TREND: The trend for March corn is sideways for now.
NONCOMMERCIAL OUTLOOK: Noncommercial corn traders held a net-long futures position of 67,530 contracts as of Dec. 9, a decrease of 19,566 contracts during the CFTC reporting period.
COMMERCIAL OUTLOOK: Commercial corn traders held a net-short position of 44,251 contracts as of Dec. 9, the most recent CFTC data. The March 2026 contract is priced 7 3/4 cents lower than the May 2026 contract, slightly less carry through the week. DTN's National Corn Index implies a corn basis of 40 cents under the March board, a penny firmer through the week.
SEASONAL INDEX: Corn prices tend to peak in early June and bottom in early October.
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Commentary
Ethanol RINS Mixed, Ethanol Cash Prices Higher Wednesday
Ethanol RINS were mixed and ethanol cash prices were higher on Wednesday. March corn closed up 3 1/2 cents at $4.51 and May corn was up 3 1/2 cents at $4.59.
Six Fertilizers Cost Less Than Month Ago, With Three Considerably Cheaper
For the second week in a row, retail fertilizer prices are now mostly lower for the third week of December 2025. Six of the eight major fertilizers were lower in price compared to last month while the remaining two were slightly more expensive. Three fertilizers had a significant price move, which DTN designates as anything 5% or more.