Important Notes
Grain markets are closed on Thursday in observance of Juneteenth. They will reopen at 7pm CT Thursday evening.
July options expire on Friday. If you’re in July grain futures, you may want to consider exiting or rolling positions prior to the weekend.

Important Notes 
July options expire on today.  If you’re in July grain futures, you may want to consider exiting or rolling positions prior to the weekend.  

Corn
Wednesday’s Recap
Dec Corn futures settled at a one week high of 444’0 Wednesday, gaining 5’2 (1.20%). Overall, a heavy 570,484 contracts were traded, with 146,820 done in Dec. Combined open interest decreased 10,155, or 0.64%, to 1,582,322. Dec rose 1,879 (0.34%), finishing at 547,634.

Technicals (December)
December corn futures powered back on Tuesday and Wednesday, to recover all of the losses from Monday and then some.  The market is seeing continued upward momentum in the early morning trade, following the day off.  Prices are nearing first resistance from 447-450 1/2.  This pocket includes previously important price points along with the 50 and 200 day moving averages.   Just above that pocket is the 100dma at 452 1/2.  If the market can clear those hurdles we could see a bigger recovery in prices, despite there not being much of a weather story at the moment.  First support come sin from 442-444, below that and a retest of the very well defined low end of the range could be in order, 433 3/4-435 3/4.  

Technical Levels of Importance
Resistance: 447-450 1/2***, 452 1/2-456 1/2****
Pivot: 442-444
Support: 433 3/4-435 3/4****
Popular Options
The July 430 put saw the most changing hands with 7,332 contracts done. Options with the highest open interest are the Dec 500 call with 38,328, and the Dec 400 put with 30,327.

Volatility Update
As measured by CVL, implied volatility finished the session unchanged, even 0.0 to end at a one week high of 25.63. The 30-day historical volatility closed the day unchanged nan% to nan%. The CVL Skew finished the session unchanged, even 0.0 to close the day at 6.03, a one month high.

Seasonal Tendencies Update
(Updated on 6.16.25)

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
Friday’s Commitment of Traders report showed Funds were net sellers of 10k futures and options contracts through June 10rd.  This is the largest net short since September.  

CHECK OUT THIS ARTICLE WITH CHARTS HERE: 

https://bluelinefutures.com/2025/06/20/grain-markets-mixed-into-options-expiration/

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