Speculators are holding bearish views towards Chicago-traded corn, with a net short position of 177,626 contracts. The prospects of short-covering rallies in 2024 are similar to the bearish years of 2014 and 2018, driven by factors such as South American weather concerns, strong U.S. corn export demand, and the expectation for U.S. corn supplies to rise year-on-year. The South American weather market in corn is also influenced by extreme drought in Argentina and less-than-normal rainfall in Brazil's top corn state of Mato Grosso, potentially impacting corn exports.

Bearish Views on Chicago Corn