TREND: The trend in most active corn futures is revised to higher for now.
NONCOMMERCIAL OUTLOOK: Noncommercial corn traders held a net-long futures position of 440,915 contracts as of Aug. 25, record length for late August. Traders were net-buyers of 138,773 contracts as bullish momentum picked up on lower U.S. yield forecasts as well as Black Sea grain supplies being cutoff by recent attacks against shipping infrastructure.
COMMERCIAL OUTLOOK: Commercial corn traders held a net-short position of 374,608 contracts as of Aug. 25, and were net-sellers of 129,008 contracts through the CFTC reporting period. The December 2026 contract is priced 14 3/4 cents lower than the March 2027 contract, strengthening (less carry) through...
Commentary
Ethanol Prices Follow Gasoline Markets Higher
Late week support rebounded in ethanol and gasoline prices. This adds to expectations of additional gains in wholesale and retail price levels.
UAN28 Leads Fertilizer Price Declines for Fifth Consecutive Week
For the fifth consecutive week, prices for five of the eight major fertilizers are lower compared to last month, with the remaining three nutrients being slightly higher. DTN designates a significant move as anything 5% or more. UAN28 is the only nutrient with a significant price move compared to a month earlier.