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DTN's Grain Quick Takes

OMAHA (DTN) --July corn is up 8 cents per bushel, July soybeans are up 2 1/4 cents, July KC wheat is up 15 cents, July Chicago wheat is up 14 cents and July Minneapolis wheat is up 13 cents. The Dow Jones Industrial Average is up 133.90 points and June crude oil is down $0.36 per barrel.

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Market Strategies

CORN Strategies Snapshot

TREND: The trend in December corn is up.

NONCOMMERCIAL OUTLOOK: Noncommercial traders held a net-long futures position of 521,563 contracts in corn as of April 27, a decrease of 1,182 contracts from the previous week and still near the largest bullish holding for corn on record.

COMMERCIAL OUTLOOK: Commercials remain heavily net short as of April 27. The May contract is priced 66 3/4 cents above the July contract, even higher than the 2013 peak of 62 1/2 cents and an extremely bullish indication of demand for old-crop corn.

SEASONAL INDEX: Corn prices tend to peak in early June and bottom in early October.

PRICE PROBABILITY: The spot contract eased to the 97th...

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