TREND: The trend in December corn is up.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held a net-long futures position of 536,146 contracts in corn as of May 4, an increase of 14,583 contracts from the previous week and near the largest bullish holding for corn on record.
COMMERCIAL OUTLOOK: Commercials remain heavily net short as of May 4. The July contract is priced 78 cents above the September contract, 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 99th percentile, still an expensive location and well above the old...