Grain Prices Soar as Funds Pile into Corn Futures

Funds have been estimated to buy 35,000 corn contracts, increasing their net position in the market to 454,000 contracts.

This is a significant move, surpassing the previous record net long of 429K set back in 2010.

Corn futures last traded at this high in July 2023. Crop conditions have remained steady, with corn unchanged at 57% Good/Excellent and Poor/Very Poor conditions relegated to the western Corn belt.

As tensions escalate in both Russia/Ukraine and Iran, commodity logistics continue to be threatened, pushing up grain prices and crude oil back over $90 per barrel WTI.