TREND: The trend for July corn is downgraded to sideways for now.
NONCOMMERCIAL OUTLOOK: Noncommercial corn traders held a net-long futures position of 199,942 contracts as of June 2 and were net-sellers of 102,060 contracts during the CFTC reporting period as traders rapidly moved to secure profits on long positions amid a good start to the U.S. growing season in terms of weather.
COMMERCIAL OUTLOOK: Commercial corn traders held a net-short position of 111,394 contracts as of June 2 and were net-buyers of 120,125 contracts through the CFTC reporting period. The July 2026 contract is priced 9 1/4 cents lower than the September 2026 contract, still among the highest degree of carry between the two contracts through their...
Commentary
Ethanol Futures Edge Higher Friday
Continued weakness in grain and crude oil markets had limited impact on ethanol futures Friday. Following a sharp push lower through the week, ethanol markets seem to stabilize heading into the weekend break.
Urea Moves Lower; 6 Fertilizers Continue To Be Slightly Higher
Retail fertilizer prices continue to be mostly higher compared to last month. However, two fertilizers were lower than a month ago: Urea by 5%, with an average price of $823/ton, and UAN32 slightly lower with an average price of $585/ton.