TREND: The trend in December corn is up.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held a net-long futures position of 401,376 contracts in corn as of June 15, a decrease of 27,052 contracts from the previous week. Noncommercial net longs continue to slowly liquidate in 2021 but are still a heavy presence.
COMMERCIAL OUTLOOK: Commercial net shorts remain heavy as of June 15. The December contract is priced 7 cents below the March contract, a bearish indication of demand for new-crop corn.
SEASONAL INDEX: Corn prices tend to peak in early June and bottom in early October.
PRICE PROBABILITY: The spot contract fell back to the 82nd percentile, still an expensive location...
DTN's Daily Basis Comments
Corn and Soybean Basis Weaker
Soybean and corn basis was weaker, while spring wheat basis was stronger and soft red winter wheat and hard red winter wheat basis was steady Monday.