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Managed money funds have started exiting record long positions in corn futures after the September grain stocks report. US corn is losing export competitiveness to South American suppliers, and Argentina is gaining share.
Ending stocks for 2025/26 are the highest since 2020.
Fund liquidation and weaker export demand pressure corn prices, and a return to fundamentals could extend the decline. Lower US corn prices help feed buyers, but competition from Argentina limits US export demand.
kpler.comIshan Bhanu Lead Agricultural Commodities AnalystOct 1, 2026Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
