TREND: The trend for March corn is sideways for now.
NONCOMMERCIAL OUTLOOK: Noncommercial corn traders held a net-long futures position of 14,656 contracts as of Dec. 16, a decrease of 52,874 contracts during the CFTC reporting period.
COMMERCIAL OUTLOOK: Commercial corn traders held a net-long position of 9,604 contracts as of Dec. 16, the most recent CFTC data. The March 2026 contract is priced 8 1/4 cents lower than the May 2026 contract, slightly more carry through the week. DTN's National Corn Index implies a corn basis of 39 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 lower on Wednesday. March corn closed down 1/4 cent per bushel at $4.40 1/4, and May closed down 1/4 cent per bushel at $4.48 1/4.
7 Fertilizers See Lower Prices, Including DAP Down 6% From Month Ago
Retail fertilizer prices are now mostly lower for the fourth week of December 2025. Seven of the eight major fertilizers were lower in price compared to last month, while one fertilizer moved slightly higher. Just one fertilizer had a significant price move, which DTN designates as anything 5% or more.