TREND: The trend in March corn is down.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held a net-long futures position of 270,242 contracts in corn as of Nov. 29, an increase of 21,447 contracts from the previous week and a moderately heavy presence in corn.
COMMERCIAL OUTLOOK: Commercials remain moderately net short as of Nov. 29, likely holding sales made against cash positions. The March contract is priced 1 cent below the May contract, a neutral indication of commercial demand. The national corn basis remains the strongest in over 20 years, a bullish indication of commercial demand for cash 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) --At midday, losses are mounting in corn, wheat and bean oil markets, while soybeans and meal remain modestly higher. Funds have stepped up selling in corn, wheat, and bean oil. Estimates are that they have added another 8,000 contracts to an already large net short in Chicago wheat.