DTN Feed Corn Six Factors

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

NONCOMMERCIAL OUTLOOK: Noncommercial corn traders held a net-short futures position of 13,862 contracts as of Oct. 28, a decrease of 69,481 contracts during the CFTC reporting period as traders looked to book profits on short positions towards the conclusion of U.S. corn harvest.

COMMERCIAL OUTLOOK: Commercial corn traders held a net-long position of 33,335 contracts as of Oct. 28, the most recent CFTC data. The March 2026 contract is priced 7 1/2 cents lower than the May 2026 contract, a spread that held steady over the week. DTN’s National Corn Index implies a corn basis of 42 cents under the March board, about a nickel firmer week over week.

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

PRICE PROBABILITY: The front month (March) corn futures contract finished the most recent week at the 14th percentile, an attractive location for buyers within the five-year range.

VOLATILITY: Three-month price volatility for the most-active (March) corn contract held at 4% after prices traded slightly lower on the week, snapping a streak of three higher weeks.