TREND: The trend in December corn is down, in line with the seasonal tendency.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held a net-long futures position of 258,634 contracts in corn as of Sept. 14, a decrease of 9,143 contracts from the previous week. The liquidation trend continues as we near harvest.
COMMERCIAL OUTLOOK: Commercial net shorts continue to favor the short side as of Sept. 14. The December contract is priced 6 3/4 cents below the March contract, a bearish indication of demand for new-crop corn.
SEASONAL INDEX: Corn prices tend to peak in early June and bottom in early October.
PRICE PROBABILITY: The active futures contract increased to the 51st...
Commentary
Cash Ethanol, RINs Prices Push Lower Friday
The December corn market closed down 2 1/4 cents at $5.27 1/4, while March closed down 2 1/2 cents at $5.34 1/4 on Friday.
Urea Prices Volatile Early in Month
In the wake of Hurricane Ida, urea prices may remain volatile in the first weeks of September but should begin to correct lower if U.S. Gulf nitrogen plants can promptly return online and import barging can resume as normal.