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, an increase of 11,273 contracts week over week. The December 2025 contract is priced 17 cents lower than the March 2026 contract, a spread that widened slightly through the week on higher corn supplies in the September Grain Stocks report. DTN's National Corn Index implies a corn basis of 42 cents under...
Commentary
Ethanol RINS Higher and Ethanol Cash Prices Mixed
Ethanol RINS were higher and ethanol cash prices were mixed. December corn futures closed down 2 3/4 cents to $4.19 and March futures down 2 1/4 cents to $4.35 3/4.
Once Again DAP Leads Fertilizer Prices Higher
Fertilizer prices continued mostly higher for the fourth week of September 2025. Five of the eight major fertilizers were higher in price compared to last month, while the other three were less expensive. Just one fertilizer, DAP, was considerably higher looking back a month. DTN designates a significant move as anything 6% or more.