TREND: The trend for July corn is sideways.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held a net-long futures position of 219,843 contracts of corn as of April 22, a decrease of 14,339 contracts week over week as traders booked some profits on longs following a strong rally in corn price the prior week.
COMMERCIAL OUTLOOK: Commercial corn traders held a net short position of 161,479 contracts as of April 22, a decrease of 17,620 contracts week over week. The May 2025 contract is priced 6 3/4 cents below the July 2025 contract, a slight narrowing in the spread from last week. DTN's National Corn Basis continued to climb over the past week to 33 cents under the July board, an improvement of 1 cent week over week.
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Commentary
Ethanol RINs, Cash Prices Mixed Tuesday
Ethanol RINs and ethanol cash prices were mixed on Tuesday. May corn closed down 15 cents at $4.60 1/2 and July corn was down 13 cents at $4.70 1/4.
UAN28, UAN32 Lead Major Fertilizer Prices Increase
Average retail prices for all eight major fertilizers were more expensive compared to last month. Two fertilizers (UAN28 and UAN32) had a substantial price increase looking back to last month. DTN designates a significant move as anything 5% or more.