DTN Corn Analysis and Recommendations
12/09/2025
**Note To Readers**
Beginning in mid-November, CFTC announced they will begin chronologically releasing Commitments of Traders reports delayed by the government shutdown from Oct. 1 through Nov. 12 on a bi-weekly basis. As a result, DTN’s Six Factors Strategies will begin reflecting the most recently released commercial and noncommercial positions beginning on Nov. 21, which will be several weeks in arrears and are not planned to be current until late January. We thank you for your patience as the government works to catch up on delayed reports.
The latest recommendation was posted on Oct. 27, 2025. See Recommendations below.
POSITIONS
2025-26: Previous orders would have filled on Monday, Oct. 27. Leaving 60% of 2025-26 corn production unsold at this point.
2025-26: Placed an order to sell the next 20% of 2025 corn production in cash for fall delivery when December futures hit $4.30. Simultaneously, placed an order to sell the remaining $4.20 December puts for 4 cents. Upon fills, net cash price should be near to $3.83 after previous option premiums are taken into account.
2025-26: Sold 20% of 2025 corn production in cash for harvest delivery on Sept. 17, 2025, with December corn futures trading near $4.30, and the DTN National Corn Index near $3.88. Simultaneously unwind previous put/call hedge, sell $4.20 Dec puts near 8 1/2 cents and buy $4.75 Dec calls near 2 cents, for a net cost of 5 cents for the hedge. Leave put/call protection in place on 30% of production for now. Net cash for the sale should be near to $3.83.
2025-26: Hedged 50% of 2025-26 corn production with a custom min/max strategy. Bought $4.20 Dec 2025 corn puts near 20 cents and sold $4.75 Dec 2025 corn calls near 8 1/2 cents for a net cost of near 11 1/2 cents.
CURRENT ASSESSMENT
The corn market is still considered in an overall sideways trend. Typical seasonality would suggest a post-harvest rally for corn futures, but thus far upward price momentum through fall has been limited by record large supply estimates from USDA. Still, demand for corn remains stellar, especially in terms of exports, and there remains an underlying bullish argument that USDA is yet overestimating 2025 production. The corn market remains a neutral, Type 3 market.
DAILY NOTE
March corn futures finished 4 1/4 cents higher on Tuesday, closing at $4.48. May futures were up 4 1/4 cents as well to $4.55 1/2. USDA raised their export forecast by 125 million bushels to 3.2 billion in the December WASDE, a 12% increase from 2024-25, the current record. That was the only change to the domestic balance sheet with ending stocks falling by 125 mb as a result. Global changes were minimal, but world stocks fell as well on lower world production. Corn futures will open Wednesday’s trade looking to challenge resistance at $4.50 on the March contract. For now, the trend in March corn futures is sideways.
RECOMMENDATIONS*
(10/27/2025)
2025-26: The previously recommended orders to sell 20% of 2025-26 corn production in cash as well as sell previously purchased puts would have filled on Monday, Oct. 27. 60% of 2025-26 production remains unsold, which we will continue to monitor the market for selling opportunities.
(10/23/2025)
2025-26: Take advantage of the sharp rally in corn prices through mid-October and place an order to sell the next 20% of 2025-26 corn production in the cash market for fall delivery if and when December 2025 futures hit $4.30. Simultaneously, place orders to sell the remaining $4.20 December 2025 corn puts still in place hedging 30% of 2025 production at 4 cents, to lock in a net premium paid for the puts of 16 cents. The strategy is to allow the previously sold calls to expire worthless, locking in a 7 1/2 cent cost for the hedge. Net cash after premiums paid for this sale should be near to $3.83.
(9/17/2025)
2025-26:
With corn futures rallying despite USDA’s most recent forecast pointing toward a massive 16.8-billion-bushel (bb) record corn crop, I recommend rewarding the rally thus far with a sale of 20% of 2025 production for harvest delivery. Recommendations are done with the assumption that 50% of production can and will be stored past harvest. December futures were near $4.30 at the time of this recommendation and the DTN National Corn Index was near $3.88. Simultaneously, unwind the previously recommended put/call hedge strategy: the $4.20 puts can be sold for near 8 1/2 cents, while the $4.75 calls can be bought back for 2 cents, locking in 5 cents for the hedge on 20% of production. On another note, I would strongly recommend any unsold bushels delivered this fall to at least have the basis set, which avoids costly monthly storage fees while reserving your space in the elevator should space constraints cause elevators to need to go to “contract only” purchases.
