TREND: The trend in December corn is down.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held a net-long futures position of 201,355 contracts in corn as of Aug. 2, an increase of 14,827 contracts from the previous week and near the smallest position since September 2020.
COMMERCIAL OUTLOOK: Commercials have reined in short positions but continue to favor the short side of the market where they have likely already sold against cash as of Aug. 2. The December contract is priced 8 cents below the March contract, a bearish indication of commercial demand for new-crop corn, while basis remains firm and bullish.
SEASONAL INDEX: Corn prices tend to peak in early June and bottom in early October.
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Commentary
Cash Ethanol Prices, Ethanol RINs Higher Friday
Spot ethanol cash prices and ethanol RINS were higher Friday. September corn closed up 8 cents at $6.10 1/4, while December closed up 3 3/4 cents at $6.10.
Summer Slump in Retail Fertilizer Prices Continues
Although retail fertilizer prices continue to slip lower amid low demand, that's typical of summertime and prices remain higher than last year. Global supply problems that have contributed to sharply higher year-over-year prices have led one major producer to announce more production cuts.