TREND: The trend in December corn is up.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held 143,424 net-shorts in corn as of April 30, a decrease of 16,744 contracts on the week as specs steadily, but slowly respond to corn's higher prices.
COMMERCIAL OUTLOOK: Commercials in corn decreased net longs to 157,105 as of April 30, still offering support at corn's higher prices. The December 2024 contract is priced 12 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 harvest and is roughly average for this time of year.
SEASONAL INDEX: Corn prices tend to peak in early June and bottom in early...
DTN's Daily Basis Comments
Corn, Soybean Basis Stronger
Soybean, corn, soft red winter wheat, and hard red winter wheat basis was steady Tuesday, while hard red spring wheat basis was stronger.