TREND: The trend for July corn is revised to sideways for now.
NONCOMMERCIAL OUTLOOK: Noncommercial corn traders held a net-long futures position of 263,732 contracts as of April 21, and were net-buyers of 14,851 contracts during the CFTC reporting period as traders returned to buying after prices reached chart support in mid-April.
COMMERCIAL OUTLOOK: Commercial corn traders held a net-short position of 208,245 contracts as of April 21, and were net-sellers of 6,058 contracts through the CFTC reporting period. The July 2026 contract is priced 5 1/4 cents lower than the September 2026 contract, widening (more carry) through the week and to the highest degree of carry between the two contracts through their trading lives...
DTN's Daily Basis Comments
Soybean, Corn Basis Steady
Soybean, corn, spring wheat and soft red winter wheat basis levels were steady on Thursday, while hard red winter wheat basis was stronger.