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
Ethanol RINs, Cash Ethanol Prices Lower
Spot ethanol cash prices and ethanol RINs were lower Tuesday. July corn closed down 14 1/2 cents at $7.71 3/4, while September closed down 13 3/4 cents at $7.41.
Retail Fertilizer Prices Remain Mostly Higher
Most retail fertilizer prices continued to be higher in the second week of May 2022 compared to a month ago. Two fertilizers, however, were slightly lower in price this week.