TREND: The trend in December corn is sideways.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held 204,857 net-shorts in corn as of April 16, an increase of 14,666 contracts on the week as prices stayed in a narrow, sideways range.
COMMERCIAL OUTLOOK: Commercials in corn increased net longs to 214,170 as of April 16, still offering support at these lower prices. The December contract is priced 12 3/4 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 Lower, Cash Prices Higher Thursday
Ethanol RINs were lower and cash prices were higher. July corn was up 3 1/2 cents at $4.52 and July closed up 3 1/2 cents at $4.61 3/4.
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.