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....
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.