The Grain Rally Stalls Against Technical Resistance

Grain Express

/ by Blue Line Futures

The Grain Rally Stalls Against Technical Resistance

Grain markets have had an impressive first half of the week but saw some of the wind taken out of the sail overnight after running out of momentum against technical resistance.

Corn


Wednesday’s Recap
Corn futures were higher Wednesday with the July contract finishing the session at a one week high of 461’0, up 6’4, or 1.43%. Across all maturities, the session saw 417,924 contracts change hands, with July volume coming in at 201,425. Total open interest rose 4,587, or 0.28%, with July dropping 3,651 (0.54%) to 676,319.

Technicals
July corn futures made new highs for the move in yesterday’s trade, chewing through the upper end of first resistance at 455 1/4 which took prices within a penny of our next pocket which is arguably more important, that comes in from 463 1/4-465 1/4. Old support from 450 1/2-455 1/4.

Technical Levels of Importance
Resistance: 463 1/4-465 1/4***
Pivot: 450 1/2-455 1/4
Support: 442 1/4-445 3/4**, 436-437****


Popular Options
Option trading centered around the June 460 calls with 8,922 done and the June 450 puts with volume of 11,697. For July options, the 460 calls had the high volume with 6,726 done, and the most active put was the 450 strike with 3,499 contracts changing hands. Option open interest is largest for the Dec 500 calls at 36,455, and the Dec 400 puts at 24,591.

Volatility Update

Implied Volatility finished the day moderately higher with CVL gaining 1.2, to end the session at a one month high of 25.88. The 30-day historical volatility finished the day higher by 0.21% to a one week high of 20.19%. The CVL Skew was slightly lower with the 30-day off 0.015, finishing the session at 3.64.

Seasonal Tendencies Update
(Updated on 5.19.25)

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 99k futures and options contracts through May 13th, making them net short 84,976 contracts. This is their largest net short since last October.

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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

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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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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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