Farmers with corn in storage are considering whether to sell their grain or continue holding it, as the first notice day for May 2026 corn futures arrives on April 30. The decision comes at a time when corn prices remain low and market volatility is expected in the final days of April.
The topic is important because farmers must decide how best to manage their risk and maximize returns amid fluctuating markets. With over 2 billion bushels of corn crop carryout reported by the United States Department of Agriculture, lower futures prices are justified for now.
Those holding long positions in May 2026 corn contracts need to exit by the close of business on April 29 or face physical delivery obligations. Farmers using basis contracts tied to May futures must also choose whether to price out now or roll their contract forward, weighing potential gains against risks from market shifts.
May 2026 corn futures experienced a rally earlier this year but have since dropped back near $4.50 per bushel. The coming days may see further price swings due to factors such as Middle East tensions, fund trading activity, option expiration dates, and weather conditions affecting crops both domestically and abroad.
Options available include pricing out now—locking in current values—or rolling contracts forward for a fee while hoping for a rally. To manage downside risk if choosing to roll, some may consider purchasing put options for price protection. If opting to price out but still wanting upside exposure, buying call options can allow participation if prices rise later.
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As farmers prepare for possible scenarios in coming weeks, they are encouraged by analysts like Naomi Blohm: “Manage your risk. Be ready for any surprise.”
