TREND: The trend in December corn remains down.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held 221,952 net shorts in corn as of July 23, a decrease of 16,864 contracts on a week that saw corn prices trade modestly higher. Managed futures funds are still the most bearish segment of the market, net short 333,885 contracts and down slightly from their largest position on record.
COMMERCIAL OUTLOOK: Commercials in corn decreased net longs to 232,230 as of July 23, still offering passive support current prices at these cheap levels. The December 2024 contract is priced 14 1/2 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...
DTN's Grain Quick Takes
OMAHA (DTN) --December corn is down 10 1/2 cents per bushel, November soybeans are down 29 cents per bushel. September KC wheat is down 13 3/4 cents per bushel, September Chicago wheat is down 12 cents per bushel and September Minneapolis wheat is down 12 1/2 cents.