TREND: The trend in March corn is sideways.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held a net-long futures position of 271,873 contracts in corn as of Jan. 17, an increase of 38,078 contracts, responding to corn's higher prices on Tuesday.
COMMERCIAL OUTLOOK: Commercials increased their net shorts as of January 17 and are holding sales likely made against cash positions. The March contract is priced 1 3/4 cents above the May contract, a bullish indication of commercial demand. The national corn basis weakened slightly again, but remains the strongest in over 20 years, a bullish indication of commercial demand for cash corn.
SEASONAL INDEX: Corn prices tend to peak in early June and bottom in early...