Hedge funds Galtere, a $550 million commodity-focused global macro fund led by Renee Haugerud, and Woodbine Capital Management, a $500 million fund led by former SAC Capital Advisors portfolio manager Joshua Berkowitz, are among the winners on this summer's so-called "corn play."
And Friday morning, the outlook for corn farmers got even grimmer with the U.S. Department of Agriculture slashing its forecast for this year's harvest by 17 percent to 10.8 billion bushels. If borne out, that would mean the lowest level of production since 2006 and the lowest average yield for U.S. farms in 17 years.
Already, shares of the Teucrium Corn fund, the main exchange-traded fund that tracks the price of corn, are up more than 46 percent since mid-June. Corn on Friday traded at a record $8.33 per bushel for the December contract, up more than 60 percent since mid-June.