Sideways Trend in Corn Futures as Noncommercial Traders Adjust Positions

Corn futures have been moving sideways, according to recent data from DTN Progressive Farmer.

Noncommercial corn traders held a net-long position of 244,912 contracts as of August 11, but trimmed their long positions slightly ahead of the August WASDE report. This adjustment was likely driven by seasonal price tendencies.

Commercial corn traders, on the other hand, have been selling and buying futures in an attempt to balance out their net-short position of 198,128 contracts as of August 11. They were net-buyers of 10,217 contracts during the reporting period.