It's Peak-Price Season and Grain Specs Are Way Long The largest net-long managed-money (hedge funds) positions in grain futures since 2022 helped lift corn, soybeans and wheat toward good resistance thresholds during April-May, which is often peak-price season. It may take some combination of a Corn Belt drought and WTI crude oil staying above $100 a barrel for corn, soybeans and wheat to remain above roughly $5, $12 and $7 a bushel. My graphic highlights the recent surge in the December corn future to near $5.06, its highest since 2023. I see risks leaning back toward its US production break-even cost near $4. Corn has been hovering near its US breakeven since 2023, but there's an overhang of supply from 2025's bumper crop and speculators are heavily long grains, notably for soybeans. We view this combination as leaning toward lower grain prices into year-end. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tfmzt8kgzalv {BI COMD} #corn #soybeans #wheat #crudeoil #futures @BBGIntelligence(Mike McGlone)