TREND: The trend in December corn is up.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held a net-long futures position of 306,677 contracts in corn as of July 27, a decrease of 4,852 contracts from the previous week. Noncommercial net longs continue to slowly liquidate in 2021, while prices maintain support.
COMMERCIAL OUTLOOK: Commercial net shorts remain significant as of July 27. The December contract is priced 8 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 active futures contract stayed at the 55th percentile, a roughly...
DTN's Daily Basis Comments
Friday Morning Basis Update
Soybean basis was weaker and hard red spring wheat basis strengthened Thursday, while corn, soft red winter wheat and hard red winter wheat basis held steady Thursday.