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Posted September 8, 2025 at 10:45 am
Corn futures were mostly lower Friday with the Dec contract finishing the session at a one week low of 418’0, dropping 1’6. Overall, a light 291,097 contracts were traded, with 166,147 done in Dec. Across all maturities, open interest gained 5,206 (0.36%) to 1,468,910. Dec fell by 7,248, or 0.84%, finishing at 852,066.
December corn futures made new highs for the week and the move on Friday, before reversing to finish the day lower. That weakness has led to minor pressure in the overnight and early morning trade with prices still maintaining ground above our pivot pocket from 414-416 1/2. Below that, more significant support is building (and creeping higher) near 410. This represents trendline support from the contract lows as well as the 20-day moving average, both of which are working higher.
Resistance: 430-432 3/4****
Pivot: 414-416 1/2
Support: 408 1/2-409 3/4**, 396 3/4-399***, 383-387**
Option volumes were greatest for the Oct 425 call (5,054) and the Dec 400 put (5,514). Options with the highest open interest are the Dec 450 call with 38,051, and the Dec 400 put with 65,464.
Implied Volatility ended the day moderately lower with CVL off by 0.22, to close the session at a one week low of 18.43. Dropping by 0.0252%, historical volatility (as measured by the 30-day) ended at 29.42%. The CVL Skew was lower with the 30-day down by 0.23, closing at a one month low of 1.01.
(Updated on 9.8.25)
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).
The most recent Commitment of Traders report showed Funds are net short 91,487 futures and options. That is about 19k less than the prior week. Roughly 10k of that was new longs, with the remaining 9k coming from short covering.
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Originally Posted on September 8, 2025 – A Mixed Start to the Week
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