TREND: The trend for September corn is down.
NONCOMMERCIAL OUTLOOK: Noncommercial corn traders held a net-short futures position of 133,174 contracts as of Aug. 12, an increase of 25,206 contracts as speculators added to their bearish outlook.
COMMERCIAL OUTLOOK: Commercial corn traders held a net-long position of 15,179 contracts as of Aug. 12, an increase of 7,154 contracts week over week. The September 2025 contract is priced 21 1/2 cents lower than the December 2025 contract, a spread that widened again through the most recent week, indicating a comfortable level of old crop supplies. DTN's National Cash Index indicated that corn basis faded 2 cents over the most recent week to 17 cents under the September board.
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Commentary
Ethanol RINS Mixed, Ethanol Cash Prices Higher
Ethanol RINS were mixed and ethanol cash prices were higher. September corn closed up 7 1/4 cents per bushel at $3.87 1/4 and December corn was up 7 3/4 cents at $4.11 3/4.
MAP Leads Fertilizer Prices Higher
Four of the eight major fertilizers were higher in price compared to last month. For the first time in nine weeks, a fertilizer had a considerable price move. DTN designates a significant move as anything 5% or more. MAP was 6% more expensive compared to last month and had an average price of $895/ton.