Took a stab at a corn short today at 412 3/4 only to get stopped out on the spike to 420. Commercials are net short in size and they are usually right and I saw some bloomie poll that showed 100% bullish sentiment so decided to give it a go. Anyone else short or looking to get short? These are 10 year highs after all and last time corn ramped on ethanol hopes the thing collapsed.
Certainly corn will have some downside at some point. I would use the weekly chart in concert with the daily before attempting a short.
Still short the July Wheat. The Weekly chart is still weak with the daily still in a downtrend mode although many would not think so. I believe that Wheat is the weak sister in the Grain complex and am concentrating on shorting it.
The same could be said about me shorting ES this past week. The monthly and weekly are both bullish and so I should be passing up shorts right now.
He's a bit late too the party I would say. Where was he when Dec Corn was 2.40. He may be right , there may still be upside. Mostly for Corn or Beans. I don't believe it will be there for Wheat.
I don't know, is he implying that because there was a gap up & he saw a caterpillar in Jan in NYC demand ought to outstrip supply?
I guess. The gap up hasn't produced follow through buying yet, so I think one would want to be careful just jumping on right now.