TREND: The trend in December corn is down.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held 118,540 net-shorts in corn, an increase of 17,307 in the week ending Sept. 26 as specs continue to add to bearish positions during harvest.
COMMERCIAL OUTLOOK: Commercials in corn increased net longs to 151,450 as of Sept. 26, a loyal show support for corn's lower prices. The December contract is priced 25 cents below the March 2024 contract, a bearish indication of new-crop demand. DTN's national corn basis continues to weaken and is now at an average level for this time of year.
SEASONAL INDEX: Corn prices tend to peak in early June and bottom in early October.