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, Ethanol Cash Prices Mixed Friday
Ethanol RINS and ethanol cash prices were mixed on Friday. March corn closed down 3/4 cent at $4.43 3/4, and May corn was down 3/4 cent at $4.51 1/2.
Five Fertilizers Lead Nutrient Prices Higher Again
Fertilizer prices continued to be mostly higher for the first week of December 2025. Five of the eight major fertilizers were higher in price compared to last month while the other three were slightly less expensive for the second week in a row. No fertilizers had a significant price move, which DTN designates as anything 5% or more.