TREND: The trend in December corn is up.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held 31,354 net-shorts in corn as of May 7, a decrease of 112,070 contracts on the week as specs bailed out of short positions as prices hit a new three-month high.
COMMERCIAL OUTLOOK: Commercials in corn decreased net longs to 56,642 as of May 7, glad to take profits at corn's higher prices. The December 2024 contract is priced 11 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 but is below the 10-year average for this time of year.
SEASONAL INDEX: Corn prices tend to peak in early June and bottom in...
DTN's Grain Quick Takes
OMAHA (DTN) --As we near Tuesday's close, row-crop prices remain under pressure, a combination of concerns about Tuesday's announcement of new tariffs on Chinese goods, slightly higher production estimates from Conab and better harvest weather for Argentina this week.