TREND: The trend in December corn is up.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held 31,354 net-shorts in corn as of May 7, a decrease of 112,070 contracts on the week as specs bailed out of short positions as prices hit a new three-month high.
COMMERCIAL OUTLOOK: Commercials in corn decreased net longs to 56,642 as of May 7, glad to take profits at corn's higher prices. The December 2024 contract is priced 11 1/2 cents below the March 2025 contract, a bearish indication of commercial demand for new-crop corn. DTN's national corn basis has steadily improved since harvest but is below the 10-year average for this time of year.
SEASONAL INDEX: Corn prices tend to peak in early June and bottom in...
DTN's Daily Basis Comments
Corn Basis Weakens, Soybean Basis Holds Steady Friday
Soybean basis held steady Friday while corn, soft red winter wheat, hard red winter wheat and hard red spring wheat basis weakened.