TREND: The trend for July corn is higher for now.
NONCOMMERCIAL OUTLOOK: Noncommercial corn traders held a net-long futures position of 383,537 contracts as of May 12 and were net-sellers of 49,847 contracts during the CFTC reporting period as traders booked profits on length amid renewed peace efforts in the Middle East and few issues for U.S. planting thus far.
COMMERCIAL OUTLOOK: Commercial corn traders held a net-short position of 259,956 contracts as of May 12 and were net-buyers of 108,892 contracts through the CFTC reporting period. The July 2026 contract is priced 7 1/2 cents lower than the September 2026 contract, widening (more carry) through the week and to the highest degree of carry between the two contracts...
DTN's Daily Basis Comments
Soybean Basis Stronger
Corn and spring wheat basis was steady Friday, while soybean and soft red winter wheat basis were stronger and hard red winter wheat basis was weaker.