DTN Feed Corn Six Factors

TREND: The trend for July corn is higher for now.

NONCOMMERCIAL OUTLOOK: Noncommercial corn traders held a net-long futures position of 302,002 contracts as of May 26, and were net-sellers of 56,100 contracts during the CFTC reporting period as traders booked profits on length amid renewed peace efforts in the Middle East and few issues for U.S. planting thus far.

COMMERCIAL OUTLOOK: Commercial corn traders held a net-short position of 231,519 contracts as of May 26, and were net-buyers of 57,106 contracts through the CFTC reporting period. The July 2026 contract is priced 9 cents lower than the September 2026 contract, still among the highest degree of carry between the two contracts through their trading lives. National average corn basis firmed 1 cent through the past week to 38 cents under the July board, still the weakest basis of the past decade for late May.

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 at the 13th percentile, an inexpensive price for buyers within the five-year range.

VOLATILITY: Three-month price volatility for the most active (July) corn contract stayed at 4% after prices traded lower through the week.