01/06/2026

The most recent Recommendation was posted on Dec. 1, 2025. See Recommendations below.

POSITIONS

2025-26: Covered cash feed corn needs for January, February, and March on Dec. 1, 2025, with March corn futures trading near $4.47.

2025-26: Covered cash feed corn needs for November and December on October 20, 2025 with December corn futures near $4.22 and the DTN National Cash Index near $3.82.

2025-26: Covered cash feed corn needs for October on September 29, 2025. DTN’s National Corn Index was near $3.78.

2025-26: Covered cash feed corn needs for September on August 27, 2025. DTN’s National Corn Index was near $3.66.

2024-25: Covered cash feed corn needs for August on July 21, 2025. DTN’s National Corn Index was near $3.91.

2024-25: Covered cash feed corn needs for May, June, and July on March 6, 2025. DTN’s National Corn Index was near $4.24. May corn futures were trading near $4.62 and July futures were near $4.68.

CURRENT ASSESSMENT

The corn market is still considered to be in an overall sideways trend but is close to being revised to higher with $4.50 on the March contract being the medium-term pivot point to watch. USDA increased the demand outlook for U.S. corn in the December WASDE, behind a 125 million bushel (mb) increase to corn export demand, which now sits at a record 3.2 billion bushel (bb). Despite the record demand outlook, corn ending stocks are still estimated as the highest in seven years and still north of 2 bb, which is limiting upward price momentum. Still, March corn futures do have a seasonal tendency to rally into the New Year, with the Jan. 12, 2026, WASDE report an important upcoming fundamental event in influencing corn price direction through the first quarter of 2026. The corn market remains a neutral, Type 3 market.

DAILY NOTE

March corn futures fell a 1/2 cent on Tuesday to $4.44. May futures were down 3/4 of a cent to $4.51 1/4. The corn market fell from early highs on Tuesday, pressured by weaker energy markets as well as spillover weakness from the soybean market which turned sharply lower by Tuesday afternoon. Overall, it was a quiet day with not a lot of market driving news, and as a result Monday’s bullish trade lost steam on Tuesday. For now, the trend in March corn futures is sideways.

RECOMMENDATIONS*

(12/1/2025)

2025-26: Thus far the 2025-26 marketing year is trending very similarly to the same point in 2024. With lower production ideas, stellar corn demand (especially for exports), as well as seasonal strength all pointing to an emerging post-harvest rally in corn prices. I recommend taking advantage of a futures price below $4.50 and buying feed corn needs through the end of March. March corn futures were trading near $4.47 at the time of this recommendation and the DTN National Corn Index was near $4.02 for spot corn. Some carry may need to be paid to secure corn for Jan, Feb, and March shipment.

(10/20/2025)

2025-26:

With U.S. corn harvest likely near three-fourths complete, and the seasonal tendency for cash prices (through both futures and basis) to rally out of harvest, consider purchasing cash corn needs for November and December with December corn futures currently near $4.22 and the DTN National Cash Index near $3.82.

(9/29/25)

2025-26:

With corn futures relaxing slightly from two and a half month highs for the December futures contract, and with September drawing to a close take this opportunity to purchase October feed corn needs. December 2025 futures were near $4.20 and the DTN National Corn Index near $3.78 at the time of this recommendation. Despite the moderate late summer/early fall rally in corn prices, I recommend continuing to only purchase as needed given the currently estimated size of the corn crop and until further information is known about the crop and/or corn futures make a more convincing attempt to break into a longer term upward trend pattern which we will continue to monitor.

(8/27/25)

2025-26:

With corn futures easing this week ahead of what is expected to be a record U.S. corn crop in 2025, I recommend buying September feed corn needs with the DTN National Corn Index near $3.66. We will continue to monitor the market into harvest for the next buying opportunity for the remainder of 2025 needs, but for now due to the potential for a heavily oversupplied market at harvest, the recommendation is to buy feed corn only as needed.

(7/21/25)

2024-25:

I recommend taking advantage of softer corn prices to begin the new week and purchase cash corn needs through August 2025. September futures are trading near $4.04 at the time of the recommendation. DTN’s National Corn Index implies a corn basis of 13 cents under the September board as of Friday, July 18, meaning cash corn should be near $3.91. The corn market remains in a downtrend and for now the recommendation is to buy only as needed through late summer/early fall.

