TREND: The trend for July corn is sideways.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held a net-long futures position of 219,843 contracts of corn as of April 22, a decrease of 14,339 contracts week over week as traders booked some profits on longs following a strong rally in corn price the prior week.
COMMERCIAL OUTLOOK: Commercial corn traders held a net short position of 161,479 contracts as of April 22, a decrease of 17,620 contracts week over week. The May 2025 contract is priced 6 3/4 cents below the July 2025 contract, a slight narrowing in the spread from last week. DTN's National Corn Basis continued to climb over the past week to 33 cents under the July board, an improvement of 1 cent week over week.
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Commentary
AgHost Livestock Close
The livestock complex was pressured throughout the day and all three markets closed lower. Bids were offered throughout the day in the cash market, but no trade developed. May corn is up 6 3/4 cents per bushel and May soybean meal is down $0.50.