Grain Markets Stabilize Overnight
Grain markets have been lower at the start of the week but are attempting to find their footing int he Wednesday morning trade.
Corn
Tuesday’s Recap
Tuesday’s Corn market was mostly higher with the July contract off by 3’2 to 489’4. Total volume was 527,224, with the July maturity seeing 189,549 traded. Across all maturities, open interest decreased 3,662, or 0.21%, to end the session with 1,722,469 outstanding. The July maturity added 1.69% (3,662) to finish at 646,509.
Technicals
May corn futures traded below our pivot pocket into yesterday’s close. The selling pressure has subsided as the market was able to defend Tuesday’s low in the overnight session. The 50-day moving average along with other techncial support comes in from 474 3/4-477. The Buls will want to see this pocket defended through the rest of the week. In the early morning trade, prices are moving back into our pivot pocket from 483 3/4-488 1/2. A close back above here opens the door for higher highs for the move.
Technical Levels of Importance
Resistance: 493 1/2-497 1/4***, 504 1/2**, 510-512***
Pivot: 483 3/4-488 1/2
Support: 474 3/4-477***, 454 1/2-457 3/4***
Popular Options
The May 480 put saw the most changing hands with 9,033 contracts done. Option open interest is highest for the July 500 calls at 39,240, and the Dec 400 puts at 23,798.
Volatility Update
Implied Volatility closed the session lower with CVL dropping by 0.53, to finish at 21.04. Up 0.11%, historical volatility (as measured by the 30-day) closed at 17.72%. The CVL Skew was moderately lower with the 30-day dropping 0.22, closing at 0.61.
Seasonal Tendencies Update
(Updated on 4.14.25)
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 3.2k futures and options contracts, shrinking their net long position to 53,576.
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