TREND: The trend in December corn is sideways.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held 204,857 net-shorts in corn as of April 16, an increase of 14,666 contracts on the week as prices stayed in a narrow, sideways range.
COMMERCIAL OUTLOOK: Commercials in corn increased net longs to 214,170 as of April 16, still offering support at these lower prices. The December contract is priced 12 3/4 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 harvest and is the third strongest in 10 years for this date.
SEASONAL INDEX: Corn prices tend to peak in early June and bottom in early October.
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DTN's Daily Basis Comments
Corn Basis Stronger
Corn and spring wheat basis was stronger, while soybean, soft red winter wheat and hard red winter wheat basis held steady on Thursday.