Column: Funds Continue Record Corn Sell-Off, Turn Bearish For First Time Since 2020

Mar 24, 2023

By Karen Braun

Speculators have drastically shifted their stance in Chicago-traded corn within the last month, selling much more heavily than expected and finally establishing a net short position last week.

The U.S. Commodity Futures Trading Commission on Tuesday afternoon published its Commitments of Traders (CoT) report for the week ended March 14. CoT data has been on delayed release for over a month, but it will be current on Friday if CFTC makes its regularly scheduled publication.

Money managers were net sellers of more than 75,000 CBOT corn futures and options contracts in the week ended March 14, establishing a net short of 54,134 contracts, their first bearish stance since August 2020.

Funds had held a net long of 215,928 corn futures and options contracts on Feb. 21, but they have actively added gross shorts and exited gross longs ever since, resulting in a record three-week sell-off of more than 270,000 contracts on the net – equivalent to 1.35 billion bushels.

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Video: Agriculture Secretary Rollins Speaks at American Farm Bureau Federation Convention in Anaheim

One of the highlights at the 2026 American Farm Bureau Federation Convention in Anaheim, California, was an address by U.S. Secretary of Agriculture Brooke Rollins. During her remarks, she thanked America’s farmers and ranchers and said the Trump Administration is fully aware that food security is national security.

She also acknowledged the challenging times in Farm Country with low commodity prices and high input costs and said that’s why the President stepped in to help with the recent Bridge Assistance Program.

Montana Farm Bureau Federation Executive Vice President Scott Kulbeck says that Farm Bureau members are appreciative of the help and looks forward to working with the American Farm Bureau Federation and its presence in Washington, DC to keep farmers and ranchers in business.

Secretary Rollins said the Trump Administration is also committed to helping ranchers build back America’s cattle herd while also providing more high-quality U.S. beef at the meat case for consumers.

And she also announced more assistance for specialty crop producers who only received a fraction of the $12 billion Farmer Bridge Assistance (FBA).

It’s important to note that producers who qualify for Farmer Bridge Assistance can expect the Farm Service Agency to start issuing payments in late February. For more information, farmers and ranchers are encouraged to contact their local USDA Service Center.