TREND: The trend for December corn is sideways.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held 136,869 contracts net-long in corn as of Nov. 26, a decrease of 26,432 contracts on a week that saw corn prices trade lower during the COT reporting period.
COMMERCIAL OUTLOOK: Commercials in corn held a net short of 96,320 contracts as of Nov. 26, a decrease of 16,831 contracts week over week. The March 2025 contract is priced 6 1/2 cents below the May 2025 contract, a spread that continues to contract indicating corn demand has become very front loaded in the marketing year. National corn basis continues to firm on strong domestic demand. Historically the 2024 basis still remains in the middle of the 10-year range.
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DTN's Grain Quick Takes
OMAHA (DTN) --March corn is down 1/4 cent per bushel, January soybeans are up 5 cents per bushel. March KC wheat is up 2 cents per bushel, March Chicago wheat is up 1 1/4 cents per bushel and March Minneapolis wheat is up 3 cents.