TREND: The trend for September corn is down.
NONCOMMERCIAL OUTLOOK: Noncommercial corn traders held a net-short futures position of 133,883 contracts as of July 22, an increase of 4,426 contracts as traders returned to modest selling during the most recent CFTC reporting period.
COMMERCIAL OUTLOOK: Commercial corn traders held a net-long position of 165,523 contracts as of July 22, an increase of 8,256 contracts week over week. The September 2025 contract is priced 19 1/4 cents lower than the December 2025 contract, a spread that widened again through the most recent week. DTN's National Cash Index indicated that corn basis weakened over the last week, fading 3 cents to 15 cents under the September board.
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DTN's Daily Basis Comments
Soybean Basis Stronger
Soybean, soft red winter wheat and hard red winter wheat basis was stronger, while corn and spring wheat basis was steady Wednesday.