# Funds adopt most bearish CBOT corn view since 2020

> Funds adopted their most bearish view on CBOT corn since 2020, and December futures fell to the lowest level since December 2020. The USDA refreshed its U.S. corn crop estimate on September 12, and it came in above all trade guesses on an unusually strong gain in yield or area.

- Date: 2023-09-18 · published 2023-09-18T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/7182-funds-adopt-most-bearish-cbot-corn-view-since-2020
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

A larger-than-expected USDA crop estimate adds to supply and points to lower corn prices and cheaper feed ingredients.

## Read by commodity

- CORN: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| CORN | 2023-09-22 | 5 | -10.5% | -3.1 | USDA's September corn crop estimate came in above all trade guesses, and funds adopted their most bearish corn stance since 2020, with December futures hitting the lowest since 2020, a direct supply and sentiment driver of the drop. |
| CORN | 2023-09-20 | 5 | -8.8% | -2.9 | USDA's Sept 12 corn estimate came in above all trade guesses and funds turned most bearish since 2020, pushing December futures to their lowest since December 2020. |
| CORN | 2023-09-18 | 1 | -10.9% | -4.4 | Record-bearish fund positioning and December futures hitting the lowest level since 2020, following a USDA corn crop estimate above all trade guesses, points to a supply-driven, fund-led selloff on 2023-09-18. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2019-05-10 | [Bearish corn stocks pressure futures - Alliance Grain](https://feedsoft.ai/events/59043-bearish-corn-stocks-pressure-futures-alliance-grain.md) | +5.8% | +12.3% |
| CORN | 2026-10-28 | [Corn falls most since 2023 after US makes surprise crop estimate \|  Bloomberg News](https://feedsoft.ai/events/64-corn-falls-most-since-2023-after-us-makes-surprise-crop-estimate-bloomberg-news.md) | -0.5% | — |
| CORN | 2026-01-12 | [Corn Drops Most Since 2023 as USDA Unexpectedly Raises US Yield - Bloomberg](https://feedsoft.ai/events/7089-corn-drops-most-since-2023-as-usda-unexpectedly-raises-us-yield-bloomberg.md) | -2.8% | -1.7% |
| CORN | 2023-07-12 | [USDA Report Bearish News for Corn and Soybeans](https://feedsoft.ai/events/34982-usda-report-bearish-news-for-corn-and-soybeans.md) | -5.7% | -8.7% |
| CORN | 2024-01-15 | [Bearish Surprises for Corn and Soybeans in Latest WASDE Report](https://feedsoft.ai/events/32062-bearish-surprises-for-corn-and-soybeans-in-latest-wasde-report.md) | +0.8% | -4.7% |

## Sources

- reuters.com: https://www.reuters.com/markets/us/funds-adopt-most-bearish-cbot-corn-view-since-2020-2023-09-18/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.