮棉累计加工总量600.29万吨，同比增幅13.37%。目前下游需求同比有所回暖，但企业生产周期普遍缩短，后续订单持续性尚存疑，同时欧美作为消费主力，其终端需求有待进一步回暖，美国服装库存仍较高，国内外销需求明显不足。

研究报告全文：农产品期权日报期权研究2023年3月17日星期五基本面信息豆粕2023年第10周全国大豆港口库存为40718万吨较上周减少2426万吨豆粕库存为5761万吨较上周减少623万吨菜粕库存435万吨较上周减少012万吨大豆港口库存延续下滑趋势豆菜粕小幅去库整体处近年偏低水平棕榈油截至2023年3月10日全国重点地区棕榈油商业库存约10157万吨较上周减少131万吨全国重点地区豆油商业库存约7425万吨较上周增加024万吨华东菜油库存1728万吨较上周减少卢品先096万吨投研经理棉花截止到2023年3月14日新疆地区皮棉累计加工总量60029万吨同比增幅1337目前下游0755-23375252需求同比有所回暖但企业生产周期普遍缩短后续订单持续性尚存疑同时欧美作为消费主力其终端lupxwkjyqhcom需求有待进一步回暖美国服装库存仍较高国内外销需求明显不足从业资格号期权分析及策略建议F30473211玉米期权交易咨询号玉米C2305前一周上升受阻回落逐渐下行形成上方有压力的弱势偏空头跌幅007报收于2825期Z0015541权隐含波动率上升067报收于955期权持仓量PCR小幅波动报收于103操作建议玉米C2305上周高位回落后不断弱势下行而上方有前期高点压力形成上方有空头压力的短期弱势市场行情格局期权隐含波动率窄幅波动持仓量PCR小幅回落构建卖出偏空头的宽跨式期权组合策略获取时间价值收益和方向性收益若市场行情快速大涨则逐渐平仓离场如C2305SC2305-P-280010SC2305-P-282010和SC2305-C-284010SC2305-C-2860102豆粕期权豆粕M2205上周止跌反弹连续报收阳线回升而后上升受阻回落延续弱势偏空头趋势跌幅013报收于3746豆粕期权隐含波动率上升167报收于1614期权持仓量PCR小幅回落仍维持较高水平报收于134操作建议豆粕维持上方有压力的短期偏空弱势格局期权隐含波动率小幅上升降期权持仓量PCR仍维持较高位构建卖出偏空头的看涨看跌期权组合策略获取时间价值收益和方向性收益若市场行情急速大涨则逐渐平仓离场如M2305SM2305-P-370010SM2305-P-365010和SM2305-C-380010SM2305-C-3750103棕榈油期权棕榈油P2305上周以来高位回落连续报收阴线大幅下跌跌破近期低点本周以来延续弱势空头涨幅021报收于7766期权隐含波动率急速上升387报收于3009持仓量PCR低位窄幅波动报收于053操作建议棕榈油P2305空头压力线下超跌反弹回暖上升受阻回落延续空头下行期权隐含波动率窄幅波动持仓量PCR维持至较低水平构建卖出偏空头的看涨看跌期权组合策略获取时间价值收益和方向性收益若市场行情快速大涨则逐渐平仓离场如P2305SP2305-P-760010SP2305-P-770010和SP2305-C-780010SP2305-C-7900104白糖期权白糖SR305上周以来持续大幅上涨突破去年6月以来的高点本周以来上涨收窄高位回落连续大幅下跌而后小幅盘整且趋势线方向仍向上涨幅000报收于6130期权隐含波动率上升041至1553期权持仓量PCR快速下降报收于110操作建议白糖SR2305多头趋势方向上高位回落连续报收大阴线而趋势线方向仍向上期权隐含波动率小幅上升期权持仓量PCR维持较高水平报收于100以上构建看涨期权牛市价差组合策略若市场行情极速大跌至低行权价则逐渐平仓离场如SR305BSR305C610010BSR305C600010和SSR305C640010SSR305C6300105棉花期权棉花CF305延续近两周以来的低位弱势盘整区间震荡昨日大幅下跌夜盘延续下跌趋势跌幅139报收于13830棉花期权隐含波动率上升287报收于2250持仓量PCR小幅波动报收于057操作建议棉花CF305弱势盘整震荡后本周以来加速下跌形成上方有压力的空头趋势棉花期权隐含波动率大幅拉升持仓量PCR维持较低水平构建卖出偏空头的看涨看跌期权组合策略获取时间价值和方向性收益若市场行情急速大涨则逐渐平仓离场如CF2305SCF2305P13400SCF2305P13600和SCF2305C14000SCF2305C13800市场行情期权品种标的合约收盘价涨跌涨跌幅成交量万成交额亿CC2305282500-200-00719175419MM2305374600-500-013582621858PP23057766001600021805162405SRSR2305613000000000539033035CFCF23051383000-19500-139643545119RMRM23053008001400047548616425数据来源wind资讯五矿期货期权事业部主力期货合成期权期权标的合约平值期权权利金C权利金P合成价格涨跌涨跌幅升贴水剩余天数到期日C23052820280022002826-600-021100252023-04-10M23053750530055003748-2150-057200252023-04-10P2305780017950257007723-11300-144-4350252023-04-10SR23056100780065006113-8300-134-1700212023-04-06CF230513800293002460013847-42900-3011700212023-04-06RM23053000480060002988-3350-111-2000212023-04-06数据来源wind资讯五矿期货期权事业部注平值是以主力月合约call与put权利金相减最小为基准平值合成期权升贴水平值call权利金-pu权利金-标的价格主力期权合约隐含波动率期权标的合约IMP-CIMP-PIMP-T变化MA20UPLOWC2305923969955067924970877M2305141217521614167151915911447P2305291231063009387253426842385SR2305163014881553041128315581009CF2305238621152250278187819811774RM2305212023142231317191220141809数据来源wind资讯五矿期货期权事业部主力期权合约持仓量PCR期权标的合约量-Call量-Put量-PCR变化持仓-Call持仓-Put持仓-PCR变化C23052386355724234058153868158633103001M23056844699958146027170964229359134003P230563700629230990129316949472053-002SR23059067610868312006098374107906110-016CF2305821888230410004215049086203057-001RM23052742636925135-0824406445312103-006数据来源wind资讯五矿期货期权事业部标的价量关系图1玉米主力合约走势图3000602950成交量万收盘价502900282400285040280027503027002650202600102550250002022-11-072023-01-182022-09-052022-09-082022-09-142022-09-192022-09-222022-09-272022-09-302022-10-122022-10-172022-10-202022-10-252022-10-282022-11-022022-11-102022-11-152022-11-182022-11-232022-11-282022-12-012022-12-062022-12-092022-12-142022-12-192022-12-222022-12-272022-12-302023-01-052023-01-102023-01-132023-01-302023-02-022023-02-072023-02-102023-02-152023-02-202023-02-232023-02-282023-03-032023-03-082023-03-132023-03-16图2豆粕主力合约走势图4600200成交量万收盘价440016042001204000374500803800360040340002022-10-252022-12-012023-01-102023-02-232022-09-052022-09-082022-09-142022-09-192022-09-222022-09-272022-09-302022-10-122022-10-172022-10-202022-10-282022-11-022022-11-072022-11-102022-11-152022-11-182022-11-232022-11-282022-12-062022-12-092022-12-142022-12-192022-12-222022-12-272022-12-302023-01-052023-01-132023-01-182023-01-302023-02-022023-02-072023-02-102023-02-152023-02-202023-02-282023-03-032023-03-082023-03-132023-03-16图3白糖主力合约走势图650090成交量万收盘价806300611400706100605059004057003020550010530002022-11-152023-02-022022-09-052022-09-082022-09-142022-09-192022-09-222022-09-272022-09-302022-10-122022-10-172022-10-202022-10-252022-10-282022-11-022022-11-072022-11-102022-11-182022-11-232022-11-282022-12-012022-12-062022-12-092022-12-142022-12-192022-12-222022-12-272022-12-302023-01-052023-01-102023-01-132023-01-182023-01-302023-02-072023-02-102023-02-152023-02-202023-02-232023-02-282023-03-032023-03-082023-03-132023-03-16图4棉花主力合约走势图15600100成交量万收盘价151008014600138300014100601360013100401260020121001160002022-11-072023-01-182022-09-052022-09-082022-09-142022-09-192022-09-222022-09-272022-09-302022-10-122022-10-172022-10-202022-10-252022-10-282022-11-022022-11-102022-11-152022-11-182022-11-232022-11-282022-12-012022-12-062022-12-092022-12-142022-12-192022-12-222022-12-272022-12-302023-01-052023-01-102023-01-132023-01-302023-02-022023-02-072023-02-102023-02-152023-02-202023-02-232023-02-282023-03-032