TREND: The trend for July corn is sideways for now.
NONCOMMERCIAL OUTLOOK: Noncommercial corn traders held a net-long futures position of 77,844 contracts as of June 16, and were net-sellers of 25,715 contracts during the CFTC reporting period as traders rapidly moved to secure profits on long positions amid a good start to the U.S. growing season in terms of weather, and weak outside energy influence amid a tentative peace agreement between the U.S. and Iran.
COMMERCIAL OUTLOOK: Commercial corn traders held a net-short position of 32,471 contracts as of June 16, and were net-buyers of 20,651 contracts through the CFTC reporting period. The July 2026 contract is priced 8 cents lower than the September 2026 contract, still...
DTN's Daily Basis Comments
Soybean Basis Stronger
Soybean basis was stronger, while hard red winter, soft red winter and spring wheat basis was weaker Thursday, and corn basis was steady.