TREND: The trend in December corn is down.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held 175,513 net-shorts in corn as of March 19, a decrease of 13,517 contracts on the week and falling back from the largest net short position on record four weeks earlier.
COMMERCIAL OUTLOOK: Commercials in corn decreased net longs to 183,490 as of March 19, glad to lighten positions on the rally after prices bounced off a new December low of $4.46 in late February. The December contract is priced 13 3/4 cents below the March 2025 contract, a bearish indication of commercial demand for new-crop corn. DTN's national corn basis is a little below average for this time of year.
SEASONAL INDEX: Corn prices tend to peak...
Commentary
Ethanol RINs Mixed, Cash Prices Higher Thursday
Ethanol RINs were mixed and cash prices were higher Thursday. May corn closed up 15 1/4 cents at $4.42 and July was up 15 1/2 cents at $4.54 1/2.
Urea, UAN28 Lead Retail Fertilizer Prices Higher
Retail fertilizer prices are mostly higher with seven of the eight major fertilizers now more expensive compared to last month. Two fertilizers -- urea and UAN28 -- were significantly more expensive compared to a month ago.