TREND: The trend in December corn remains up.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held a net-long futures position of 470,908 contracts in corn as of May 10, a decrease of 30,957 contracts from the previous week and down from the largest positions in a year.
COMMERCIAL OUTLOOK: Commercials continue to heavily favor the short side of the market where they have likely already sold against cash as of May 10. The December contract is priced 3 cents below the March contract, a bearish indication of commercial demand for new-crop corn.
SEASONAL INDEX: Corn prices tend to peak in early June and bottom in early October.
PRICE PROBABILITY: The active futures...
DTN's Daily Basis Comments
Wednesday Morning Basis Comments
Corn basis was steady, while soybean, spring wheat and HRW wheat basis was stronger and soft red winter wheat basis was weaker Tuesday.