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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DTN's Grain Quick Takes
OMAHA (DTN) -- March corn is down 1 cent and March soybeans are down 4 1/2 cents on Sunday evening. March Chicago wheat is down 1 1/2 cents, and March MIAX Minneapolis wheat is down 1/4 cents. March crude oil is down $0.30 and Dow Jones futures are up 57 points.