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 RINs Higher, Ethanol Cash Prices Mixed Tuesday
Ethanol RINs were higher and ethanol cash prices were mixed Tuesday. July corn closed up 3/4 cent per bushel at $4.19 1/2 and September closed unchanged at $4.27 1/2.
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.