TREND: The trend in March corn remains up.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held a net-long futures position of 407,492 contracts in corn as of Jan. 11, a decrease of 37,989 contracts from the previous week and down from its largest position in seven months.
COMMERCIAL OUTLOOK: Commercials continue to favor the short and mostly likely hedged side of the market as of January 11. The March contract is priced 3/4 cent below the May contract, a slightly bullish indication of demand for corn.
SEASONAL INDEX: Corn prices tend to peak in early June and bottom in early October.
PRICE PROBABILITY: The active futures contract (Mar) eased to the 67th percentile, a...
Commentary
Cash Ethanol Prices Mixed; Ethanol RINs Lower
March corn closed up 1/2 cent at $6.11 on Thursday and May corn was down 1/4 cent at $6.10 3/4.
Fertilizer Prices Continue Mostly Higher; MAP Moves Lower
Retail fertilizer prices tracked by DTN for the second week of January 2022 show most fertilizer prices continue to be higher. However, one fertilizer, MAP, is actually slightly lower. This is the first time a fertilizer has had a lower price since the first week of December 2020.