DTN Feed Corn Six Factors

TREND: The trend for December corn is sideways for now.

NONCOMMERCIAL OUTLOOK: Noncommercial corn traders held a net-short futures position of 92,353 contracts as of October 7, an increase of 11,046 contracts during the CFTC reporting period as traders had sold ahead of the peak of U.S. corn harvest.

COMMERCIAL OUTLOOK: Commercial corn traders held a net-long position of 117,716 contracts as of October 7, the most recent CFTC data. The December 2025 contract is priced 12 cents lower than the March 2026 contract, a spread that narrowed over the week, tying the firmest close since April. DTN’s National Corn Index implies a corn basis of 36 cents under the December board, about a penny firmer week over week and the firmest for the season thus far.

SEASONAL INDEX: Corn prices tend to peak in early June and bottom in early October.

PRICE PROBABILITY: The front month (December) corn futures contract finished the most recent week at the 9th percentile, an attractive location for buyers within the five-year range.

VOLATILITY: Three-month price volatility for the most active (December) corn contract fell to 2% after prices traded moderately lower on the week.