The Sideways Trade in Grains Continues

Grain Express

/ by Blue Line Futures

The Sideways Trade in Grains Continues

Grain markets remain mostly rangebound. These are the levels to watch for a potential trend change.

Corn


Thursday’s Recap
Corn futures were mixed Thursday with the May contract finishing the session at a one week high of 469’0, up 7’0, or 1.52%. Across all maturities, the session saw 466,449 contracts change hands, with May volume coming in at 219,751. Combined open interest decreased 1,982, or 0.11%, to 1,806,652. May fell 4,713 (0.71%), finishing at 658,749.

Technicals
May corn futures were able to gain some ground in yesterday’s trade, putting prices within arm’s reach of first resistance in the last day of the week. That resistance pocket comes in from 472 3/4-473 1/2. If the Bulls can chew through this pocket we could see it open the door for an extension into the mid 480’s. Whether or not that can/will happen prior to the end of month report is still TBD. Our bias has been and remains mostly neutral as we see shorter term opportunities on both sides of the market. A violation of support or resistance would move our bias in that direction.

Technical Levels of Importance
Resistance: 472 3/4-473 1/2***, 480-484***, 486 1/2-488 1/2****
Pivot: 462 1/2-465 1/2
Support: 454 1/2-457 3/4***, 442 1/2*

Popular Options
Option volumes were largest for the May 500 call (9,983) and the April 465 put (5,519). Calls with the largest open interest are the July 500 strike (35,169), and for the puts are the July 450 strike (19,637).

Volatility Update
Corn implied volatility finished slightly lower as CVL fell by 0.12 to end the day at 25.81, a one week low. The 30-day historical volatility closed up by 0.48% to 23.54%. The CVL Skew ended sharply up, higher by 0.69 to close the day at a one week high of 1.63.

Seasonal Tendencies Update
(Updated on 3.17.25)

Below is a look at historical price averages for May 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 70k futures contracts, shrinking their net long position to 132,412

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Futures trading involves a substantial risk of loss and may not be suitable for all investors. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.

Blue Line Futures is a member of NFA and is subject to NFA’s regulatory oversight and examinations. However, you should be aware that the NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians, or markets. Therefore, carefully consider whether such trading is suitable for you considering your financial condition.

With Cyber-attacks on the rise, attacking firms in the healthcare, financial, energy, and other state and global sectors, Blue Line Futures wants you to be safe! Blue Line Futures will never contact you via a third-party application. Blue Line Futures employees use only firm-authorized email addresses and phone numbers. If you are contacted by any person and want to confirm your identity please reach out to us at info@bluelinefutures.com or call us at 312- 278-0500

Performance Disclaimer

Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program.

One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points that can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program that cannot be fully accounted for in the preparation of hypothetical performance results all of which can adversely affect actual trading results.

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Seasonal Disclaimer

This message and its content is intended only for the person or entity to which it is addressed and should not be shared with additional parties. Seasonal tendencies are a composite of some of the most consistent commodity futures seasonals that have occurred in the past several years. There are usually underlying, fundamental circumstances that occur annually that tend to cause the futures markets to react in similar directional manner during a certain calendar year even if a seasonal tendency occurs in the futures, it may not result in a profitable transaction as fees and the timing of the entry and liquidation may impact on the results. No representation is being made that any account has in the past, or will in the futures, achieve profits using these recommendations. No representation is being made that price patterns will recur in the future.

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