I wrote about corn April 24 and suggested that would be a terrible time to sell corn. I really encourage you go back and read it again. Corn had bottomed on April 21 and sentiment was at the lowest levels since November 2017. I was not picking a bottom.... just saying that you should not be selling corn at that time. I think there are signs that the corn market is about to turn.
The commitment of traders report which was released on Tuesday shows that the "smart money" hedgers have moved to a multi-year long position in corn. They are now holding more than 10% of the open interest net long, which has preceded an average return of 11.2% six months later. Notice the relationship between the hedgers net long positions at extreme and price. There are more long positions held by corn hedgers now than at any time since 2013.
As for the timing, the reversal could probably happen any day. You can see the coil happening inside the triangle for new crop corn. Looks a little like gold doesn't it.
So no, I am not recommending we trade it but if you are growing corn or still have corn in the bin, I would not be selling it yet.
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