023-03-082023-03-132023-03-16图5菜粕主力合约走势图3600成交量万收盘价1203400100320080298800300060280040260020240002022-11-182023-02-072022-09-052022-09-082022-09-142022-09-192022-09-222022-09-272022-09-302022-10-122022-10-172022-10-202022-10-252022-10-282022-11-022022-11-072022-11-102022-11-152022-11-232022-11-282022-12-012022-12-062022-12-092022-12-142022-12-192022-12-222022-12-272022-12-302023-01-052023-01-102023-01-132023-01-182023-01-302023-02-022023-02-102023-02-152023-02-202023-02-232023-02-282023-03-032023-03-082023-03-132023-03-16图6棕榈油主力合约走势图9000150成交量万收盘价8500120800090750060700030650002022-11-102023-01-302022-09-052022-09-082022-09-142022-09-192022-09-222022-09-272022-09-302022-10-122022-10-172022-10-202022-10-252022-10-282022-11-022022-11-072022-11-152022-11-182022-11-232022-11-282022-12-012022-12-062022-12-092022-12-142022-12-192022-12-222022-12-272022-12-302023-01-052023-01-102023-01-132023-01-182023-02-022023-02-072023-02-102023-02-152023-02-202023-02-232023-02-282023-03-032023-03-082023-03-132023-03-16数据来源wind资讯五矿期货期权事业部玉米期权持仓分布玉米期权持仓分布图玉米期权持仓变化图3000015002500010002000050015000010000-5005000-10000-1500252029602320236024002440248025202560260026402680272027602800284028802920296030003080316032403320340034802320236024002440248025602600264026802720276028002840288029203000308031603240332034003480OIPOICOICHANGEPOICHANGEC玉米期权最大未平仓玉米认购认沽合约最大持仓量所在的行权价3200310030002900280027002600250024002022-09-302023-01-052023-02-152022-09-052022-09-082022-09-142022-09-192022-09-222022-09-272022-10-122022-10-172022-10-202022-10-252022-10-282022-11-022022-11-072022-11-102022-11-152022-11-182022-11-232022-11-282022-12-012022-12-062022-12-092022-12-142022-12-192022-12-222022-12-272022-12-302023-01-102023-01-132023-01-182023-01-302023-02-022023-02-072023-02-102023-02-202023-02-232023-02-282023-03-032023-03-082023-03-132023-03-16玉米期权到期日收盘价C最大持仓P最大持仓玉米期权持仓量PCR玉米期权隐含波动率2003000OIPCRCLOSE22295018020290018160285016140280014282400275012027001210026501026008080255006025002022-11-182022-09-052022-09-142022-09-222022-09-302022-10-172022-10-252022-11-022022-11-102022-11-282022-12-062022-12-142022-12-222022-12-302023-01-102023-01-182023-02-022023-02-102023-02-202023-02-282023-03-082023-03-162023-03-082022-09-162022-09-282022-10-172022-10-272022-11-082022-11-182022-11-302022-12-122022-12-222023-01-042023-01-162023-02-022023-02-142023-02-242022-09-05IMPVMA20UPLOW豆粕期权持仓分布豆粕期权持仓分布图豆粕期权持仓变化图35000100030000500025000-50020000-100015000-150010000-20005000-25000-300043502950275028502950305031503250335034503550365037503850395040504150425044504550275028503