TREND: The trend for March corn is sideways for now.
NONCOMMERCIAL OUTLOOK: Noncommercial corn traders held a net-long futures position of 120,900 contracts as of Nov. 18, an increase of 77,887 contracts during the CFTC reporting period.
COMMERCIAL OUTLOOK: Commercial corn traders held a net-short position of 84,962 contracts as of November 18, the most recent CFTC data. The March 2026 contract is priced 8 1/4 cents lower than the May 2026 contract, a spread that was slightly wider through the week. DTN's National Corn Index implies a corn basis of 41 cents under the March board, a penny firmer through the week.
SEASONAL INDEX: Corn prices tend to peak in early June and bottom in early...
Commentary
Limited Activity Left Ethanol and Energy Prices Fractionally Lower
Continued softness in grain and corn prices added even more market pressure to ethanol prices Friday. Overall trade volume remained extremely limited in most ethanol futures with consistent pressure in spring and summer month contracts. December corn closed down 3 3/4 cents per bushel at $4.31 1/2 and March corn was down 5 3/4 cents at $4.40 3/4. For the week ending, from Friday to Friday, corn futures scored the following changes: December Corn closed off 5 1/4 cents at $4.31 1/2, March closed off 7 3/4 cents at $4.440 3/4.
Five Fertilizers Lead Nutrient Prices Higher Again
Fertilizer prices continued to be mostly higher for the first week of December 2025. Five of the eight major fertilizers were higher in price compared to last month while the other three were slightly less expensive for the second week in a row. No fertilizers had a significant price move, which DTN designates as anything 5% or more.