TREND: The trend for July corn is sideways.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held a net-long futures position of 175,429 contracts of corn as of April 29, a decrease of 44,414 contracts week-over-week as traders have returned to liquidating long positions over the past two weeks.
COMMERCIAL OUTLOOK: Commercial corn traders held a net-short position of 128,654 contracts as of April 29, a decrease of 32,825 contracts week-over-week. The July 2025 contract is priced 29 1/4 cents higher than the September 2025 contract, a spread that weakened over the past week. DTN's National Corn Basis continued to climb over the past week to 30 cents under the July board, an improvement of 3 cents week-over-week.
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Commentary
AgHost Livestock Close
It was a mixed Tuesday for the livestock complex as the cattle contracts rallied throughout the day but the lean hog complex struggled technically. Some light cash cattle trade was reported in the South but the North didn't see any sales develop.