(3/6/25)

2024-25:

Looking back at DTN cash data since 1997, cash corn prices set calendar year lows in February or March in 25% of those years.

Corn futures have shown signs of reversal off of long-term support the past two sessions following eight straight sessions lower. With the market very technically oversold and trade expressing optimism that the trade war with Canada and Mexico will be short lived, I recommend taking advantage of this sharp price decline and purchase cash corn needs for May, June, and July. May futures are currently near $4.62, and July futures are trading near $4.68. The nearby DTN National Cash Index is currently near $4.24, but carry will likely need to be paid to secure deferred corn. I am also optimistic corn basis is nearing a seasonal low.

(1/17/25)

2024-25:

World corn ending stocks not including China are currently estimated to be the tightest in over ten years in 2024/25. With the weather situation is uncertain in Argentina, but conditions dropping are indicating some damage has likely been done to early planted corn. I like taking some risk off by purchasing March and April feed corn needs. DTN’s National Cash Index for mid-January is near $4.50 but some carry may need to be paid to secure corn. March corn futures are near $4.82 and May corn futures are near $4.91. Front month corn is at the 34th percentile within the five-year price range, indicating a still reasonably inexpensive price for cash corn.

(12/9/24)

2024-25:

With the potential for USDA to raise demand estimates and cut corn carryout in the Tuesday, Dec. 10 WASDE report, as well as the tendency for corn basis to firm during the month of December. I recommend taking some risk off the table and covering cash corn needs for January and February 2025. With front-month corn futures at the 26th percentile in the five-year range this is a relatively inexpensive place to purchase corn. March corn futures are currently trading near $4.41, and DTN’s National Corn Index is near $4.16.

(9/25/24)

2024-25:

Cover cash feed corn needs for November and December as it is possible the seasonal harvest low is already set and prices remain fundamentally cheap. DTN’s National Corn Index is near $3.82.

(8/30/24)

2024-25:

Take advantage of corn prices near their lowest level in nearly four years and cover cash feed corn needs for September and October. If you have the ability to take on more, strongly consider doing that as we are nearing the time of year when harvest lows are typically made. DTN’s National Corn Index is near $3.65.

(6/5/24)

2023-24:

Take advantage of the recent drop in corn prices to cover cash feed corn needs from July 1 to the end of August, 2024. July corn is currently near $4.41 and September corn is near $4.48.

(2/27/24)

2023-24:

After corn fell to its lowest spot price in three years and is now getting some recognition for how cheap prices have become, cover cash feed corn needs from April 1 to the end of June. For reference, May corn is near $4.24 and July corn is near $4.37.

(11/6/23)

2023-24:

With corn prices showing support near their lowest prices of 2023 and South America having early crop concerns, cover feed corn needs from now until the end of March. December corn is currently near $4.80 and March corn is near $4.95.

**

*DTN recommendations are general in nature and are not intended to be specific for any particular person or farming business. The buying and selling of futures or options involves substantial risk and is not suitable for everyone. DTN accepts no responsibility for actual trades made. 

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

NONCOMMERCIAL OUTLOOK: Noncommercial corn traders held a net-long futures position of 290,819 contracts as of April 7, and were net-sellers of 43,938 contracts during the CFTC reporting period as traders have been active securing profits after building their largest length in corn futures in over a year by late March.

COMMERCIAL OUTLOOK: Commercial corn traders held a net-short position of 232,969 contracts as of April 7, and were net-buyers of 40,674 contracts through the CFTC reporting period. The May 2026 contract is priced 10 cents lower than the July 2026 contract, narrowing (less carry) slightly through the week, but still among the highest degree of carry between the two contracts through their trading lives. National average corn basis firmed 1 cent through the past week to 38 cents under the May board, still the weakest basis of the past decade for early April.

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 down 3 points to the 13th percentile, a very inexpensive price to buyers.

VOLATILITY: Three-month price volatility for the most active (May) corn contract held at 7% after prices traded lower for the fourth consecutive week.