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DTN's Daily Basis Comments

DTN Daily Basis Comments

Corn, Soybean Basis Steady

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

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Market Strategies

CORN Strategies Snapshot

TREND: The trend in December corn remains up.

NONCOMMERCIAL OUTLOOK: Noncommercial traders held a net-long futures position of 473,743 contracts in corn as of May 17, an increase of 2,835 contracts from the previous week and still near the largest amount of speculative positions in a year.

COMMERCIAL OUTLOOK: Commercials continue to heavily favor the short side of the market where they have likely already sold against cash as of May 17. The December contract is priced 3 1/4 cents below the March contract, a neutral-to-bearish indication of commercial demand for new-crop corn.

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

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