TREND: The trend for July corn is revised to higher for now.
NONCOMMERCIAL OUTLOOK: Noncommercial corn traders held a net-long futures position of 340,740 contracts as of April 28 and were net-buyers of 77,008 contracts during the CFTC reporting period as traders continued their bullish outlook given the high cost of fertilizer around the globe.
COMMERCIAL OUTLOOK: Commercial corn traders held a net-short position of 282,129 contracts as of April 28 and were net-sellers of 73,884 contracts through the CFTC reporting period. The July 2026 contract is priced 4 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 the two contracts...
Commentary
Ethanol RINs Higher, Ethanol Cash Prices Mixed Tuesday
Ethanol RINs were higher and ethanol cash prices were mixed Tuesday. July corn closed down 5 3/4 cents per bushel at $4.80 and September finished down 5 cents per bushel at $4.85 1/2.
10-34-0 Leads Fertilizer Prices Higher
All eight major fertilizer prices were higher for the third full week of April 2026 compared to a month earlier. Six fertilizers were again significantly more expensive, which DTN designates as anything 5% or more. In a bit of somewhat good news, only one fertilizer was double-digits higher.