TREND: The trend for May corn is up for now.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held a net-long futures position of 239,376 contracts of corn as of March 18, a decrease of 28,981 contracts on a week that saw corn prices trade lower during the CFTC reporting period.
COMMERCIAL OUTLOOK: Commercial corn traders held a net short position of 181,723 contracts as of March 18, a decrease of 34,996 contracts week-over-week. The May 2025 contract is priced 7 1/2 cents below the July 2025 contract, a spread which narrowed slightly through the week. DTN's National Corn Basis continues to climb over the past week to 33 cents under the May board, an improvement of 2 cents week over week.
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Commentary
Ethanol RINs Higher, Cash Prices Lower Wednesday
Ethanol RINs were higher and ethanol cash prices were lower on Wednesday. May corn closed down 6 1/2 cents at $4.51 1/4 and July corn was down 6 1/4 cents at $4.59.
UAN32 Leads All 8 Retail Fertilizer Prices Higher
Average retail prices for all eight of the major fertilizers were higher than last month during the third week of March 2025. UAN32 saw a sizeable price increase, which DTN designates as anything 5% or more.