TREND: The trend in December corn is up.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held a net-long futures position of 428,428 contracts in corn as of June 8, a decrease of 23,948 contracts from the previous week which erased the gain of the previous week. Noncommercial net longs have come down 16% in 2021 but are still a heavy presence. The next Commitment of Traders report will be out Monday, June 21.
COMMERCIAL OUTLOOK: Commercial net shorts remain heavy as of June 8. The December contract is priced 6 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.
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Commentary
Ethanol Futures Hibernated for the Week
July ethanol futures were unchanged at $2.46 Friday, and August ethanol futures were unchanged at $2.38. The July corn market closed up 22 1/4 cents at $6.55 1/4, while September corn closed up 29 cents at $5.77 1/2.
DAP Prices Climb to $656/ton, Up 4% From Last Month
Retail fertilizer prices continue their slow march higher with DAP showing the largest gains compared to the prior month.