TREND: The trend for July corn is higher for now.
NONCOMMERCIAL OUTLOOK: Noncommercial corn traders held a net-long futures position of 433,384 contracts as of May 5, and were net-buyers of 92,644 contracts during the CFTC reporting period as traders continued their bullish outlook amid seasonal strength and strong influence from energy futures amid the ongoing conflict in the Middle East.
COMMERCIAL OUTLOOK: Commercial corn traders held a net-short position of 368,848 contracts as of May 5, and were net-sellers of 86,719 contracts through the CFTC reporting period. The July 2026 contract is priced 6 1/2 cents lower than the September 2026 contract, widening (more carry) through the week and to the highest degree of carry...
Commentary
Ethanol RINs Lower, Ethanol Cash Prices Higher Wednesday
Ethanol RINs were lower and ethanol cash prices were higher Wednesday. July corn closed up 3/4 cent at $4.80 3/4 and December corn was up 1 cent at $4.87 1/4.
DAP Leads Fertilizer Prices Higher in First Week of May
Prices of all eight major fertilizers were higher in the first full week of May 2026 compared to a month earlier. However, only one fertilizer was significantly higher, which DTN designates as anything 5% or more. The remaining seven nutrients were just slightly more expensive.