TREND: The trend for March corn is sideways for now.
NONCOMMERCIAL OUTLOOK: Noncommercial corn traders held a net-long futures position of 60,112 contracts as of Jan. 6, an increase of 6,920 contracts during the CFTC reporting period as traders expect 2025 corn production estimates to decrease in the January USDA reports.
COMMERCIAL OUTLOOK: Commercial corn traders held a net-short position of 41,853 contracts as of Jan. 6, net-sellers of 15,502 contracts through the CFTC reporting period. The March 2026 contract is priced 7 3/4 cents lower than the May 2026 contract, holding steady through the week. National average corn basis firmed 2 cents through the week to 36 cents under the March board.
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Commentary
Ethanol RINS Mixed, Ethanol Cash Prices Lower Thursday
Ethanol RINS were mixed and ethanol cash prices were lower on Thursday. March corn closed down 1 3/4 cents at $4.20 1/4 and May corn was down 2 cents at $4.27 3/4.
5 of 8 Major Fertilizers Lower Priced Than Month Ago
For the second week in a row, five of the eight major fertilizers were lower in price compared to last month while the remaining three were slightly more expensive. Two fertilizers had a significant price move, which DTN designates as anything 5% or more.