TREND: The trend for December corn is down.
NONCOMMERCIAL OUTLOOK: Noncommercial corn traders held a net-short futures position of 52,455 contracts as of Sept. 2, a decrease of 18,485 contracts as speculators turned to short covering from August lows, especially as weather in the Eastern Belt has emerged as a challenge to finishing out the 2025 corn crop.
COMMERCIAL OUTLOOK: Commercial corn traders held a net-long position of 87,814 contracts as of Sept. 2, a decrease of 5,955 contracts week over week. The December 2025 contract is priced 18 1/2 cents lower than the March 2026 contract, a spread that widened by a penny over the week and is indicative of overall comfortable supplies expected for new crop corn.
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Commentary
Ethanol RINS Steady, Ethanol Cash Prices Lower on Thursday
Ethanol RINS were steady and ethanol cash prices were lower. December corn closed up 2 3/4 cents per bushel at $4.19 3/4, and March corn was up 2 3/4 cents at $4.37 1/4.
DAP Price Up 5%, Leads Half of Fertilizer Prices Higher
Average retail fertilizer prices continued to be mixed for the first week of September 2025, with prices for four of the eight major fertilizers higher and prices for four lower than last month. The price of one fertilizer, DAP, saw a significant move higher, which DTN designates as anything 5% or more.