May grain options expire at the end of the week, which has started to move the bulk of futures trade volume out to July. If you’re in May futures, you’ll want to consider exiting or rolling before the end of the week.

Corn

Tuesday’s Recap
Tuesday’s Corn market was lower with the July contract off 6’6, or 1.38%, to 483’2, a one week low. Across all maturities, the session saw 458,739 contracts change hands, with July volume coming in at 162,010. Overall open interest dropped 600, or 0.0351%, to end the session with 1,708,739 outstanding. The July maturity gained 0.27% (600) to finish at 667,839.

Technicals
July corn futures retreated in yesterday’s trade, coming back to the 50-day moving average at 481 1/2. The Bulls will want to see this pocket defended on a closing basis, a failure to do so could trigger additional technical selling pressure.

Technical Levels of Importance
Resistance: 495-497 1/2***, 504 1/2**, 510-512***
Pivot: 481 1/2-483 3/4
Support: 474 3/4-477***, 454 1/2-457 3/4***

Headlines (Reuters)

Gains in corn prices were curbed by forecasts of limited rainfall in the U.S. Midwest, boosting expectations that farmers will be able to continue planting without major disruptions in the coming weeks.

Popular Options
Option volumes were highest for the May 480 call (11,861) and the July OCD 440 put (5,347). Option open interest is largest for the July 500 calls at 38,945, and the Dec 400 puts at 23,471.

Volatility Update
As measured by CVL, implied volatility was moderately up, adding 0.37 to close the day at a one week high of 22.32. Historical volatility (30-day) closed at 17.87%, up by 0.51%, to a one week high. The CVL Skew closed lower, dropping by 0.22 to end at 1.03.

Seasonal Tendencies Update
(Updated on 4.21.25)

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 buyers of about 71k futures and options contracts through April 15th, expanding their net long position to 124,573.

Want to Continue Reading the Report with Charts? Read here: https://bluelinefutures.com/2025/04/23/grain-markest-mixed-wednesday-morning/

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