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 18,330 contracts as of Feb. 10 and were net-buyers of 16,368 contracts during the CFTC reporting period as prices have rallied off lows set following the bearish January WASDE report.

COMMERCIAL OUTLOOK: Commercial corn traders held a net-long position of 37,338 contracts as of Feb. 10 and were net-sellers of 15,578 contracts through the CFTC reporting period. The March 2026 contract is priced 10 1/4 cents lower than the May 2026 contract, moving wider (more carry) through the week, to the highest degree of carry for the boards since early September. National average corn basis fell 1 cent through the week to 33 cents under the March board, suggesting the return of mild weather across the U.S. may have led to increased corn sales/movement through the week.

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 11th 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