Grain Market Firm to Start the Week, Led by Wheat

Corn

Friday’s Recap
Friday’s Corn market was lower with the May contract down by 6’6 (1.45%), to 458’4, a one week low. Across all maturities, 540,618 contracts were traded, with 242,039 done in the May maturity. Overall open interest shed 7,172, or 0.39%, with May lower by 19,177 (2.67%) to 698,881.

Technicals
Corn futures are firm to start the week, hovering near our pivot pocket from 472 3/4-473 1/2. As mentioned, multiple times last week, our bias from these levels is mostly neutral with the thought that participants on both sides of the market will have ample shorter-term opportunities.

Technical Levels of Importance
Resistance: 480-484***, 486 1/2-488 1/2****
Pivot: 472 3/4-473 1/2
Support: 454 1/2-457 3/4***

Popular Options
Option volumes were highest for the May 500 call (4,917) and the May 460 put (4,709). Calls with the most open interest are the July 500 strike (37,961), and for the puts are the July 450 strike (20,052).

Volatility Update
As measured by CVL, implied volatility ended sharply up, adding 3.1 to finish the session at a one month high of 27.75. The 30-day historical volatility finished the session off 0.10% to a one week low of 23.72%. The CVL Skew settled sharply up, gaining 0.28 to finish at 0.91.

Continue Reading Here: https://bluelinefutures.com/2025/03/17/grain-market-firm-to-start-the-week-led-by-wheat/ 

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