TREND: The trend in December corn is down.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held a net-long futures position of 380,169 contracts in corn as of June 21, a decrease of 19,606 contracts from the previous week and still a big position that was punished in Thursday's sell-off.
COMMERCIAL OUTLOOK: Commercials continue to favor the short side of the market where they have likely already sold against cash as of June 21. The December contract is priced 5 1/2 cents below the March contract, a neutral indication of commercial demand for new-crop corn, while the old-crop spread remains extremely bullish.
SEASONAL INDEX: Corn prices tend to peak in early June and bottom in early October.
...
Commentary
Cash Ethanol Prices Lower, Ethanol RINs Higher
Spot ethanol cash prices were lower and ethanol RINS were higher Monday. July corn closed down 6 cents at $7.44 1/4, while September closed down 21 1/2 cents at $6.61 1/4.
Most Fertilizer Prices Continue to Move Lower
Retail fertilizer prices continued to be mostly lower the second full week of June 2022. As with last week, seven of the eight major fertilizers were lower than a month ago.