TREND: The trend in December corn is down.
NONCOMMERCIAL OUTLOOK: Noncommercial traders were net-short 62,267 contracts in corn as of May 23, an increase of 13,808 contracts.
COMMERCIAL OUTLOOK: Commercials were net-long 115,832 contracts as of May 23, a sign of active demand at the lower prices. The December contract is priced 8 3/4 cents below the March 2024 contract, a bearish indication of new-crop demand.
SEASONAL INDEX: Corn prices tend to peak in early June and bottom in early October.
PRICE PROBABILITY: The new-crop futures contract (December) increased to the 48th percentile, a roughly neutral price location in relation to the five-year range.
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DTN's Daily Basis Comments
Soybean, Corn Basis Weaker
Corn, soybean, spring wheat and hard red winter wheat basis was weaker, while soft red winter wheat basis was steady Tuesday.