The latest Commitments of Traders report was released, covering positions through Tuesday

The 3-Year Min/Max Screen shows that "smart money" hedgers have moved to a multi-year long position in corn. They're now holding more than 10% of the open interest net long, which has preceded an average return of +11.2% six months later according to the Backtest Engine. They're still holding off on some other contracts, though, so their aggregate agriculture positions are only modest. Perhaps most notably, they're still holding or even adding to a massive net long position in the major equity index futures. This is similar to the early 2019 rally when they were getting more long as stocks rose, which is counter to their typical behavior.