StoneX September Survey Results

StoneX released their updated customer survey results for corn and soybean production. They have the corn yield at 186.9, that would be down from the prior month’s survey results of 188.1. Soybean yield was reported at 53.2, down from 53.6.

Corn

Market Recap
Thursday’s Corn market was mixed with the Dec contract up by 1’6 to 419’6. Total volume was a light 263,924, with Dec seeing 153,762 done. Combined open interest increased 6,527, or 0.45%, to end the session with 1,463,273 outstanding. The Dec maturity shed 0.37% (6,527) to finish at 858,759.

Technicals (December)
December corn futures back tested and held the 50-day moving average yesterday, which helped springboard prices back into positive territory for the day. If our pivot pocket from 414-416 1/2 can continue to hold, it will mark a higher low. The first hurdle from here for Bulls to get out above comes in from 423 1/2-424 1/4. Above that and we are looking at a run towards a more significant pocket, from 430-432 3/4.

Technical Levels of Importance
Resistance: 430-432 3/4****
Pivot: 414-416 1/2
Support: 408 1/2**, 396 3/4-399***, 383-387**

Popular Options
Option trading centered around the Dec 430 calls with 5,941 traded and the Dec 400 puts with volume of 9,483. Calls with the largest open interest are the Dec 450 strike (38,055), and for the puts are the Dec 400 strike (63,472).

Vol Update
As measured by CVL, implied volatility was moderately lower, off by 0.72 to finish the day at a one week low of 18.65. The 30-day historical volatility closed the day lower by 0.0166% to 29.44%. The CVL Skew settled lower, down by 0.32 to close the session at 1.24, a one month low.

Seasonal Tendencies Update
(Updated on 9.2.25)

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
The most recent Commitment of Traders report showed Funds are net short 110,686 futures and options. That is about 34k less than the prior week. about 2/3rds of that came from short covering with the rest coming from new longs. This is the smallest net short position since May.

Check out the charts for this article here: Can Corn Make Higher Highs? - Blue Line Futures

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