TREND: The trend for July corn is sideways.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held a net-long futures position of 219,843 contracts of corn as of April 22, a decrease of 14,339 contracts week over week as traders booked some profits on longs following a strong rally in corn price the prior week.
COMMERCIAL OUTLOOK: Commercial corn traders held a net short position of 161,479 contracts as of April 22, a decrease of 17,620 contracts week over week. The May 2025 contract is priced 6 3/4 cents below the July 2025 contract, a slight narrowing in the spread from last week. DTN's National Corn Basis continued to climb over the past week to 33 cents under the July board, an improvement of 1 cent week over week.
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DTN's Grain Quick Takes
OMAHA (DTN) --July corn is up 4 1/2 cents and July soybeans are down 10 cents. New-crop December corn is up 1/2 a cent and new-crop November soybeans are down 9 3/4 cents. July KC wheat is up 1 1/2 cents, July Chicago wheat is up 6 1/4 cents, and July Minneapolis wheat is up 1/4 cents.