Since printing a market low in late August, the corn market has rallied largely on fund short covering as the rush of old crop bushels into the market has slowed, US demand has picked up, and South American weather has been dry. While the harvest of an expectedly large crop could limit upside potential, it is a good sign that corn buyers have found value at these multi-year low price levels. Now that managed funds have covered a significant portion of their record short positions, they have flexibility to establish net long or net short positions. Any unexpected downward shift in anticipated US supply or continued South American dryness could trigger managed funds to continue buying and rally prices further. However, if harvest yields are strong and South American weather turns more seasonal, prices could be at risk of retreating from recent highs.

• No new action is recommended for 2024 corn. In June, we recommended purchasing Dec ’24 470 and 510 calls after Dec ’24 closed below 451, due to their relative value and the typically high market volatility during that time of year, and we continue to target a value of 29 cents to exit the Dec ’24 470 calls. Exiting at this level will allow you to lock in gains that offset much of the original position’s cost, while holding the remaining 510 calls at or near a net-neutral cost. This strategy should continue to protect existing sales and provide confidence for further sales during an extended rally. Considering harvest time doesn’t typically offer the most advantageous sales prices, we don’t anticipate making any sales recommendations until late fall at the earliest, or possibly as late as early spring when opportunities tend to improve. For those who need to sell bushels due to space constraints or to raise capital, consider targeting a rally back to the 429 – 460 range versus Dec ’24 to make any necessary sales. 
• No new action is currently recommended for 2025 corn. Between early June and late July Grain Market Insider made three separate sales recommendations to get early sales made for next year’s crop. Considering the seasonal weakness of the market in late summer and early fall, we will not be looking to post any targeted areas for new sales until late fall or early winter. Although, we will look to protect current sales, in the form of buying call options, should the market begin to show signs of a potential extended rally.
• No Action is currently recommended for 2026 corn. We currently aren’t considering any recommendations at this time for the 2026 crop that will be planted 2 years from now, and it may be some time before conditions are conducive to consider making any recommendations. Be patient as we monitor the markets for signs of improvement.

To date, Grain Market Insider has issued the following corn recommendations: