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Corn prices were near their lowest level since 2020 as large speculators built their biggest net short position in CBOT corn since August 2020 by September 12. Traders said they expected further selling.
Heavy fund short positioning and ample supply keep corn futures under pressure, which lowers feed grain costs for buyers.
reuters.comSep 18, 2023Not 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.
Ample supply and record speculative net short positioning in CBOT corn signaled further fund liquidation and selling pressure, driving prices to multi-year lows.
Record large speculative net short and expectations of further selling, alongside ample supply, drove sentiment-led liquidation in corn.
Ample supply and the largest speculative net short since 2020 describe the sentiment backdrop in which further fund liquidation pushed prices sharply lower on the day.
