Grains are Trying to Build a Base

Grain Express

/ by Blue Line Futures

Grains are Trying to Build a Base

Grain markets have been able to defend support this week, can it continue to hold?

Corn


Wednesday’s Recap
July Corn futures settled at 438’6 Wednesday, adding 0’2, in higher trade across the board. Total volume was 507,235, with July seeing 220,751 done. Across all maturities, open interest fell by 1,533, or 0.0918%, with July down by 12,074 (1.91%) to 618,934.

Technicals
Once again, corn futures looked promising in (yesterday’s) the early morning session but fizzled out into the close to finish near unchanged. The rejection of higher prices doesn’t look great on the daily chart, but no new technical damage was done and support/resistance levels remain intact.

Technical Levels of Importance
Resistance: 463 1/4-465 1/4***
Pivot: 448 3/4-451
Support: 434 1/4-437****


Popular Options
Option volumes were largest for the Dec 500 call (6,925) and the Sep 380 put (6,015). In July options, the high volume call was in the 450 strike with 4,772 changing hands, and the 450 put leads with volume of 1,973. Calls with the highest open interest are the Dec 500 strike (35,801), and for the puts are the Dec 400 strike (25,931).

 

Volatility Update

Implied Volatility ended slightly higher with CVL gaining 0.062, to close at a one week high of 24.68. Historical volatility (30-day) closed the day at nan%, unchanged on the session nan%. The CVL Skew was slightly down with the 30-day dropping 0.081, closing the session at 3.76.

Headlines
Ukrainian corn exports are set to fall to 1 million metric tons in June from 2 million tons in May, as Ukraine-origin corn is uncompetitive compared to its American equivalent, producers’ union UAC said on Wednesday.

Seasonal Tendencies Update
(Updated on 6.2.25)

Below is a look at historical price averages for December 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 buyers of 2.5k futures and options contracts through May 27th. Prices dropped sharply in the back half of the week, making the real time estimate more aggressively short.

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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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