TREND: The trend for December corn is sideways.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held 136,869 contracts net-long in corn as of Nov. 26, a decrease of 26,432 contracts on a week that saw corn prices trade lower during the COT reporting period.
COMMERCIAL OUTLOOK: Commercials in corn held a net short of 96,320 contracts as of Nov. 26, a decrease of 16,831 contracts week over week. The March 2025 contract is priced 6 1/2 cents below the May 2025 contract, a spread that continues to contract indicating corn demand has become very front loaded in the marketing year. National corn basis continues to firm on strong domestic demand. Historically the 2024 basis still remains in the middle of the 10-year range.
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Commentary
Ethanol RINs, Cash Prices Higher Wednesday
Ethanol RINs and ethanol cash prices were higher on Wednesday. March corn closed down 2 1/4 cents at $4.30 and May corn was down 2 1/4 cents at $4.35 1/2.
Most Fertilizer Prices Remain Higher
Retail fertilizer prices continue to be mostly higher compared to last month. Seven of the eight major fertilizers were higher than last month while the remaining one was slightly lower. None of these nutrients had a sizable price increase or decrease. DTN designates a significant move as anything 5% or more.