TREND: The trend in December corn is up.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held a net-long futures position of 296,622 contracts in corn as of Sept. 27, a decrease of 9,055 contracts from the previous week as specs remain nervous about the Federal Reserve's commitment to higher interest rates.
COMMERCIAL OUTLOOK: Commercials remain moderately net short as of Sept. 27, likely holding sales made against cash positions. The December contract is priced 6 1/2 cents below the March contract, a neutral-to-bearish 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 the strongest in over 10 years for this time of year...
DTN's Daily Basis Comments
Corn Basis Stronger
Corn, hard red winter wheat and spring wheat basis was stronger, while soybean basis was steady Tuesday, while soft red winter wheat was weaker.