Fund pessimism in CBOT grains approaches all-time levels

An aerial view of a combine harvester as it harvests soybeans in Deerfield, Ohio, U.S., October 7, 2021. Picture taken with a drone. Picture taken October 7, 2021. REUTERS/ Dane Rhys/File Photo

THE US corn and wheat futures have recently hit contract lows and multi-year lows on a most-active basis, tumbling significantly from record or near-record highs set last year.

But speculators’ enormous short positions imply the expectation of additional downside to prices.