Corn

Wednesday’s Recap
July Corn futures settled at 475’4 Wednesday, up by 5’2, or 1.12%. Across all maturities, 393,684 contracts changed hands, with 196,430 traded in the July maturity. Combined open interest decreased by 11,318 (0.73%) to 1,532,616. July lost 12,153, or 1.79%, finishing at 665,611.

Technicals
July corn futures were able to stabilize and recover some lost ground in Wednesday’s trade, which has spilled over to additional firmness in the Thursday morning session. The market is right back in our pivot pocket, 474 3/4-477. The Bulls will want to see consecutive closes back above this pocket repair the technical damage that was done in Tuesday’s trade. A failure to do so keeps downside risk present, with little significant support until you get near the low end of the range from March, 450 1/2-455 1/4.

Technical Levels of Importance
Resistance: 481 1/2-483 3/4***, 495-497 1/2***
Pivot: 474 3/4-477
Support: 463 1/4-465 1/4***, 450 1/2-455 1/4***

Popular Options
Option trading centered around the Dec 550 calls with 4,227 traded and the July OCD 435 puts with volume of 3,282. Largest volumes in July option trading were seen in the 490 calls (3,122) and the 435 puts (1,649). Calls with the greatest open interest are the July 500 strike (38,944), and for the puts are the Dec 400 strike (24,599).

Volatility Update

Corn implied volatility finished moderately higher as CVL rose by 0.69 to close the day at 24.61, a one month high. Adding 0.16% to a one week high, historical volatility (as measured by the 30-day) closed the session at 18.45%. The CVL Skew was sharply higher, up 0.81 to close the session at 1.98, a one week high.

Seasonal Tendencies Update
(Updated on 4.28.25)

Below is a look at historical price averages for July corn futures on a 5, 10, 15, 20, and 30 year time frames (Past performance is not necessarily indicative of future results).

Commitment of Traders Update
Friday’s Commitment of Traders report showed Funds were net sellers of about 12k futures and options contracts through April 22nd, shrinking their net long position to 112,805.

Check out the Charts here: https://bluelinefutures.com/2025/05/01/a-choppy-grain-trade-3/

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