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| Corn has traded in just a 20 cent range since February 28th. Now over 2 months of brutal sideways trading.
This means the funds are holding a massive short position that has not made them money in 2 months.
Which gives them even more reason to cover ahead of the time of year where we are going to have uncertainty and seasonally trend higher.
On July corn, if we can break out of this range and take out $4.60 (+15 cents away) I think the funds are going to have to cover more. (Same with Dec corn $4.81)
If you look at December corn, that $5.00 gap area where we initially broke lower on New Years is a big area.
We chopped in that range for months.
If we get to that area on a crop scare, that would be a decent target to do some marketing. However I prefer to wait for a trigger to say the top is in rather than waiting for a target price. As you can leave money on the table with targets. But if we get there, there would be nothing wrong with having that as a spot to do something…
Charts Below*
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Corn stuck in 20 cent range for 2 months
