Corn
Thursday’s Recap
July Corn futures settled at 472’2 Thursday, off by 3’2, in mostly higher trade. Across all maturities, volume was 345,213, with July seeing 163,168 traded. Total open interest rose 6,510, or 0.42%, to end the session with 1,538,727 outstanding. The July maturity increased by 0.23% (6,510) to finish at 666,768.
Technicals
July silver futures attempted to get back out above our pivot pocket from 474 3/4-477 but ultimately failed. Wednesday’s low at 468 1/2 is still intact and the overnight/early morning action today (Friday) is still contained within the previous day’s range. The breakdown below the cluster of major moving averages earlier in the week does give the Bears the short-term advantage, Bulls need to see consecutive closes back above resistance to repair the damage that was done.
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 June 490 calls with 4,417 done and the July 465 puts with volume of 5,891. Options with the most open interest are the July 500 call with 39,020, and the Dec 400 put with 24,623.
Volatility Update
Implied Volatility ended the day moderately lower with CVL dropping by 0.36, to finish the session at 24.25. The 30-day historical volatility finished the day off 0.37% to 18.07%. The CVL Skew was moderately lower with the 30-day dropping by 0.17, finishing the day at 1.81.
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/2025/05/02/grain-markets-are-firm-in-the-overnight-and-early-morning-trade-will-it-last/
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