TREND: The trend in December corn is down.
NONCOMMERCIAL OUTLOOK: Noncommercial traders were net-short 14,771 contracts in corn, a decrease of 41,860 contracts in the week ending June 6.
COMMERCIAL OUTLOOK: Commercials were net-long 66,120 contracts as of June 6, still a sign of active demand at corn's lower prices. The December contract is priced 9 3/4 cents below the March 2024 contract, a bearish indication of new-crop demand.
SEASONAL INDEX: Corn prices tend to peak in early June and bottom in early October.
PRICE PROBABILITY: The new-crop futures contract (December) eased to the 47th percentile, a neutral price location in relation to the five-year range....
Ethanol RINs, Cash Prices Higher Friday
Ethanol RINs and ethanol cash prices were higher Friday. July corn was down 6 at $6.04 1/4, while September closed down 4 cents at $5.24 1/2.
Fertilizer Prices Mainly Lower; Anhydrous Fertilizer Drops 15%
A majority of retail fertilizer prices are again lower after being mostly higher last week. Two fertilizers lead the way lower. Anhydrous was 15% less expensive than last month with an average price of $791/ton. Urea was 6% lower than last month with an average price of $622/ton.