TREND: The trend in most active corn futures is revised to higher for now.
NONCOMMERCIAL OUTLOOK: Noncommercial corn traders held a net-long futures position of 536,743 contracts as of September 1, closing in on the all-time record of 547,677 contracts set in late January of 2021. Traders were net-buyers of 95,828 contracts as bullish momentum picked up on lower U.S. yield forecasts as well as Black Sea grain supplies being cutoff by recent attacks against shipping infrastructure.
COMMERCIAL OUTLOOK: Commercial corn traders held a net-short position of 476,821 contracts as of September 1, and were net-sellers of 102,213 contracts through the CFTC reporting period. The December 2026 contract is priced 15 1/2 cents lower than the...
DTN's Daily Basis Comments
Corn, Soybean Basis Steady
Soybean and corn basis was steady, while soft red winter wheat basis was stronger Wednesday, and spring wheat and hard red winter wheat basis was steady.