Headlines sending outside markets lower this morning, ahead of a long weekend:
*DJ TRUMP ON TRUTH SOCIAL: DISCUSSIONS WITH EUROPEAN UNION ‘GOING NOWHERE’
*DJ TRUMP ON TRUTH SOCIAL: RECOMMENDING STRAIGHT 50% TARIFF ON EUROPEAN UNION STARTING JUNE 1

Corn

Thursday’s Recap
For the fourth consecutive session, Corn futures closed higher, with the July contract settling Thursday at 463’0, up by 2’0. Overall, 402,199 contracts changed hands, with 192,800 traded in July. Total open interest gained 437 (0.0266%) to end the session with 1,642,937 outstanding. The July maturity shed 1.10%, or 437, to finish at 669,139.

Technicals
Corn futures continued to grind higher in Thursday’s trade, but stalled out right in our resistance pocket which we’ve outlined as 463 1/4-465 1/4. If you’ve been bullish or long the market, you may consider reducing risk/exposure ahead of the long weekend. With it being weather season, gaps are likely on the reopen next week. Which way, nobody knows, so managing risk into that uncertainty is prudent.

Technical Levels of Importance
Resistance: 463 1/4-465 1/4***
Pivot: 450 1/2-455 1/4
Support: 442 1/4-445 3/4**, 436-437****

Headlines
Weekly Export Sales: Net sales of 1,190,800 MT for 2024/2025 were down 29 percent from the previous week and 14 percent from the prior 4-week average. Net sales of 218,400 MT for 2025/2026

Popular Options
The June 455 put saw the most changing hands with 18,436 contracts done. In July options, the most active call was the 480 strike with 4,236 done, and the 450 put leads with volume of 5,285. Calls with the greatest open interest are the Dec 500 strike (36,572), and for the puts are the Dec 400 strike (24,670).

Volatility Update

Implied Volatility closed down with CVL losing 0.68, to settle at 25.20. Higher by 0.31% to a one month high, historical volatility (as measured by the 30-day) ended the session at 20.50%. The CVL Skew finished the day moderately down, off by 0.77 to end the session at 2.87.

Seasonal Tendencies Update
(Updated on 5.19.25)

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 sellers of about 99k futures and options contracts through May 13th, making them net short 84,976 contracts. This is their largest net short since last October.

Check out the charts to this article: https://bluelinefutures.com/2025/05/23/grains-slide-lower-on-tariff-talk-ahead-of-the-long-weekend/

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