Corn Futures Trend Upward Despite Commercial Bearishness

Corn futures are trending upward as of September 22, according to the latest data from the CFTC. Noncommercial traders held a net-long position of 535,801 contracts, closing in on the all-time record set in late January 2021.

This record was set at 547,677 contracts and suggests that noncommercial traders are optimistic about corn prices.

Commercial traders, however, are more bearish with a net-short position of 474,811 contracts. They were also net-buyers of 2,034 contracts through the CFTC reporting period.

The spread between the December 2026 contract and the March 2027 contract has firmed in seven out of the past eight weeks, currently priced at 13 3/4 cents lower than the March contract.