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Option activity indicates rebound in Corn prices

FXStreet (Mumbai) - With the prospects of a record harvest most traders hold bearish to neutral views on corn prices. However, traders have a reason to anticipate a price rise as the consumption may pick up pace as we head into the new year.

Corn is trading 0.49% higher at USD 3.5413/bushel, down from a yesterday’s high of USD 3.6088. Moreover, corn prices may get a boost ahead as the Domestic ethanol production is likely to increase sharply in the last quarter of this year.

Meanwhile, the activity in the options market does indicate a possibility of a rebound in prices near the year end. Open Interest in March expiry call options has increased by 20% at the USD 3.8/bushel strike, and by nearly 100% at the USD 3.70 strike.

Corn Technical levels

Corn has an immediate resistance of 3.6088 (yesterday’s high), above which the prices can rise to 3.7 levels. On the other hand, Corn may fall to 3.4713 levels if the immediate support level of 3.5163 is breached.

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