U.S. corn and wheat futures have recently hit contract lows, reflecting a significant decline from record or near-record highs set last year. However, speculators continue to maintain enormous short positions, suggesting an expectation of further downside to prices. Money managers' combined net short position in U.S. grain futures and options, including Chicago corn and wheat, Kansas City and Minneapolis wheat, exceeded 400,000 contracts, marking the seventh occurrence since records began in 2006. The substantial short positions, particularly in corn and wheat, are among the most bearish ever recorded for this time of the year.

SOURCE:GOOGLE