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 15 3/4 cents lower than the March 2026 contract, a spread that narrowed over the week on ideas of lower U.S. corn yields and very strong nearby demand. DTN's National Corn Index implies a corn basis of 41 cents under the December board...
Commentary
Ethanol RINS Lower and Ethanol Cash Prices Higher
Ethanol RINS were lower and ethanol cash prices were higher. December corn closed down 2 1/4 cents at $4.10 3/4 and March corn was down 1 3/4 cents at $4.27 1/4.
Anhydrous, DAP Lead Retail Fertilizer Prices Higher
Retail fertilizer prices continued to be mixed for the first week of October 2025. Prices for four of the eight major fertilizers were up from last month while prices for the other four were down. Two fertilizers, anhydrous and DAP, had significant price increases.