TREND: The trend in December corn is up.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held a net-long futures position of 305,677 contracts in corn as of Sept. 20, an increase of 11,108 contracts from the previous week and the eighth consecutive week specs have returned to the long side of corn.
COMMERCIAL OUTLOOK: Commercials increased net-short positions as of Sept. 20 where they are likely making sales against cash holdings. The December contract is priced 4 3/4 cents below the March contract, a neutral indication of commercial demand along with some acknowledgement of harvest pressure. The corn basis has weakened as is normal for this time of year, but remains firm for this time of year, a bullish indication of demand for cash...
DTN's Grain Quick Takes
OMAHA (DTN) --As we near Friday's close, the commodity board remains completely red, except for small gains in canola and orange juice. December corn is down 8 1/2 cents and November soybeans are down 27 3/4 cents.