Corn prices have inched upward after the recent World Agricultural Supply and Demand Estimates (WASDE) and Quarterly Stocks report showing an increase in demand and a lower harvest. Hedge funds have piled into long corn positions as they chase the uptick in price. Net positioning (net long positions/net short positions) remains bullish at 166%, well off the ’12 highs that we saw back in December (525%). We have no position in corn right now but remain bearish on the commodity.
