TREND: The trend in March corn is sideways.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held a net-long futures position of 277,369 contracts in corn as of Jan. 24, an increase of 5,496 contracts, encouraged by poor crop conditions in Argentina.
COMMERCIAL OUTLOOK: Commercials are modestly net short as of Jan. 24 and are holding sales likely made against cash positions. The March contract is priced 3 1/4 cents above the May contract, a bullish indication of commercial demand. The national corn basis remains the strongest in over 20 years, an even more impressive bullish indication of commercial demand for cash corn.
SEASONAL INDEX: Corn prices tend to peak in early June and bottom in early...