TREND: The trend in December corn remains up.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held a net-long futures position of 473,743 contracts in corn as of May 17, an increase of 2,835 contracts from the previous week and still near the largest amount of speculative positions in a year.
COMMERCIAL OUTLOOK: Commercials continue to heavily favor the short side of the market where they have likely already sold against cash as of May 17. The December contract is priced 3 1/4 cents below the March contract, a neutral-to-bearish indication of commercial demand for new-crop corn.
SEASONAL INDEX: Corn prices tend to peak in early June and bottom in early October.
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DTN's Grain Quick Takes
OMAHA (DTN) --July corn is down 4 1/4 cents per bushel, July soybeans are up 19 1/2 cents, July KC wheat is down 39 1/2 cents, July Chicago wheat is down 27 1/2 cents and July Minneapolis wheat is down 46 cents.