Corn
Thursday’s Recap
March Corn futures finished at a one month high of 453’6 Thursday, up 5’2 (1.17%). Overall volume was 294,280, with the March maturity seeing 176,165 traded. Total open interest ended the session at a one month high of 1,631,921, up 8,229 (0.51%). March open interest rose by 500, or 0.0653%, to 765,694.
Technicals
March corn futures were able to make new highs for the move yesterday, closing above significant resistance from 451 1/4-452 1/4. This will be a pocket the Bulls will want to defend on a closing basis, a breakdown back below yesterday’s low at 448 1/2 could start to trigger some profit taking from the recent rally. If the Bulls can keep the momentum going, another 15-20 cent rally isn’t out of the question. We wouldn’t be holding our breath for that to happen in a short amount of time though.
Technical Levels of Importance
Resistance: 451 1/4-452 1/4****, 471 1/2****
Pivot: 434-437 1/2
Support:425 1/2-428***, 423 1/4*, 414-416 3/4****
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Popular Options
Option trading centered around the Jan 450 calls with 6,342 traded and the March 430 puts with volume of 3,640. Calls with the most open interest are the March 450 strike (44,056), and for the puts are the March 430 strike (28,556).
Volatility Update
Implied Volatility settled moderately higher with CVL adding 0.54, to finish the day at a one month high of 19.02. Historical volatility (30-day) ended the session at nan%, unchanged on the session nan%. The CVL Skew was moderately down with the 30-day off 0.55, finishing the session at a one week low of 1.10.
Seasonal Tendencies Update
(Updated on 12.23.24)
Below is a look at historical price averages for March 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
(Updated on 12.23.24)
- Managed Money saw a slight reduction in their net long position last week, dropping about 7k contracts to a net long of 159,415 contracts. Broken down that is 313,471 longs VS 159,415 shorts.
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