Traders and hedge funds are betting that corn prices will soar to never-before-seen prices of $9 a bushel or more, as the worst US drought in half a century decimates the global corn crop.
Benchmark front-month corn futures have already risen 50 per cent since early June, touching a record high of $8.28 a bushel last week. But the options market has seen an explosion of bets that prices will rally well beyond current levels.
The number of call options that would give traders the right to buy corn at prices between $9 and $10 in December has risen nearly thirteenfold in the past month, according to data from CME Group, the exchange.
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