As of February 23, 2025, non-commercial hedge funds are net long approximately 41,000 contracts, totaling $12 billion, in the agriculture complex. This marks a shift in investment focus, with funds rotating capital into corn, wheat, and sugar, while moving away from previously favored commodities such as cattle, cocoa, and orange juice. The Commitment of Traders (COT) report for the week ending February 18 indicated that while hedge funds sold positions in crude oil, gold, and soybeans, there was increased demand for natural gas, sugar, and wheat. In the corn market, the highest-ever open interest has raised concerns about liquidation risks, with hedge funds holding 17% of net-long positions. The March Agriculture Outlook is anticipated to address whether corn futures can maintain prices above $5 per bushel and soybeans around $11. Additionally, Brazil's soybean harvest is reported at 36% completed, and corn planting for the safrinha season is at 54%. The outlook for the Brazilian soybean crop has been adjusted downward by AgRural by 1.6%, while estimates for corn remain unchanged.