TREND: The trend for May corn is higher for now.
NONCOMMERCIAL OUTLOOK: Noncommercial corn traders held a net-long futures position of 334,757 contracts as of March 31, and were net-sellers of 40,603 contracts during the CFTC reporting period as traders took profits on long positions ahead of what was expected (and proved) to be a record large corn stocks estimate in the March 31 report.
COMMERCIAL OUTLOOK: Commercial corn traders held a net-short position of 273,643 contracts as of March 31, and were net-buyers of 40,579 contracts through the CFTC reporting period. The May 2026 contract is priced 11 cents lower than the July 2026 contract, narrowing (less carry) slightly through the week, but still among the highest degree...
Commentary
AgHost Livestock Close
The livestock complex closed mostly lower Tuesday afternoon as traders yearn to see what will develop fundamentally this week before they'll likely advance the contracts any higher. Still no cash cattle trade has developed and asking prices remain elusive at this point.