TREND: The trend in December corn remains up.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held a net-long futures position of 473,743 contracts in corn as of May 17, an increase of 2,835 contracts from the previous week and still near the largest amount of speculative 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 17. The December contract is priced 3 1/4 cents below the March contract, a neutral-to-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...
Commentary
Cash Ethanol Prices Steady to Higher
Spot ethanol cash prices were steady to higher and ethanol RINs were lower steady. July corn closed up 1/2 cent at $7.72 1/4, while September closed down 1 1/4 cents at $7.39 1/4.
Fertilizer Prices Moves Minor, But Mixed, Compared to April
Retail fertilizer prices for the third week of May 2022 show evenly mixed prices for the first time in several months. While most prices remain slightly higher, some were lower or unchanged.