Long Speculators and $5 Corn vs. $100 Crude Managed money (hedge funds) positions in grains, at about 17% net-long of futures open interest on May 4, were the most optimistic for higher prices since June 2022, elevating liquidation risks. Or might speculators be right? Some combination of a Corn Belt drought and WTI crude oil staying above $100 a barrel may be necessary for corn, soybeans and wheat to remain above their $5, $12 and $6 per bushel thresholds. What's notable in my graphic is how relatively low corn is near $4.80, vs. crude and grain spec net-longs at roughly four-year highs. In June 2022, crude and grain prices -- and long speculators -- had just begun to roll over following the surge due to Russia's invasion of Ukraine. Soybeans and wheat have moved above $12 and $6, with specs on board in April-May, a time of year notorious for price peaks. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/teidgbkgifui {BI COMD} #corn #crudeoil #energy #futures @BBGIntelligence