TREND: The trend in December corn remains up.

NONCOMMERCIAL OUTLOOK: Noncommercial traders held a net-long futures position of 470,908 contracts in corn as of May 10, a decrease of 30,957 contracts from the previous week and down from the largest positions in a year.

COMMERCIAL OUTLOOK: Commercials continue to heavily favor the short side of the market where they have likely already sold against cash as of May 10. The December contract is priced 3 cents below the March contract, a bearish indication of commercial demand for new-crop corn.

SEASONAL INDEX: Corn prices tend to peak in early June and bottom in early October.

PRICE PROBABILITY: The active futures...