Corn

Thursday’s Recap
May Corn futures closed the day at a one month low of 450’0 Thursday, down 1’2. Overall the session saw 432,991 contracts traded, with May volume coming in at 170,192. Across all maturities, open interest rose 3,509 (0.19%), with May higher by 553, or 0.0857%, to 646,176.

Technicals
May corn futures continue to bleed out this morning as the technicals continue to soften, making new lows for the move and within arm’s reach of the March 4th low, 442 1/2. A failure to hold ground here and all of a sudden, the conversation turns to the potential of new contract lows. End of month and end of quarter trade ahead of one of the biggest reports of the year could be playing a role in recent price action.

Technical Levels of Importance
Resistance: 462 1/2-465 1/2**, 472 3/4-473 1/2***
Pivot: 454 1/2-457 3/4
Support: 440-442 1/2***, 432 3/4-434 1/4***

Popular Options
The July 450 put saw the most changing hands with 13,037 contracts done. Option open interest is largest for the July 500 calls at 36,899, and the Dec 400 puts at 19,875.

Volatility Update
As measured by CVL, implied volatility finished the day higher, gaining 0.49 to end the session at a one week high of 26.64. The 30-day historical volatility finished the session down by 0.16% to a one month low of 22.69%. The CVL Skew was slightly higher with the 30-day gaining 0.051, finishing the session at 1.73.

Read the full article with charts Here!: https://bluelinefutures.com/2025/03/28/grain-markets-weaker-in-the-early-morning-trade/

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