TREND: The trend for March corn is sideways for now.
NONCOMMERCIAL OUTLOOK: Noncommercial corn traders held a net-short futures position of 51,704 contracts as of Jan. 20 and were net-sellers of 18,281 contracts during the CFTC reporting period following a bearish surprise in the Crop Production and WASDE reports released by USDA on Jan. 12.
COMMERCIAL OUTLOOK: Commercial corn traders held a net-long position of 68,044 contracts as of Jan. 20 and were net-buyers of 19,121 contracts through the CFTC reporting period. The March 2026 contract is priced 7 3/4 cents lower than the May 2026 contract, mostly steady through the week. National average corn basis firmed a penny through the week to 35 cents under the March board.
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Commentary
Ethanol RINS and Ethanol Cash Prices Higher Monday
Ethanol RINS and ethanol cash prices were higher Monday. March corn closed down 2 1/4 cents at $4.28 1/4 and May corn was down 2 cents at $4.36.
Seven Fertilizers Show Lower Prices
Seven of the eight major fertilizers are lower in price for the second week of January 2026. One fertilizer was slightly higher compared to last month. No nutrient prices were lower or higher by a considerable amount, which DTN designates as anything 5% or more.