Was That It for $5.50 Corn? Corn's bounce to its 2026 high near $5.50 per bushel on Sept. 2 may have put in an enduring high, if managed-money positions are a guide. My graphic highlights hedge-fund net-longs in the grain potentially rolling over from about 24% of open interest at the start of September, the highest since Russia's invasion of Ukraine in 2022. What's also notable is that natural gas has plunged. The top US source of heat, electricity and fertilizer, shown on the same scale as corn, highlights the connection, and the signal is downward. What might it take for corn to stay above $5 a bushel? A prerequisite could be a continued surge in the price of diesel, but the roughly 170% 12-month gain in the Bloomberg Heating Oil Subindex Total Return (diesel) at the end of 3Q marked the greatest in the index's history since 1987. My take is that prices are about as stretched as they can get. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tmu959rkv2tk {BI COMD} #corn #futures #diesel #NaturalGas @BBGIntelligence