DTN Feed Corn Six Factors

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

NONCOMMERCIAL OUTLOOK: Noncommercial corn traders held a net-long futures position of 8,828 contracts as of Feb. 24, and were net-buyers of 16,663 contracts during the CFTC reporting period as prices rallied through the week.

COMMERCIAL OUTLOOK: Commercial corn traders held a net-long position of 12,455 contracts as of Feb. 24, and were net-sellers of 13,535 contracts through the CFTC reporting period. The May 2026 contract is priced 7 3/4 cents lower than the July 2026 contract, narrowing (less carry) through the week, but still among the highest degree of carry between the two contracts through their trading life. National average corn basis firmed 4 cents through the week to 41 cents under the May board, still the third weakest of the past decade to end February.

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

PRICE PROBABILITY: The front month (May) corn futures contract finished the most recent week up 4 points and at the 14th percentile, still a very attractive location for buyers within the five-year range.

VOLATILITY: Three-month price volatility for the most active (May) corn contract held at 4% after prices traded higher through the week for the third time in the past four weeks.