TREND: The trend for May corn is sideways for now.
NONCOMMERCIAL OUTLOOK: Noncommercial corn traders held a net-long futures position of 8,828 contracts as of Feb. 24, and were net-buyers of 16,663 contracts during the CFTC reporting period as prices rallied through the week.
COMMERCIAL OUTLOOK: Commercial corn traders held a net-long position of 12,455 contracts as of Feb. 24, and were net-sellers of 13,535 contracts through the CFTC reporting period. The May 2026 contract is priced 7 3/4 cents lower than the July 2026 contract, narrowing (less carry) through the week, but still among the highest degree of carry between the two contracts through their trading life. National average corn basis firmed 4 cents through the week...
Commentary
DTN Ag Host Midday Livestock
The livestock complex is rallying into Wednesday's noon hour as technical support is ample right now. A single bid is on the table in the cash cattle market, but no cattle have traded yet. May corn is down 4 1/4 cents per bushel and May soybean meal is down $3.80.