Grains are mixed to start the week
After a strong end to last weeks trade, grain markets are mixed this morning
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Corn
Friday’s Recap
Friday’s Corn market was higher with the Dec contract up by 2’4 to 443’0, a one week high. Across all maturities, the session saw 429,954 contracts traded, with Dec volume coming in at 108,287. Total open interest decreased by 16,203 (1.00%), with Dec losing 2,711, or 0.52%, to 520,823.
Technicals
The 20-day moving average has acted as a pivot point for a lot of commodity markets since the start of the year, and that has held true for corn over the better part of the last month. The market tested it a few times last week and finished Friday’s trade just a hair below it. Overnight weakness keeps it intact as resistance to start this week’s trade, 445 1/2. On the support side, things look pretty well defined with the low end of the recent range being the pocket for the Bulls to defend, 433 1/4-437.
Technical Levels of Importance
Resistance: 445 3/4-446***, 453-455**, 463 1/4-465 1/4***
Pivot: 433 1/4-437
Support: 421 3/4-427 1/2****
Popular Options
Option volumes were largest for the Sep 450 call (5,492) and the July OCD 440 put (3,408). For July options, the 465 calls were the most actively traded with 3,365 done, and the highest volume put was the 440 strike with 1,752 contracts changing hands. Option open interest is highest for the Sep 500 calls at 38,207, and the Dec 400 puts at 28,087.
Volatility Update
As measured by CVL, implied volatility closed the day sharply up, higher by 1.6 to finish the session at 25.63. Even for the session nan%, historical volatility (as measured by the 30-day) ended the session at nan%. The CVL Skew closed higher, up by 0.91 to finish the day at 6.03, a one month high.
Seasonal Tendencies Update
(Updated on 6.16.25)
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 sellers of 10k futures and options contracts through June 10rd. This is the largest net short since September.
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