On the night session of January 30, 2026, soybean meal and corn series options were officially listed for trading on the Dalian Commodity Exchange (hereinafter referred to as “DCE”). The first batch of listed series option contracts were based on the M2607 and C2607 futures contracts. As an important innovative measure in the domestic agricultural product options market, the series options provide more flexible and efficient hedging options for enterprises in the soybean meal and corn industrial chains, marking a new stage in the term coverage and functional adaptation of China's commodity options market in the agricultural product field.

The regular options for soybean meal and corn were listed on the DCE on March 31, 2017, and January 28, 2019, respectively, and they were among the first batch of commodity options to be listed in China. Thanks to factors such as the active underlying futures market and the mature trader structure, the market participation of the options for these two varieties is relatively high. In 2025, the average daily trading volume of soybean meal options was 329,000 lots. According to FIA data, it ranked first among global agricultural product options, and its ending open interest ranked second. The average daily trading volume of corn options was 110,000 lots. According to FIA data, it ranked eighth among global agricultural product options, and its ending open interest ranked seventh. The industrial participation continued to increase. In 2025, the average daily open interest of industrial clients in the DCE options market increased by 16% year-on-year, and the proportion of industrial open interest in soybean meal and corn options increased by 1 percentage point each year-on-year.

According to the report that as the first batch of short-cycle option products of the DCE, the newly listed soybean meal and corn series options are monthly option contracts added on the basis of the existing regular option contracts. The underlying futures contracts are the same as those of the regular options, and the trading codes are distinguished by the newly added “MS” exclusive identifier, forming a complementary pattern of “regular options + series options” to effectively fill the gap in hedging tools for industries in some months.

Compared with regular options, the core characteristics of series options can be summarized as “short duration and low cost”. According to the “Dalian Commodity Exchange Options Trading Management Measures” revised by the DCE earlier, the series options are listed on the first trading day of the fifth month before the delivery month of the underlying futures and expire on the 12th trading day of the second month before the delivery month. The contract duration is about three and a half months, which is nearly two-thirds shorter than that of regular options.

Judging from the performance on the night session of January 30, on the listing day of the soybean meal and corn series options, the market operated smoothly, market participation was orderly, and the implied volatility was basically the same as that of the regular options in the same month.

China is a major producer, consumer, and trader of soybean meal and corn. Soybean meal is widely used in the feed and aquaculture industries, and corn is used for staple food, feed, and industrial purposes. The prices of these two varieties are easily affected by multiple factors such as the global supply-demand pattern, international policies, and climate change, and their short-term volatility risks are prominent. Industry insiders said that after the launch of the series options, they can better match the short-term spot positions of enterprises, and their advantages in term flexibility and cost control are more prominent. They hope that the exchange can develop and launch more short-cycle option products in the future to better meet the refined hedging needs of industrial enterprises.

The relevant person in charge of the DCE said that the launch of the soybean meal and corn series options is a continuation of the mature operation experience of these two varieties. It is also a powerful measure for the DCE to respond to market concerns and deepen tool innovation. The series options will complement the existing regular options and underlying futures, achieving full-cycle coverage of 12-month expiration contracts, effectively solving the pain points of insufficient short-term hedging tools and high trading costs for enterprises, and building a more refined risk “protection net” for the industrial chain.