TREND: The trend in December corn is down.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held 189,030 net-shorts in corn as of March 12, a decrease of 41,857 contracts on the week and falling back from the largest net-short position on record three weeks earlier.
COMMERCIAL OUTLOOK: Commercials in corn decreased net longs to 199,050 as of March 12, glad to lighten positions on the rally after prices hit a new December low of $4.46 in late February. 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 is a little below average for this time of year.
SEASONAL INDEX: Corn prices tend to peak in...
Commentary
Ethanol RINs Mixed, Cash Prices Lower on Monday
Ethanol RINs were mixed, and cash prices were lower on Monday. May corn closed down 3/4 cent at $4.36, and July was down 1/4 cent at $4.48 3/4.
Urea Leads Fertilizer Prices Higher
Retail fertilizer prices are mostly higher with seven of the eight major fertilizers now more expensive compared to last month. One fertilizer was significantly more expensive looking back a month. Urea was 7% higher compared to last year with an average price of $564/ton.