TREND: The trend in March corn is down.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held 157,148 net-shorts in corn as of Nov. 28, an increase of 33,142 on the week. Funds are net short 212,023 contracts or 1.06 billion bushels of corn, the largest net short position since the summer of 2020.
COMMERCIAL OUTLOOK: Commercials in corn increased net longs to 175,160 as of Nov. 28, showing consistent support for corn's lower prices. The March contract is priced 12 cents below the May 2024 contract, a bearish indication of new-crop demand. DTN's national corn basis has weakened through summer and is currently near the middle of the range for this time of year.
SEASONAL INDEX: Corn prices tend to peak in...