Corn

Friday’s Recap
Friday’s Corn market was lower with the July contract dropping 3’4 to 459’4. Total volume was 351,751, with July seeing 167,356 change hands. Combined open interest increased 8,064 (0.49%), with July adding 122, or 0.0182%, to 669,855.

Technicals
July corn futures had an impressive start to last week’s trade, but the momentum fell flat on Friday as traders may have been looking to tie up loose ends before the long weekend. Prices are softer to start the shortened week, but Friday’s low remains intact at 455. Our pivot pocket from 450 1/2-455 1/4 will continue to be monitored closely. A break and close back below this pocket and we could see technical selling pressure feed on itself.

Technical Levels of Importance
Resistance: 463 1/4-465 1/4***
Pivot: 450 1/2-455 1/4
Support: 442 1/4-445 3/4**, 436-437****

Headlines
Agribusiness consultancy Datagro increased its forecasts for Brazil’s 2024/25 soybean and corn crops, a statement showed on Monday. Total corn production was estimated to reach 132.7 million tons, 0.7% higher than the previous estimate of 131.7 million tons.

Popular Options
Option volumes were greatest for the July 480 call (2,817) and the July 450 put (1,898). Calls with the greatest open interest are the Dec 500 strike (36,180), and for the puts are the Dec 400 strike (24,717).

Volatility Update

As measured by CVL, implied volatility ended the day moderately down, losing 0.83 to close the session at a one week low of 24.37. Historical volatility (30-day) closed the session at 20.03%, down by 0.47%. The CVL Skew ended the day moderately down, losing 0.19 to finish the session at a one week low of 2.68.

Seasonal Tendencies Update
(Updated on 5.27.25)

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 roughly 18k futures and options contracts through May 13th, making them net short 103,210 contracts. This is their largest net short since last September.

Check out the Charts Here: https://bluelinefutures.com/2025/05/27/a-mixed-start-to-the-shortened-week/ 

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