Grain Markets Settle In
Grain markets continue their choppy trade as we inch closer to the last trading day of the month and market participants await new news.
Corn
Market Recap
Dec Corn futures settled at 409’4 Tuesday, down 2’6, in lower trade across the board. Overall volume was 545,000, with the Dec contract seeing 266,957 done. Across all maturities, open interest fell by 22,441 (1.52%) to 1,456,625. Dec rose 3,389, or 0.41%, finishing at 838,273.
Technicals (December)
Corn futures saw minor pressure yesterday, but all in all it remains a healthy correction from resistance. Our pivot pocket is in play this morning, that comes in from 407-410. The Bulls need to defend this to keep some wind in their sails, a failure here and that could neutralize some of the constructive developments over the last two weeks. As mentioned in our AgDay interview yesterday, we wouldn’t be surprised to see the market settle into more of a range with both upside and downside likely limited at the moment. With that in mind, tempering the expectations is prudent.
Technical Levels of Importance
Resistance:415 3/4-418 1/4***, 430 1/4-432 3/4****
Pivot: 407-410
Support: 396 3/4-399***, 383-387**
Popular Options
The Dec 370 put saw the most traded with 4,491 contracts changing hands. Calls with the most open interest are the Dec 450 strike (40,810), and for the puts are the Dec 400 strike (59,523).
Vol Update
As measured by CVL, implied volatility finished the session up, adding 0.4 to end the day at 18.38. Dropping 0.0498%, historical volatility (as measured by the 30-day) closed the session at 29.00%. The CVL Skew was down with the 30-day dropping by 0.3, finishing at a one month low of 1.28.
Seasonal Tendencies Update
(Updated on 8.25.25)
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 are net short 144,650 futures and options. That is about 32k less than the prior week. The bulk of that change came from 28,631 new long positions, VS 2,833 short covering.
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