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
It was a mixed day for the livestock complex as the markets received mixed messages from technical and fundamental indicators. The lean hog complex was thrilled to have a strong export report, and fed cash cattle prices soared higher, but traders remain mildly cautious when it complex to the cattle contracts.