TREND: The trend in December corn is sideways.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held 160,168 net-shorts in corn as of April 23, a decrease of 44,689 contracts on the week as prices turned higher.
COMMERCIAL OUTLOOK: Commercials in corn decreased net longs to 172,388 as of April 23, still offering support at these lower prices. The December 2024 contract is priced 13 1/4 cents below the March 2025 contract, a bearish indication of commercial demand for new-crop corn. DTN's national corn basis has steadily improved since harvest and is the third strongest in 10 years for this date.
SEASONAL INDEX: Corn prices tend to peak in early June and bottom in early October.
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DTN's Daily Basis Comments
Corn, Soybean Basis Strengthens
Soybean, soft red winter wheat, corn and hard red spring wheat basis was stronger, while hard red winter wheat basis weakened Thursday.