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 60,112 contracts as of Jan. 6, an increase of 6,920 contracts during the CFTC reporting period as traders expect 2025 corn production estimates to decrease in the January USDA reports.

COMMERCIAL OUTLOOK: Commercial corn traders held a net-short position of 41,853 contracts as of Jan. 6, net-sellers of 15,502 contracts through the CFTC reporting period. The March 2026 contract is priced 7 3/4 cents lower than the May 2026 contract, holding steady through the week. National average corn basis firmed 2 cents through the week to 36 cents under the March board.

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, still a very attractive location for buyers within the five-year range.

VOLATILITY: Three-month price volatility for the most active (March) corn contract fell to 4% after prices traded higher through the week but remain within the established medium-term range.