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| OK, but if you are using futures contracts and not cash, why not use the chart you actually trade - whether or not you are a spec or a producer forward selling and depending on futures contracts?
This is the actual chart, condensed to monthly, that we use if we make use of futures contracts.
Note that if you had sold the high in 1996 - and bought it back at the high in 2012 - you would be up almost 2.00/bu (minus vig costs, of course).
Corn is an interesting market in this regard. There is obviously a long term bias here that penalizes being long. Either futures - or cash, for that matter, since it can be hedged.
 (Screen Shot 2020-01-25 at 12.00.43 PM (full).png)
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 Screen Shot 2020-01-25 at 12.00.43 PM (full).png (78KB - 211 downloads)
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Hey spikes
