TREND: The trend in December corn is sideways.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held 160,168 net-shorts in corn as of April 23, a decrease of 44,689 contracts on the week as prices turned higher.
COMMERCIAL OUTLOOK: Commercials in corn decreased net longs to 172,388 as of April 23, still offering support at these lower prices. The December 2024 contract is priced 13 1/4 cents below the March 2025 contract, a bearish indication of commercial demand for new-crop corn. DTN's national corn basis has steadily improved since harvest and is the third strongest in 10 years for this date.
SEASONAL INDEX: Corn prices tend to peak in early June and bottom in early October.
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Commentary
Ethanol RINs Higher, Cash Prices Mixed Friday
Ethanol RINs were higher and cash prices were mixed. July corn was down 2 cents at $4.50 and September closed down 2 3/4 cents at $4.59.
All Major Fertilizer Prices Continue Higher for Fourth Consecutive Week
For the fourth consecutive week, average retail prices for all eight major fertilizers were higher compared to last month, though none were up significantly.