TREND: The trend in December corn remains down.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held 221,952 net shorts in corn as of July 23, a decrease of 16,864 contracts on a week that saw corn prices trade modestly higher. Managed futures funds are still the most bearish segment of the market, net short 333,885 contracts and down slightly from their largest position on record.
COMMERCIAL OUTLOOK: Commercials in corn decreased net longs to 232,230 as of July 23, still offering passive support current prices at these cheap levels. The December 2024 contract is priced 14 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...
DTN's Daily Basis Comments
Soybean Basis Stronger
Corn and spring wheat basis was steady, while hard red winter, soft red winter wheat and soybean basis was stronger Friday.