TREND: The trend in December corn is down.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held a net-long futures position of 59,476 contracts in corn as of March 21, an increase of 15,699 contracts.
COMMERCIAL OUTLOOK: Commercials are holding a small net long position as of March 21, a slight hint of support for old-crop corn. The December contract is priced 8 3/4 cents below the March 2024 contract, a bearish indication of new-crop demand. The national corn basis is the strongest in over 20 years, a bullish indication of commercial demand for old-crop corn.
SEASONAL INDEX: Corn prices tend to peak in early June and bottom in early October.
PRICE PROBABILITY: The new-crop...
Ethanol RINs, Cash Prices Higher Wednesday
Ethanol RINs and cash ethanol cash prices were higher Wednesday. May corn closed up 3 1/4 cents at $6.50 1/2, while July corn closed up 1 cent at $6.30 1/2.
All Eight Retail Fertilizer Prices Move Lower, With Four Down Significantly
Prices for all eight of the major fertilizers were lower compared to last month with prices for four fertilizers down a considerable amount. DTN designates a significant move as anything 5% or more. Leading the way lower once again were UAN28, anhydrous, UAN32 and urea.