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
DTN Ag Host Midday Livestock
The livestock complex is heading into Monday's noon hour with a mixed tone, as traders desire to push the contracts higher, but need to see more fundamental support before they'll confidently do so. New showlists are higher in Texas, Kansas and mostly steady in Nebraska/Colorado.