TREND: The trend for July corn is down.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held a net-short futures position of 81,059 contracts as of June 3, an increase of 60,726 contracts as solid crop conditions and friendly weather kept sellers active during the CFTC reporting period.
COMMERCIAL OUTLOOK: Commercial corn traders held a net-long position of 104,725 contracts as of June 3, an increase of 52,161 contracts, week-over-week. The July 2025 contract is priced 8 1/2 cents higher than the September 2025 contract, a spread that weakened significantly over the past week. DTN's National Cash Index indicated that corn basis firmed over the most recent week to 23 cents under the July board, an improvement of 1 cent on the...
Commentary
Ethanol Futures Follow Corn Markets Lower
Corn prices followed the grain market lower Monday. This caused grain trade to give back most of last week's gains based on mild weather forecasts, which is expected to increase crop yields through the year. Ethanol prices slipped lower despite renewed buyer support moving back into the gasoline and crude oil energy markets. July corn was down 9 cents at $4.33 1/2 and December closed down 11 1/4 cents at $4.38 per bushel.
Urea, UAN28 Lead Major Fertilizer Prices Higher
Seven of the eight major fertilizers were higher compared to last month. Two fertilizers (urea and UAN28) had a sizable price increase compared to last month for the third consecutive week. DTN designates a significant move as anything 5% or more.