DTN Feed Corn Six Factors

TREND: The trend for July corn is revised to sideways for now.

NONCOMMERCIAL OUTLOOK: Noncommercial corn traders held a net-long futures position of 263,732 contracts as of April 21, and were net-buyers of 14,851 contracts during the CFTC reporting period as traders returned to buying after prices reached chart support in mid-April.

COMMERCIAL OUTLOOK: Commercial corn traders held a net-short position of 208,245 contracts as of April 21, and were net-sellers of 6,058 contracts through the CFTC reporting period. The July 2026 contract is priced 5 1/4 cents lower than the September 2026 contract, widening (more carry) through the week and to the highest degree of carry between the two contracts through their trading lives. National average corn basis firmed 2 cents through the past week to 43 cents under the July board, still the weakest basis of the past decade for late-April.

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

PRICE PROBABILITY: The front month (July) corn futures contract finished the most recent week up 3 points to the 18th percentile, still an inexpensive price to buyers within the five-year range.

VOLATILITY: Three-month price volatility for the most active (July) corn contract held at 6% after prices traded higher through the week for the second straight week.