TREND: The trend in December corn is sideways.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held 190,191 net-shorts in corn as of April 9, an increase of 8,855 contracts on the week as prices stayed in a narrow, sideways range.
COMMERCIAL OUTLOOK: Commercials in corn increased net longs to 195,882 as of April 9, still offering support at these lower prices. The December contract is priced 13 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 a little above average for this time of year..
SEASONAL INDEX: Corn prices tend to peak in early June and bottom in early October.
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Commentary
Ethanol RINs Lower, Cash Prices Mixed Wednesday
Ethanol RINs were lower and cash prices were mixed Wednesday. May corn was down 3/4 cents at $4.30 1/4 and July closed down 1 3/4 cents at $4.41.
All Fertilizer Prices Higher for Third Straight Week
Average retail prices for all eight major fertilizers are higher compared to last month. This marks the third straight week prices for all fertilizers were up. However, only one fertilizer, UAN32, was significantly more expensive.