TREND: The trend in December corn remains down.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held 221,952 net shorts in corn as of July 23, a decrease of 16,864 contracts on a week that saw corn prices trade modestly higher. Managed futures funds are still the most bearish segment of the market, net short 333,885 contracts and down slightly from their largest position on record.
COMMERCIAL OUTLOOK: Commercials in corn decreased net longs to 232,230 as of July 23, still offering passive support current prices at these cheap levels. The December 2024 contract is priced 14 1/2 cents below the March 2025 contract, a bearish indication of commercial demand for new-crop corn. DTN's national corn basis has steadily improved since...
Commentary
Ethanol RINs, Ethanol Cash Prices Lower Friday
Ethanol RINs and ethanol cash prices were lower on Friday. September corn was down 11 1/2 cents at $3.94 1/2 and December corn closed down 10 1/2 cents at $3.12 1/4.
Retail Fertilizer Price Declines Slow in Third Week of July
Average retail prices for seven of the eight major fertilizers continued to move lower in the third week of July 2024. The price of the remaining fertilizer was unchanged. For the first time in five weeks, no fertilizer saw a significant move, which DTN designates as 5% or more.