TREND: The trend in March corn is sideways.
NONCOMMERCIAL OUTLOOK: Due to technical issues with a third-party provider, CFTC is delaying the release of new data until it can be validated. The comments below are based on CFTC data available, as of Jan. 24. 2023. Noncommercial traders held a net-long futures position of 277,369 contracts in corn as of Jan. 24, an increase of 5,496 contracts, encouraged by poor crop conditions in Argentina.
COMMERCIAL OUTLOOK: Commercials are modestly net short as of Jan. 24 and are still holding sales likely made against cash positions. The March contract is priced 2 cents above the May contract, a bullish indication of commercial demand. The national corn basis remains the strongest in over 20 years, an...
DTN's Daily Basis Comments
Soybean Basis Weaker
Corn and soft red winter wheat basis was steady Monday, while soybean basis was weaker and spring wheat and hard red winter wheat basis was stronger.