Corn bulls are retreating after the U.S. government said that the worst drought since 1956 will damage the crop less than analysts had expected and on speculation that near-record prices will curb demand.
Twelve of 28 analysts surveyed by Bloomberg said they expect prices to fall next week. Eleven were bullish and five were neutral. Bears outnumber bulls for the first time since April. Corn has lost 2 percent this week, heading for the biggest decline since June. Open interest, or outstanding futures contracts, on the Chicago Board of Trade contracted 6.3 percent in the past three weeks.