After a brutal price sell-off to start the new year, the corn market appears to have bottomed in March 2024. During this time, managed money traders held their most significant short position since a record short in 2019. Commercial traders hold a smaller short position than a year ago, perhaps related to a breakeven price near $5.25 for some areas of the country. Seasonally, corn usually begins to rally until June or July, when prices have peaked for the growing season.
What's ahead for this year's corn rally?
