TREND: The trend for July corn is higher for now.
NONCOMMERCIAL OUTLOOK: Noncommercial corn traders held a net-long futures position of 302,002 contracts as of May 26, and were net-sellers of 56,100 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 231,519 contracts as of May 26, and were net-buyers of 57,106 contracts through the CFTC reporting period. The July 2026 contract is priced 9 cents lower than the September 2026 contract, still among the highest degree of carry between the two contracts through their trading lives. National...
Commentary
Ethanol Market Pressure Continues
Ethanol production continues strong, creating additional price pressure, while gasoline and corn markets softened midweek.
Urea Moves Lower; 6 Fertilizers Continue To Be Slightly Higher
Retail fertilizer prices continue to be mostly higher compared to last month. However, two fertilizers were lower than a month ago: Urea by 5%, with an average price of $823/ton, and UAN32 slightly lower with an average price of $585/ton.