Cost of Carry Tables Paint Bearish Corn Picture Ahead of Fall Harvest

The US heading into fall harvest provides an opportunity to analyze market trends using Cost of Carry tables. At Barchart's Summer Road Show meetings, discussions centered around the use of these tables in evaluating which markets to hold and which to sell.

Last Friday's corn cost of carry table revealed a bearish immediate-term September-December spread, likely due to leftover old-crop supplies and early harvest bushels. The Dec-March spread was neutral, indicating commercial traders are comfortable with supplies during the bulk of the US harvest.

The March-May spread leaned towards bullish, while the May-July spread was bullish, indicating concern about supplies in relation to demand during spring/early summer 2027.