“It caught most people off guard,” a hedge fund manager told the FT. “We fought the corn market for a while.”

At the $101 million corn ETF, shares outstanding were at their lowest level in 18 months as of June 27, according to the report. Shares outstanding then rose 64% in a month, reflecting heavy inflows.

“The corn market was extremely bearish until late June until people realized it wasn’t raining,” Sal Gilbertie, Teucrium president and chief investment officer, told the FT.

“It was like a switch flipping. It was a major macro event unique to crops, primarily corn and soybeans, that literally turned you from extreme bearishness to extreme bullishness in a matter of weeks,” he said.

Teucrium Corn Fund