TREND: The trend in December corn is up.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held a net-long futures position of 311,529 contracts in corn as of July 20, a decrease of 1,450 contracts from the previous week. Noncommercial net longs continue to slowly liquidate in 2021, while prices maintain support.
COMMERCIAL OUTLOOK: Commercial net shorts remain significant as of July 20. The December contract is priced 7 3/4 cents below the March contract, a bearish indication of 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 contract eased to the 55th percentile, a roughly...