TREND: The trend in December corn is up.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held a net-long futures position of 536,152 contracts in corn as of April 6, an increase of 807 contracts from the previous week and still near the largest bullish holding for corn on record.
COMMERCIAL OUTLOOK: Commercials are heavily net short as of April 6. The May contract is priced 14 1/2 cents above the July contract, a bullish indication of demand.
SEASONAL INDEX: Corn prices tend to peak in early June and bottom in early October.
PRICE PROBABILITY: The spot contract eased to the 94th percentile, an expensive location and above the old five-year high....