TREND: The trend in December corn is sideways.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held 47,760 net-shorts in corn as of September 10, another big decrease of 42,723 contracts on a week that saw corn prices trade lower.
COMMERCIAL OUTLOOK: Commercials in corn decreased net longs to 92,844 as of September 10, maintaining a bullish response to corn's cheap prices. The December 2024 contract is priced 17 3/4 cents below the March 2025 contract, a bearish indication of commercial demand for new-crop corn. DTN's national corn basis has eased lately and is tied for the 6th strongest in 10 years for this time of year, a neutral-to-bearish indication of demand.
SEASONAL INDEX: Corn prices tend to...
Commentary
Ethanol RINs Higher, Ethanol Cash Prices Mixed Wednesday
Ethanol RINs were higher and ethanol cash prices were mixed on Wednesday. December corn was up 1/4 cent at $4.12 3/4, and March corn closed unchanged at $4.30 3/4.
3 Fertilizer Prices Down Significantly in Second Week of September
Several average retail fertilizer prices saw sizeable declines for the first time in eight weeks during the second week of September 2024. Potash was down 8% compared to last month, while both 10-34-0 and UAN32 were 7% less expensive. DTN designates a significant move as anything 5% or more.