TREND: The trend for March corn is sideways for now.
NONCOMMERCIAL OUTLOOK: Noncommercial corn traders held a net-short futures position of 34,698 contracts as of Feb. 3, and were net-sellers of 3,027 contracts during the CFTC reporting period after prices hit technical resistance the previous week.
COMMERCIAL OUTLOOK: Commercial corn traders held a net-long position of 52,916 contracts as of Feb. 3, and were net-buyers of 225 contracts through the CFTC reporting period. The March 2026 contract is priced 8 1/2 cents lower than the May 2026 contract, slightly wider (more carry) through the week. National average corn basis firmed 2 cents through the week to 32 cents under the March board.
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Commentary
AgHost Livestock Close
The livestock complex closed mixed, with the cattle contracts finding some mild support, while the lean hog complex faced some pushback in its nearby contracts. New showlists are higher in Texas and Kansas, but mostly steady in Nebraska/Colorado.