We are starting to see elevated positioning in the market ahead of the end of the calendar year. Historically, this would increase volatility in futures as positions were squared and profits were taken, or losses were cut and positions were balanced. 

In recent years, this has become less of a factor, especially in the cash market as more and more farmers work on a fiscal calendar rather than a yearly calendar. 

Year-end positioning can still be a factor, however. This is ...