DTN Feed Corn Six Factors

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

NONCOMMERCIAL OUTLOOK: Noncommercial corn traders held a net-long futures position of 14,656 contracts as of Dec. 16, a decrease of 52,874 contracts during the CFTC reporting period.

COMMERCIAL OUTLOOK: Commercial corn traders held a net-long position of 9,604 contracts as of Dec. 16, the most recent CFTC data. The March 2026 contract is priced 8 1/4 cents lower than the May 2026 contract, slightly more carry through the week. DTN’s National Corn Index implies a corn basis of 39 cents under the March board, a penny firmer through the 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 15th 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 5% after prices traded moderately higher through the week for the second consecutive week.