TREND: The trend for December corn is revised to sideways.
NONCOMMERCIAL OUTLOOK: Noncommercial corn traders held a net-short futures position of 51,186 contracts as of September 23, an increase of 15,017 contracts during the CFTC reporting period as traders turned to selling amid technical pressure in the corn market.
COMMERCIAL OUTLOOK: Commercial corn traders held a net-long position of 79,646 contracts as of September 23, the most recent CFTC report. The December 2025 contract is priced 12 1/2 cents lower than the March 2026 contract, another 1 1/4 cents firmer this week on thoughts of lower than expected U.S. yields and extremely strong nearby demand. DTN's National Corn Index implies a corn basis of 37 cents under the...
Commentary
Ethanol RINS, Ethanol Cash Prices Higher
Ethanol RINS and ethanol cash prices were higher. December corn closed down 6 1/2 cents at $4.28 3/4 and March corn was down 6 1/2 cents at $4.43.
Five Retail Fertilizer Prices Higher Compared to Last Month, Led by Anhydrous
Five of eight fertilizer prices rose in early November, with anhydrous up 4%. All fertilizers are higher compared to last year.