Corn

Thursday’s Recap
Sep Corn futures closed at a contract low of 404’0 Thursday, dropping 1’0. Overall, a heavy 572,695 contracts changed hands, with 205,559 traded in Sep. Combined open interest lost 21,077 (1.39%) to 1,496,192. Sep added 17,367, or 2.98%, finishing at 600,719.

Technicals (December)
December corn futures made a new contract low yesterday but have reversed overnight to erase yesterday’s minimal losses and chew into Wednesday’s big down day. Prior support through the month of May, 433 3/4-435 3/4, will now act as resistance. To neutralize the technical damage that has been done this week the Bulls will need to see consecutive closes back above that pocket. Monday marks the last trading day of the month and quarter, that coupled with one of the biggest USDA reports of the year could provide some fireworks to the market (for better or for worse). Click here to read our in-depth report preview. Through the week, we’ve been helping clients position into the report. To discuss a tailored strategy that’s suitable for you, please reach out to the trade desk: 312-278-0500.

Technical Levels of Importance
Resistance: 447-450 1/2***, 452 1/2-456 1/2****
Pivot: 433 3/4-435 3/4
Support: 410-412**, 399-401***

Popular Options
The Sep 400 put saw the most traded with 5,779 contracts changing hands. Calls with the largest open interest are the Dec 500 strike (37,248), and for the puts are the Dec 400 strike (31,375).

Volatility Update

Implied Volatility settled moderately down with CVL off 0.28, to finish the day at a one week low of 28.79. Unchanged nan%, historical volatility (as measured by the 30-day) finished the day at nan%. The CVL Skew was slightly down, off 0.07 to close at 5.19, a one week low.

Seasonal Tendencies Update
(Updated on 6.23.25)

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 were net short 184,788 through June 17th.

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