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.
PRICE PROBABILITY: The...
DTN's 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.