TREND: The trend for July corn is higher for now.
NONCOMMERCIAL OUTLOOK: Noncommercial corn traders held a net-long futures position of 358,102 contracts as of May 19 and were net-sellers of 25,435 contracts during the CFTC reporting period as traders booked profits on length amid renewed peace efforts in the Middle East and few issues for U.S. planting thus far.
COMMERCIAL OUTLOOK: Commercial corn traders held a net-short position of 288,625 contracts as of May 19 and were net-sellers of 28,669 contracts through the CFTC reporting period. The July 2026 contract is priced 6 1/4 cents lower than the September 2026 contract, narrowing (less carry) slightly through the week but still among the highest degree of carry between...
Commentary
Ethanol RINs, Ethanol Cash Prices Higher Friday
Ethanol RINs and ethanol cash prices were higher Friday. July corn closed up 1 cent per bushel at $4.63 1/4 and September closed up 1 1/4 cents per bushel at $4.69 3/4.
No Significant Fertilizer Price Increases, Although All Still Slightly Higher
All eight major fertilizers logged slightly higher prices for the second full week of May 2026 compared to a month earlier. However, no fertilizer had a considerable price increase for the first time in 13 weeks. That takes us back to the first week of February 2026.