TREND: The trend for March corn is sideways for now.
NONCOMMERCIAL OUTLOOK: Noncommercial corn traders held a net-short futures position of 34,698 contracts as of Feb. 3, and were net-sellers of 3,027 contracts during the CFTC reporting period after prices hit technical resistance the previous week.
COMMERCIAL OUTLOOK: Commercial corn traders held a net-long position of 52,916 contracts as of Feb. 3, and were net-buyers of 225 contracts through the CFTC reporting period. The March 2026 contract is priced 8 1/2 cents lower than the May 2026 contract, slightly wider (more carry) through the week. National average corn basis firmed 2 cents through the week to 32 cents under the March board.
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Commentary
Ethanol RINS and Ethanol Cash Prices Higher Friday
Ethanol RINS and ethanol cash prices were higher Friday. March corn closed down 4 3/4 cents at $4.30 1/4, and May corn was down 4 1/4 at $4.38 3/4.
Fertilizer Prices Mixed to End January
Retail fertilizer prices were mixed for the fourth week of January 2026. Five nutrients were slightly lower in price while the other three were slightly higher compared to the previous month. No nutrients were lower or higher a considerable amount, which DTN designates as anything 5% or more.