TREND: The trend in most active corn futures is sideways for now.
NONCOMMERCIAL OUTLOOK: Noncommercial corn traders held a net-long futures position of 100,980 contracts as of July 7, and were net-buyers of 36,803 contracts during the CFTC reporting period as traders looked to build weather risk back into prices ahead of a hotter and drier mid-July forecast.
COMMERCIAL OUTLOOK: Commercial corn traders held a net-short position of 67,654 contracts as of July 7, and were net-sellers of 32,775 contracts through the CFTC reporting period. The September 2026 contract is priced 21 1/2 cents lower than the December 2026 contract, falling through the week to the highest degree of carry between the two contracts through their...
DTN's Daily Basis Comments
Soybean Basis Weakens on Friday
Soft red winter wheat basis strengthened on Friday, while soybean and hard red winter wheat weakened, and corn and hard red spring wheat basis held steady.