Corn futures extended losses for a fifth consecutive session on September 9, 2026, marking the longest slump since June. The market lacked fresh bullish drivers after hedge funds had previously piled into bets on higher prices. Money managers maintained the highest net-bullish Bloomberg Terminal position on record as of September 1, based on Commodity Futures Trading Commission data spanning 20 years.

Investors were initially drawn in as poor US weather hampered yields in the world's top grower, and crop flows from the Black Sea faced disruptions, with corn reaching a three-year high last week. The selloff suggests the market is testing the sustainability of these record speculative bets amid shifting weather patterns and logistical challenges.