TREND: The trend in December corn is up.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held a net-long futures position of 401,376 contracts in corn as of June 15, a decrease of 27,052 contracts from the previous week. Noncommercial net longs continue to slowly liquidate in 2021 but are still a heavy presence.
COMMERCIAL OUTLOOK: Commercial net shorts remain heavy as of June 15. The December contract is priced 7 cents below the March contract, a bearish indication of demand for new-crop corn.
SEASONAL INDEX: Corn prices tend to peak in early June and bottom in early October.
PRICE PROBABILITY: The spot contract fell back to the 82nd percentile, still an expensive location...