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....