DTN Feed Corn Six Factors

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

NONCOMMERCIAL OUTLOOK: Noncommercial corn traders held a net-long futures position of 248,881 contracts as of April 14, and were net-sellers of 41,938 contracts during the CFTC reporting period as traders have been active securing profits after building their largest length in corn futures in over a year by late March.

COMMERCIAL OUTLOOK: Commercial corn traders held a net-short position of 202,187 contracts as of April 14, and were net-buyers of 30,782 contracts through the CFTC reporting period. The May 2026 contract is priced 8 3/4 cents lower than the July 2026 contract, narrowing (less carry) through the week for the third straight week. National average corn basis firmed 1 cent through the past week to 37 cents under the May board, still the weakest basis of the past decade for mid-April.

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

PRICE PROBABILITY: The front month (May) corn futures contract finished the most recent week up 2 points to the 15th percentile, a very inexpensive price to buyers within the five-year range.

VOLATILITY: Three-month price volatility for the most active (May) corn contract fell to 6% after prices traded higher through the week for the first time in a month.