Corn, Soybean, and Wheat Futures Lower to Start the Week

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Trade Headlines

The United States and European Union struck a framework trade agreement on Sunday, imposing a 15% import tariff on most EU goods and averting a bigger trade war between the two allies that account for almost a third of global trade.
The South China Morning Post reported on Sunday that Beijing and Washington were expected to extend their tariff truce by another three months at trade talks in Stockholm beginning on Monday.

Corn

Market Recap
Corn futures were lower Friday with the Dec contract finishing the session at 419’0, off 1’6, in narrow trade. Total volume was a light 238,179, with Dec seeing 92,307 change hands. Overall open interest finished the session at a one month high of 1,539,634, adding 19,204 (1.26%). Dec open interest rose by 2,743, or 0.44%, to 626,990.

Technicals (December)
It’s Monday, which means corn is lower. December corn futures have tripped below last week’s low but are trying their hardest to hang on to our pivot pocket from 415 3/4-416 1/2. A failure to defend this pocket and a retest of the July 14th contract low could be in order, that comes in at 407 1/2. Below that is the psychologically significant 4.00 level. On the flipside, first upside resistance comes in from 421 1/4-423. Consecutive closes back above this pocket would be constructive to the technical landscape.

Technical Levels of Importance
Resistance: 421 1/4-423**, 430 1/4-432 3/4****
Pivot: 415 3/4-416 1/2
Support: 407 1/2-410**, 399-401***

Popular Options
The Sep 370 put saw the most changing hands with 5,865 contracts done. Highest volumes in Dec option trading were seen in the 440 calls (2,183) and the 375 puts (2,500). Options with the greatest open interest are the Dec 450 call with 37,617, and the Dec 400 put with 52,544.

Vol Update
As measured by CVL, implied volatility settled moderately down, dropping 0.26 to end the day at a one month low of 21.35. Historical volatility (30-day) finished the session at 22.92%, off by 0.0744%, to a one month low. The CVL Skew was moderately lower, dropping 0.16 to end the day at 1.84.

Seasonal Tendencies Update
(Updated on 7.21.25)

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
The most recent Commitment of Traders report showed Funds increased their net short futures and options position to 177,365.