TREND: The trend in December corn is up.
NONCOMMERCIAL OUTLOOK: Noncommercial traders held 224 net-longs in corn as of May 14, a switch of 31,578 contracts on the week as specs have now turned neutral.
COMMERCIAL OUTLOOK: Commercials in corn decreased net longs to 40,405 as of May 14, still willing to support current prices. The December 2024 contract is priced 13 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 harvest, but is below the 10-year average for this time of year.
SEASONAL INDEX: Corn prices tend to peak in early June and bottom in early October.
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Commentary
Ethanol RINs Higher, Ethanol Cash Prices Lower Friday
Ethanol RINs were higher and ethanol cash prices were lower Friday. July corn was down 4 1/2 cents at $4.52 1/2 and September closed down 5 1/4 cents at $4.62 1/2.
Retail Fertilizer Prices Mixed; More Are Lower Than Higher
Fertilizer prices were somewhat mixed with five fertilizers lower while three nutrients were slightly higher compared to a month prior. The only fertilizer with a significant move in either direction was urea. The nitrogen fertilizer was 5% lower compared to last month and had an average price of $557/ton.