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DTN's Daily Basis Comments

DTN Daily Basis Comments

Soybean Basis Weaker

Corn, hard red spring wheat, soft red winter wheat and hard red winter wheat basis was steady Friday, while soybean basis was weaker.

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Market Strategies

CORN Strategies Snapshot

TREND: The trend in December corn is down.

NONCOMMERCIAL OUTLOOK: Noncommercial traders held a net-long futures position of 71,528 contracts in corn as of March 28, an increase of 12,052 contracts.

COMMERCIAL OUTLOOK: Commercials were holding a small net short position as of March 28, a slight hint of support for old-crop corn. The December contract is priced 7 1/2 cents below the March 2024 contract, a bearish indication of new-crop demand. The national corn basis is the strongest in over 20 years, a bullish indication of commercial demand for old-crop corn.

SEASONAL INDEX: Corn prices tend to peak in early June and bottom in early October.


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