TREND: The trend for March corn is sideways for now.
NONCOMMERCIAL OUTLOOK: Noncommercial corn traders held a net-short futures position of 13,862 contracts as of Oct. 28, a decrease of 69,481 contracts during the CFTC reporting period as traders looked to book profits on short positions towards the conclusion of U.S. corn harvest.
COMMERCIAL OUTLOOK: Commercial corn traders held a net-long position of 33,335 contracts as of Oct. 28, the most recent CFTC data. The March 2026 contract is priced 7 1/2 cents lower than the May 2026 contract, a spread that held steady over the week. DTN's National Corn Index implies a corn basis of 42 cents under the March board, about a nickel firmer week over week.
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DTN's Daily Basis Comments
Soybean Basis Stronger
Corn and soft red winter wheat basis was steady, while spring wheat, hard red winter wheat and soybean basis was stronger.