Corn

Thursday’s Recap
Thursday’s Corn market was higher with the May contract higher by 0’4 to 512’6. Overall the session saw 458,104 contracts done, with May volume coming in at 167,194. Combined open interest lost 2,395 (0.12%), with May up by 15,415, or 1.96%, to 803,276.

Technicals
With today being March options expiration, we are shifting the focus to the May contract. As mentioned in our media interviews yesterday, the upward momentum has been slowing over the last 3-sessions with failures and small reversals from 517. That’s not to say the top is in, but a pause and correction could be around the corner and likely even welcomed and viewed as healthy. Trendline support from the middle of December along with the 20-day moving average look to offer solid support on the first test, that comes in near 503 with psychological support just below that near 500. Consecutive closes back below those levels and that’s when you could start to see the tide turn a little more. Until then, the trend is still higher lows and higher highs.

Technical Levels of Importance
Resistance: 517-520****, 531**
Pivot: 503-505
Support: 495-499 1/2****, 481 1/2-484***

Popular Options
Option volumes were largest for the March 500 call (7,195) and the March 490 put (4,846). Options with the greatest open interest are the July 500 call with 41,650, and the March 440 put with 19,732.

Volatility Update
Implied Volatility closed the session moderately lower with CVL dropping 0.7, to finish at a one week low of 20.01. Historical volatility (30-day) closed at 21.40%, lower by 0.32%, to a one week low. The CVL Skew ended the day sharply up, higher by 0.31 to finish the session at 1.25.

Check out the Seasonal Tendencies Update and Commitment of Traders update with Charts Here! https://bluelinefutures.com/2025/02/21/a-traders-paradise-3/ 

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