Corn

Wednesday’s Recap
Corn futures were higher Wednesday with the July contract finishing the session at a one week high of 461’0, up 6’4, or 1.43%. Across all maturities, the session saw 417,924 contracts change hands, with July volume coming in at 201,425. Total open interest rose 4,587, or 0.28%, with July dropping 3,651 (0.54%) to 676,319.

Technicals
July corn futures made new highs for the move in yesterday’s trade, chewing through the upper end of first resistance at 455 1/4 which took prices within a penny of our next pocket which is arguably more important, that comes in from 463 1/4-465 1/4. Old support from 450 1/2-455 1/4.

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****

Popular Options
Option trading centered around the June 460 calls with 8,922 done and the June 450 puts with volume of 11,697. For July options, the 460 calls had the high volume with 6,726 done, and the most active put was the 450 strike with 3,499 contracts changing hands. Option open interest is largest for the Dec 500 calls at 36,455, and the Dec 400 puts at 24,591.

Volatility Update

Implied Volatility finished the day moderately higher with CVL gaining 1.2, to end the session at a one month high of 25.88. The 30-day historical volatility finished the day higher by 0.21% to a one week high of 20.19%. The CVL Skew was slightly lower with the 30-day off 0.015, finishing the session at 3.64.

Seasonal Tendencies Update
(Updated on 5.19.25)

Below is a look at historical price averages for July 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 about 99k futures and options contracts through May 13th, making them net short 84,976 contracts. This is their largest net short since last October.

Check out the charts to this Article here: https://bluelinefutures.com/2025/05/22/the-grain-rally-stalls-against-technical-resistance/

Checkout Yesterday Video Recap on the Markets here: 

Wednesday was a busy day for markets, ranging from metals and energies to grains and indices. Oliver Sloup got some added insight from Market Strategist Phil Streible and Head of Research Dan White.

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