TREND: The trend in December corn is down.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held a net-long futures position of 380,169 contracts in corn as of June 21, a decrease of 19,606 contracts from the previous week and still a big position that was punished in Thursday's sell-off.
COMMERCIAL OUTLOOK: Commercials continue to favor the short side of the market where they have likely already sold against cash as of June 21. The December contract is priced 5 1/2 cents below the March contract, a neutral indication of commercial demand for new-crop corn, while the old-crop spread remains extremely bullish.
SEASONAL INDEX: Corn prices tend to peak in early June and bottom in early October....