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Mike McGlone highlights that hedge funds have significantly increased their net long positions in corn futures, now accounting for about 24% of open interest.
He points out that such a high level of managed-money exposure has not historically supported sustained higher prices. According to McGlone, the latest data shows this positioning has risen from about flat in June, a period when corn prices bottomed near $4 a bushel.
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McGlone has previously compared gold's first-quarter peak of $5,600 an ounce to crude oil's surge in 2008, citing powerful forces in commodities trends in an earlier note. He also reported the Bloomberg Galaxy Crypto Index dropping to around 1,660, pointing to ongoing weakness in crypto markets in a separate update. These recent observations reflect McGlone's focus on shifts across multiple asset classes.