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 51,186 contracts as of September 23, an increase of 15,017 contracts during the CFTC reporting period as traders turned to selling amid technical pressure in the corn market.

COMMERCIAL OUTLOOK: Commercial corn traders held a net-long position of 79,646 contracts as of September 23, the most recent CFTC report. The December 2025 contract is priced 15 cents lower than the March 2026 contract, a spread that widened over the week as the rally in corn prices was likely successful in encouraging some movement in the cash market. DTN’s National Corn Index implies a corn basis of 38 cents under the December board, about a penny weaker over the past week and the third weakest for early November over the past decade.

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 14th 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 3% after prices traded lower, snapping a streak of three higher weeks.