Hedge Funds' Record Corn Bet Fails to Boost Market

Corn futures have entered their fifth consecutive day of decline, marking their longest slump since June. The market's lack of fresh bullish drivers is contributing to this downward trend. In contrast, hedge funds have increased their bets on higher prices for corn.

Money managers held the highest net-bullish position on record as of September 1, according to data spanning 20 years from the Commodity Futures Trading Commission. This surge in investor interest was fueled by poor US weather conditions that have hampered yields in the world's top grower.

The crop flows from the Black Sea are also facing disruptions, which has led corn prices to reach a three-year high last week.