DTN Corn Six Factors

TREND: The trend for December corn is sideways for now.

NONCOMMERCIAL OUTLOOK: Noncommercial corn traders held a net-short futures position of 51,186 contracts as of Sept. 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 Sept. 23, the most recent CFTC report. The December 2025 contract is priced 13 3/4 cents lower than the March 2026 contract, a spread that narrowed over the week. DTN’s National Corn Index implies a corn basis of 37 cents under the December board, about a penny firmer week over week, but more or less sideways through the first half of November.

SEASONAL INDEX: Corn prices tend to peak in early June and bottom in early October.

PRICE PROBABILITY: The front month (December) corn futures contract finished the most recent week at the 10th percentile, an attractive location for buyers within the five-year range.

VOLATILITY: Three-month price volatility for the most active (December) corn contract held at 3% after prices traded slightly higher on the week.