TREND: The trend in December corn is down.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held 101,233 net shorts in corn, an increase of 13,245 in the week ended Sept. 19 as specs continue to add to bearish positions as harvest approaches.
COMMERCIAL OUTLOOK: Commercials in corn increased net longs to 134,756 as of Sept. 19, a loyal show of support for corn's lower prices. The December contract is priced 15 cents below the March 2024 contract, a bearish indication of new-crop demand. DTN's national corn basis continues to weaken and is now the 6th strongest since 2010 for this time of year.
SEASONAL INDEX: Corn prices tend to peak in early June and bottom in early October.
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Commentary
Ethanol RINs Higher, Cash Prices Mixed Thursday
Ethanol RINs were higher and cash prices were mixed but mostly lower on Thursday. December corn was up 5 1/4 cents at $4.88 1/2, while March closed up 5 cents at $5.03 1/4.
Anhydrous Retail Price Up 21% From Last Month
Most retail fertilizer prices are down from last month, with one big exception: Anhydrous is 21% higher than last month with an average retail price of $763 per ton. Only three fertilizers -- potash, 10-34-0, DAP -- had significant price declines, while the remaining four fertilizers -- MAP, urea, UAN28 and UAN32 -- were slightly lower in price compared to last month.