Large speculators cut their record net long position in Chicago Board of Trade corn futures and options as a U.S. Agriculture Department report showing large stockpiles of U.S. corn spurred a sharp drop in prices.

The managed funds held a net long position of 348,935 Chicago Board of Trade corn contracts as of Oct. 5, according to the CFTC’s commitments of traders report. During the five previous trading days, the large speculators cut 24,342 long contracts and trimmed 521 shorts from their net long position.

Large speculators also trimmed their long position in CBOT soybeans by 23,918 contracts, leaving them net long 118,703 contracts.