050315032503350345035503650375038503950405041504250435044504550OIPOICOICHANGEPOICHANGEC豆粕期权最大未平仓豆粕认购认沽合约最大持仓量所在的行权价480044004000360032002022-09-302023-01-052023-02-152022-09-052022-09-082022-09-142022-09-192022-09-222022-09-272022-10-122022-10-172022-10-202022-10-252022-10-282022-11-022022-11-072022-11-102022-11-152022-11-182022-11-232022-11-282022-12-012022-12-062022-12-092022-12-142022-12-192022-12-222022-12-272022-12-302023-01-102023-01-132023-01-182023-01-302023-02-022023-02-072023-02-102023-02-202023-02-232023-02-282023-03-032023-03-082023-03-132023-03-16豆粕期权到期日收盘价C最大持仓P最大持仓豆粕期权持仓量PCR豆粕期权隐含波动率3404400OIPCR35300CLOSE4200302526040003745002022038001518036001014034002022-11-182022-09-052022-09-142022-09-222022-09-302022-10-172022-10-252022-11-022022-11-102022-11-282022-12-062022-12-142022-12-222022-12-302023-01-102023-01-182023-02-022023-02-102023-02-202023-02-282023-03-082023-03-162023-03-082022-09-162022-09-282022-10-172022-10-272022-11-082022-11-182022-11-302022-12-122022-12-222023-01-042023-01-162023-02-022023-02-142023-02-242022-09-05IMPVMA20UPLOW白糖期权持仓分布白糖期权持仓分布图白糖期权持仓变化图3000030002000250001000200000-100015000-200010000-3000-40005000-50000-60005200480050005200540056005800600062006400660068004800500054005600580060006200640066006800OIPOICOICHANGEPOICHANGEC白糖期权最大未平仓白糖认购认沽合约最大持仓量所在的行权价6800660064006200600058005600540052002022-09-302023-01-052023-02-152022-09-052022-09-082022-09-142022-09-192022-09-222022-09-272022-10-122022-10-172022-10-202022-10-252022-10-282022-11-022022-11-072022-11-102022-11-152022-11-182022-11-232022-11-282022-12-012022-12-062022-12-092022-12-142022-12-192022-12-222022-12-272022-12-302023-01-102023-01-132023-01-182023-01-302023-02-022023-02-072023-02-102023-02-202023-02-232023-02-282023-03-032023-03-082023-03-132023-03-16白糖期权到期日收盘价C最大持仓P最大持仓白糖期权持仓量PCR白糖期权隐含波动率140OIPCR640018CLOSE61140063001206200166100100146000080590012580010060570004056008550002054002022-11-182022-09-052022-09-142022-09-222022-09-302022-10-172022-10-252022-11-022022-11-102022-11-282022-12-062022-12-142022-12-222022-12-302023-01-102023-01-182023-02-022023-02-102023-02-202023-02-282023-03-082023-03-162023-03-082022-09-162022-09-282022-10-172022-10-272022-11-082022-11-182022-11-302022-12-122022-12-222023-01-042023-01-162023-02-022023-02-142023-02-242022-09-05IMPVMA20UPLOW棉花期权持仓分布棉花期权持仓分布图棉花期权持仓变化图22000100020000180005001600001400012000-500100008000-100060004000-15002000-2000184001840018800192001120011200116001200012400128001320013600140001440014800152001560016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