TREND: The trend for July corn is sideways.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held a net-long futures position of 115,899 contracts of corn as of May 6, a decrease of 59,530 contracts week-over-week as traders continue to sell out of corn futures positions.
COMMERCIAL OUTLOOK: Commercial corn traders held a net-short position of 75,297 contracts as of May 6, a decrease of 53,357 contracts week-over-week. The July 2025 contract is priced 20 3/4 cents higher than the September 2025 contract, a spread that weakened significantly over the past week. DTN's National Corn Basis continued to climb over the past week to 28 cents under the July board, an improvement of 2 cents week over week.
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Commentary
AgHost Livestock Close
The livestock complex had a somewhat lethargic day, as the only real excitable action was in the lean hog complex. No new cash cattle trade developed throughout the day. May corn is up 2 1/2 cents per bushel and May soybean meal is down $0.60.