Corn prices have broken a downward trend that persisted since October 2023, marking a positive shift for bullish investors. This change follows a significant increase in hedge funds' long positions, which have reached their highest levels since November 2022, with a total of 253,000 contracts. The recent bullish sentiment is attributed to various factors, including dry weather in Argentina, index rebalance flows, and favorable USDA statistics. As of mid-January 2025, corn prices have risen by 3.9% month-to-date, while soybeans and soybean oil have increased by 4.2% and 13.9%, respectively. Hedge funds are now net long across the agricultural complex for the first time in 14 months, with a total net position of 62,000 contracts valued at approximately $14.5 billion. The market is also responding to new positions being established as traders react to commodity reflation risks, with the Bloomberg Commodity Spot Index rising about 4% in early 2025.