TREND: The trend in December corn is up.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held a net-long futures position of 543,286 contracts in corn as of April 13, an increase of 7,134 contracts from the previous week and near the largest bullish holding for corn on record.
COMMERCIAL OUTLOOK: Commercials remain heavily net short as of April 13. The May contract is priced 11 3/4 cents above the July contract, still a bullish indication of demand.
SEASONAL INDEX: Corn prices tend to peak in early June and bottom in early October.
PRICE PROBABILITY: The spot contract inched up to the 95th percentile, an expensive location and above the old five-year high.
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Commentary
Ethanol Futures Higher; Cash Prices Soar Again
May ethanol futures closed higher Tuesday, up 2 cents at $2.16, and June ethanol futures were up 2 cents at $2.16. May corn closed up 14 1/2 cents at $6.06 1/2 and July corn was up 11 1/2 cents at $5.92.
Anhydrous Price Hits $700 Per Ton for First Time Since 2015
While retail anhydrous prices hit $700 per ton this week, the month-over-month increase was 4%, the smallest since the beginning of February. The other seven fertilizers also had higher prices, but the increases were much smaller than in recent months.