Though it was a rough start to the week pricewise, we saw corn, soybeans and wheat all recover midweek to finish strong across the board. After the close we saw evidence funds were strong sellers the week prior, especially in corn, with the managed money selloff this past week in the top 3 of historical selloffs.
Seeing managed money in corn sitting on their largest net short position since August of 2020 as we head into the growing season is seen as exceptionally bullish by many. After all, May should be when we see some of the higher levels of risk premium factored into the market, as we have no idea what is going to happen when it comes to production or demand in the new crop season.
