TREND: The trend for December corn is sideways.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held 5,152 contracts net-long in corn as of October 15, a switch of 41,223 contracts on a week that saw corn prices trade lower.
COMMERCIAL OUTLOOK: Commercials in corn increased net longs to 56,118 contracts as of October 15, increasing long hedge activity at low prices. The December 2024 contract is priced 14 1/4 cents below the March 2025 contract, a bearish indication of commercial demand for harvest delivery corn. DTN's national corn basis is the sixth strongest in 10 years for this time of year, a neutral-to-bearish indication of demand.
SEASONAL INDEX: Corn prices tend to peak in early June and bottom in...
DTN's Daily Basis Comments
Corn, Soybean Basis Stronger
Soybean and corn basis was stronger, while hard red spring wheat, hard red winter wheat and soft red winter basis was steady Wednesday.