The cmdty National Corn Price Index (NCPI, weighted national average cash price) remains in a major (long-term) downtrend on its monthly chart. That being said, old-crop fundamentals have grown more bullish, helping the NCPI to post a strong Wave B (second wave) of its major 3-wave downtrend. Those holding cash corn can continue to feed a little to the market at a time. Those holding cash corn as an investment can continue to do so, given the NCPI continues to post new 4-month highs, with the previous major high of $7.4931 getting clearer on the horizon. With US available supplies continuing to tighten and the global situation now in turmoil, cash corn could become an even better investment during the 2021-2022 marketing year. Keep in mind the inverse in the May-July futures spread continues to strengthen, reflecting the more bullish old-crop fundamental situation.