TREND: The trend in December corn is up.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held 143,424 net-shorts in corn as of April 30, a decrease of 16,744 contracts on the week as specs steadily, but slowly respond to corn's higher prices.
COMMERCIAL OUTLOOK: Commercials in corn decreased net longs to 157,105 as of April 30, still offering support at corn's higher prices. The December 2024 contract is priced 12 1/2 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 roughly average for this time of year.
SEASONAL INDEX: Corn prices tend to peak in early June and bottom in early...
Commentary
Ethanol Prices Shift Higher Friday
Ethanol RINs were lower and cash prices posted light to moderate gains Friday. July corn was up 1/4 cents at $4.60 1/2 and September closed up 2 1/4 cents at $4.69 1/2.
Most Fertilizer Prices Continue to Rise
Seven of the eight major fertilizers are priced higher compared to last month. One fertilizer, potash, was slightly lower in price. None of the eight major fertilizers were up a significant amount from a month ago.