TREND: The trend in December corn is up.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held a net-long futures position of 521,563 contracts in corn as of April 27, a decrease of 1,182 contracts from the previous week and still near the largest bullish holding for corn on record.
COMMERCIAL OUTLOOK: Commercials remain heavily net short as of April 27. The May contract is priced 66 3/4 cents above the July contract, even higher than the 2013 peak of 62 1/2 cents and an extremely bullish indication of demand for old-crop corn.
SEASONAL INDEX: Corn prices tend to peak in early June and bottom in early October.
PRICE PROBABILITY: The spot contract eased to the 97th...