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An analyst says the corn rally, with prices doubled in less than a year, reflects strong cash bids, resilient demand and smaller supplies. Managed money is as long corn as it has ever been, and end users are struggling to find supply.
Heavy speculative long positioning and tight physical supply raise the risk of volatility, but the underlying supply shortage keeps corn prices elevated for feed buyers.
agriculture.comBryan DohertyMay 7, 2021Not 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.
Managed money was record long and prices had doubled, so the market was crowded and vulnerable to a sharp liquidation drop.
