TREND: The trend in December corn is down.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held a net-long futures position of 59,476 contracts in corn as of March 21, an increase of 15,699 contracts.
COMMERCIAL OUTLOOK: Commercials are holding a small net long position as of March 21, a slight hint of support for old-crop corn. The December contract is priced 8 3/4 cents below the March 2024 contract, a bearish indication of new-crop demand. The national corn basis is the strongest in over 20 years, a bullish indication of commercial demand for old-crop corn.
SEASONAL INDEX: Corn prices tend to peak in early June and bottom in early October.
PRICE PROBABILITY: The new-crop...
DTN's Grain Quick Takes
OMAHA (DTN) --May corn is down 1/2 cents and May soybeans are up 25 1/4 cents. May KC wheat is up 11 3/4 cents and May Minneapolis wheat is up 8 1/2 cents. April crude oil is up $0.79 and Dow Jones futures are down 99 points.