TREND: The trend for May corn is revised to higher for now.
NONCOMMERCIAL OUTLOOK: Noncommercial corn traders held a net-long futures position of 312,342 contracts as of March 17 and were net-buyers of 54,561 contracts during the CFTC reporting period, as prices rallied on bullish influence from energy markets due to the ongoing war in the Middle East.
COMMERCIAL OUTLOOK: Commercial corn traders held a net-short position of 255,623 contracts as of March 17 and were net-sellers of 46,441 contracts through the CFTC reporting period. The May 2026 contract is priced 10 1/2 cents lower than the July 2026 contract, narrowing (less carry) slightly through the week, but still among the highest degree of carry between the two contracts...
Commentary
AgHost Livestock Close
All in all, it was a quiet day for the livestock complex without much development and traders needing more fundamental support to develop. Still no cash cattle trade has developed, and trade will likely be delayed until the latter half of the week.