TREND: The trend in December corn is down.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held a net-long futures position of 201,355 contracts in corn as of Aug. 2, an increase of 14,827 contracts from the previous week and near the smallest position since September 2020.
COMMERCIAL OUTLOOK: Commercials have reined in short positions but continue to favor the short side of the market where they have likely already sold against cash as of Aug. 2. The December contract is priced 8 cents below the March contract, a bearish indication of commercial demand for new-crop corn, while basis remains firm and bullish.
SEASONAL INDEX: Corn prices tend to peak in early June and bottom in early October.
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DTN's Grain Quick Takes
Posted 08:34 --December corn is up 1/4 cent per bushel, November soybeans are down 2 1/2 cents, September KC wheat is down 13 1/4 cents, September Chicago wheat is down 12 cents and September Minneapolis wheat is down 10 1/2 cents.