TREND: The trend for March corn is sideways for now.
NONCOMMERCIAL OUTLOOK: Noncommercial corn traders held a net-short futures position of 51,704 contracts as of Jan. 20 and were net-sellers of 18,281 contracts during the CFTC reporting period following a bearish surprise in the Crop Production and WASDE reports released by USDA on Jan. 12.
COMMERCIAL OUTLOOK: Commercial corn traders held a net-long position of 68,044 contracts as of Jan. 20 and were net-buyers of 19,121 contracts through the CFTC reporting period. The March 2026 contract is priced 7 3/4 cents lower than the May 2026 contract, mostly steady through the week. National average corn basis firmed a penny through the week to 35 cents under the March board.
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Commentary
DTN Aghost Early Word Livestock
Cattle futures are finding sufficient support to push higher on the anticipation of higher cash trade. Feeder cattle led the charge, pushing through resistance. Hogs ran out of steam, correcting for the overbought status.