Cattle Futures Gain Ground on Tuesday
Corn
Tuesday’s Recap
Corn futures were sharply higher Tuesday with the May contract finishing the session at a one week high of 461’6, up by 4’4. Combined volume was 453,634, with the May maturity seeing 179,571 done. Total open interest shed 1,546 (0.0822%) to end the session with 1,880,022 outstanding. The May maturity fell by 1.92%, or 1,546, to finish at 607,627.
Technicals
May corn futures had a nice move higher yesterday but stalled and reversed off our first resistance pocket 462 1/2-465 1/2. Prices are back into our pivot pocket which the Bulls will want to defend through the balance of the week, that comes in from 454 1/2-457 3/4. A failure here and it could neutralize the recent friendly action. Ultimately, we wouldn’t be terribly surprised to see corn futures establish a trading range in the short to intermediate term, staying nimble in this environment is the key to survival.
Technical Levels of Importance
Resistance: 462 1/2-465 1/2**, 472 3/4-473 1/2***
Pivot: 454 1/2-457 3/4
Support: 440-442 1/2***, 432 3/4-434 1/4***
Popular Options
The May 460 put saw the most changing hands with 5,236 contracts traded. Option open interest is highest for the July 460 calls at 61,785, and the July 460 puts at 60,649.
Volatility Update
Implied Volatility finished the day moderately lower with CVL down by 0.35, to close the session at a one week low of 24.03. Historical volatility (30-day) ended the session at 20.76%, up by 0.40%. The CVL Skew was moderately lower with the 30-day down 0.46, finishing the day at 2.12.
Seasonal Tendencies Update
(Updated on 3.31.25)
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 32.5k futures and options contracts, shrinking their net long position to 74,607.
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