TREND: The trend for March corn is up.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held 319,813 contracts net long in corn as of Jan. 7, an increase of 29,298 contracts on a week that saw corn prices trade higher.
COMMERCIAL OUTLOOK: Commercial corn traders held a net short of 255,346 contracts as of Jan. 7, an increase of 24,073 contracts week over week. The March 2025 contract is priced 10 cents below the May 2025 contract, a spread that has widened in the past week. National corn basis has slipped slightly with the rapid increase in futures price, as producers have likely sold cash corn through this rally, as well as tightening ethanol margins.
SEASONAL INDEX: Corn prices tend to peak in early...
DTN's Daily Basis Comments
Soybean Basis Weaker
Soybean basis was weaker and hard red winter basis was stronger, while corn, soft red winter wheat and spring wheat basis was steady on Wednesday.