DTN Feed Corn Analysis and Recommendations
10/14/2025
**Note To Readers**
Due to the ongoing government shutdown, updated Commitments of Traders data will not be included in DTN’s weekly Six Factors Strategy update until the CFTC report resumes its normal Friday afternoon publication. Thank you for your understanding.
The most recent Recommendation was posted on Sept. 29, 2025. See Recommendations below.
POSITIONS
2025-26: Covered cash feed corn needs for October on Sept. 29, 2025. DTN’s National Corn Index was near $3.78.
2025-26: Covered cash feed corn needs for September on Aug. 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.
2024-25: Covered cash feed corn needs for March and April on Jan. 17, 2025. DTN’s National Corn Index was near $4.50, March futures were near $4.82 and May futures were near $4.91.
2024-25: Covered cash feed corn needs for January and February on Dec. 9, 2024. DTN’s National Corn Index was near $4.16.
2024-25: Covered cash feed corn needs for November and December on Sept. 25, 2024. DTN’s National Corn Index was near $3.82.
2024-25: Covered cash feed corn needs for September and October on Aug. 30, 2024. DTN’s National Corn Index was near $3.65.
2023-24: Covered cash feed corn needs from July 1 to the end of August, 2024 on June 5, 2024. July corn was near $4.41 and September corn was near $4.48.
2023-24: Cash feed corn needs covered from April 1 to the end of June on Feb. 27, 2024. May corn was near $4.24 and July corn was near $4.37.
2023-24: Cash feed corn needs covered from Nov. 6, 2023, to the end of March 2024 on Nov. 6, 2023. December corn was near $4.80 and March corn was near $4.95 at the time of the recommendation.
2022-23: Cash feed corn needs covered on July 13, 2022, for September and October 2022 with September futures near $6.10.
CURRENT ASSESSMENT
The trend for corn futures is sideways for now. The September quarterly Grain Stocks report saw the USDA add 207 million bushels of corn stocks to the 2024-25 balance sheet, pushing carry in stocks to 1.532 billion bushels for the new 2025-26 season and adding to an already burdensome supply forecast for corn this fall. Corn futures as a result have fallen away from technical resistance as the current path to higher prices remains a challenging one. Typical corn market seasonality suggests a harvest bottom, but traders and producers may need to be realistic about rally potential in the short to medium outlook given the amount of supplies expected even with lower yield forecasts. The corn market is currently a neutral, Type 3 market.
DAILY NOTE
December corn futures rose 2 1/4 cents on Tuesday, closing at $4.13. March futures were up 2 cents to $4.29 1/4. The corn market rose on Tuesday after another strong inspections report from USDA which pegged 2025-26 export inspections to date at 65% higher than the same point in 2024, a refreshing reminder of stellar demand for U.S. corn. The December board as a result successfully shook off a lower start and a brief test of prices below $4.10 before buyers stepped in. For now, the trend in December corn futures is sideways.
RECOMMENDATIONS*
(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.
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*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.