Can Grain Markets Finish the Week on a High Note?
Corn
Market Recap
Corn futures were higher Thursday with the Dec contract finishing the session at 421’6, adding 5’2 (1.26%). Across all maturities, 327,516 contracts were traded, with 192,896 done in the Dec maturity. Total open interest closed at a one month high of 1,584,016, up by 10,767, or 0.68%. Dec open interest rose by 4,725 (0.59%), to 805,645.
Technicals (December)
December corn futures were able to defend the 50-day moving average yesterday which helped elevate prices back to the 20-day at 422 1/2. Above that is the 100-day at 424. If the Bulls can clear this hurdle, we could be on our way to retest the recent highs and potentially go beyond that. That resistance pocket comes in from 430-432 3/4. On the flipside, a failure at these major moving averages could set us back to the lower end of the recent range from 414-415.
Technical Levels of Importance
Resistance: 425 3/4-426 1/4***, 430-432 3/4****, 439 3/4**
Pivot: 419 1/4-422
Support: 414-415***, 396 3/4-399***, 383-387**
Popular Options
Option trading centered around the Nov 440 calls with 5,398 changing hands and the Dec 400 puts with volume of 10,698. Option open interest is highest for the Dec 450 calls at 39,609, and the Dec 400 puts at 59,141.
Vol Update
Implied Volatility closed moderately lower with CVL off 0.29, to finish the day at a one month low of 17.08. Historical volatility (30-day) ended the day at 16.37%, dropping 0.52%, to a one month low. The CVL Skew was sharply up with the 30-day gaining 0.41, closing at 1.20.
Seasonal Tendencies Update
(Updated on 9.29.25)
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 94,675 futures and options.
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