(8/6/2025)
2024-25:
With corn futures largely ignoring technical support points and seemingly on a path to follow 2024’s seasonal path lower through August, I recommend canceling the previous working order and selling the remaining 25% of 2024 corn production in the cash market. September 2025 corn futures were trading near $3.76 at the time of this recommendation which should put the DTN National Corn Index near $3.60 cash. This is certainly a disappointing sale to close the 2024-25 marketing year, but at this point, with less than a month remaining in the old crop season, I believe attention should be shifted to focusing on the 2025-26 marketing year, attempting to learn from this year’s marketing mistakes while aiming for improvement in the upcoming year.
(7/7/2025)
2024-25:
With corn futures gapping lower as trade resumed following the Independence Day break, I recommend lowering the previously recommended price target for selling the remaining 25% of 2024 production to $4.17 September futures. This is the top of the chart gap left following Sunday’s bearish open. Beyond that, firm downtrend resistance is in place in the corn market, which will likely take a weather event or fundamental surprise to break given the strong seasonal pressure for futures over July and August. September futures are near $4.10 at the time of this recommendation.
(7/3/2025)
2024-25:
The old crop corn fundamental outlook has grown somewhat dreary over the past month or two, as Brazil’s production potential has grown and it is also beginning to seem likely that U.S. ending stocks will grow from the current USDA estimate of 1.365 billion bushels before the end of the season. With these things in mind, consider placing an order with your broker or grain buyer to sell the remaining 25% of 2024 corn production if September futures hit $4.28, the location of downtrend resistance. With the current basis of 14 cents under the September board, net cash should be near $4.14 for this sale. September futures are currently near $4.21 at the time of this recommendation.
(6/30/2025)
2025-26:
Due to the volatile nature of the June Acreage and Stocks report, as well as the overall downward pressure on new crop corn futures due to what has thus far been a non-threatening growing season, consider protecting against further downside risk by purchasing $4.20 December 2025 corn puts bid near 20 cents, covering 50% of 2025 production. Simultaneously, sell December 2025 $4.75 corn calls for near 8 1/2 cents for a net min/max cost of 11-12 cents. The sold call helps to finance the put protection while also allowing upside participation back towards 2025 highs in the event of a late summer rally. For those without brokerage access, consider looking into grain company managed programs, many of which include structured min/max products that function in a similar way.
(1/22/2025)
2024-25:
Previous May corn offer filled Jan. 22, 2025. Assuming traditional carry structure I am making the assumption that a basis of -32K is achievable given the current DTN National spot basis of -32H. This equals a cash price of $4.68 gross, adjusted to net $4.49 after previous option costs are accounted for.
(1/17/2024)
2024-25:
With May corn futures closing Friday, Jan. 17, at $4.93, I recommend placing an order with a broker or grain company, whichever is ideal to sell 25% of 2024 corn production if/when May corn hits $5.00. As a cash offer this should equate roughly a $4.70 gross cash price for April/May delivery given current nearby basis and standard cash carry structure.
(12/11/2024)
2024-25:
I recommend taking advantage of an almost 50-cent rally in front month corn futures since mid-October and sell 25% of 2024 production. Unwind half of the previously recommended put/call protection. DTN’s National Cash Index is approximately $4.23, less than 10 cents premium paid for option protection nets and approximately $4.13 cash for this sale.
(10/23/2024)
2024-25:
I recommend taking advantage of December corn’s 20-cent rally from last week’s lows to sell 25% of the 2024/25 crop as a cash sale for nearby shipment. The DTN National Cash Index for corn is $3.86 at time of recommendation.
I also recommend protecting a further 50% of 2024 production by buying March 2025 $4.30 corn puts and selling March 2025 $4.70 corn calls for a net cost of 10 cents. This is essentially a $4.20-$4.60 min/max contract after fee. Many grain companies have min/max options as a bundled product for those wary about using a broker, otherwise work with your broker to get ideal fills.(4/15/2024)
2024-25:
85% revenue protection with crop insurance is roughly equivalent to owning a new-crop corn put with a $3.96 floor, assuming average yields in 2024. So far, corn put options aren’t offering much opportunity to improve on that, but we’ll keep watching for a better pricing opportunity.
(1/2/2024)
2023-24:
Make the final 25% sale of 2023 corn production for May delivery at this time, checking your own local prices for the best month of delivery. There is still a chance Brazil’s corn production will suffer in 2024, but the U.S. has plenty of corn and Argentina is off to a good start. Crop insurance helped with the expenses of the 2023 crop for many and this sale limits the drain of storage costs and caps the risk of loss. May corn is near $4.79.
*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.