Corn futures are facing the longest round of decline since June. After the hedge fund went long, the market lacked new profit support. According to data from the US Commodity Futures Trading Commission for the past 20 years, as of September 1, asset management institutions' net long positions reached a record high. Previously, poor weather in the US dragged down the yield of the world's largest corn producer. Coupled with the blocking of grain circulation in the Black Sea region, attracting investors to enter the market, corn prices hit a three-year high last week. However, the relative strength index for corn broke through 70 on the 14th. This value usually indicates that the market may pull back. Joe Davis, director of commodity sales at an international futures company, said that since there are no new beneficial factors, it is difficult to maintain huge long positions, and the fund “has no room to continue to increase its positions.” He added that the market may have seen a phased rise in corn prices at this stage. On Wednesday, the biggest decline in the Chicago Exchange's main corn contract reached 1.1%, falling for the fifth consecutive trading day.

Corn futures are facing the longest round of decline since June. After the hedge fund went long, the market lacked new profit support. According to data from the US Commodity Futures Trading Commission for the past 20 years, as of September 1, asset management institutions' net long positions reached a record high. Previously, poor weather in the US dragged down the yield of the world's largest corn producer. Coupled with the blocking of grain circulation in the Black Sea region, attracting investors to enter the market, corn prices hit a three-year high last week. However, the relative strength index for corn broke through 70 on the 14th. This value usually indicates that the market may pull back. Joe Davis, director of commodity sales at an international futures company, said that since there are no new beneficial factors, it is difficult to maintain huge long positions, and the fund “has no room to continue to increase its positions.” He added that the market may have seen a phased rise in corn prices at this stage. On Wednesday, the biggest decline in the Chicago Exchange's main corn contract reached 1.1%, falling for the fifth consecutive trading day.