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 51,704 contracts as of Jan. 20 and were net-sellers of 18,281 contracts during the CFTC reporting period following a bearish surprise in the Crop Production and WASDE reports released by USDA on Jan. 12.

COMMERCIAL OUTLOOK: Commercial corn traders held a net-long position of 68,044 contracts as of Jan. 20 and were net-buyers of 19,121 contracts through the CFTC reporting period. The March 2026 contract is priced 7 3/4 cents lower than the May 2026 contract, mostly steady through the week. National average corn basis firmed a penny through the week to 35 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 up 1 point and at the 10th percentile, a very 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 moderately higher on the week.