TREND: The trend in March corn is sideways.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held a net-long futures position of 277,369 contracts in corn as of Jan. 24, an increase of 5,496 contracts, encouraged by poor crop conditions in Argentina.
COMMERCIAL OUTLOOK: Commercials are modestly net short as of Jan. 24 and are holding sales likely made against cash positions. The March contract is priced 3 1/4 cents above the May contract, a bullish indication of commercial demand. The national corn basis remains the strongest in over 20 years, an even more impressive bullish indication of commercial demand for cash corn.
SEASONAL INDEX: Corn prices tend to peak in early June and bottom in early...
DTN's Daily Basis Comments
Corn, Soybean Basis Weaker
Corn, soybean and soft red winter wheat basis was weaker and spring wheat and hard red winter wheat basis was stronger Monday.