Corn market has had a somewhat of a shock revival over the past couple of weeks. The latest WASDE report provided a final jolt to the massive speculative positioning which we deem to be at an extreme around the 500 USD level.
We think the latest move has been an overkill and some of the positioning is bound to unwind as the speculators might have gotten ahead of themselves. Large stale short positions were the predominant drive of the move for the most part.
Therefore, all the latest long positions are at risk of being trapped.
Strategic short with stop around at the 555-560 USD level.
Targeting pre-WASDE levels.
We think the latest move has been an overkill and some of the positioning is bound to unwind as the speculators might have gotten ahead of themselves. Large stale short positions were the predominant drive of the move for the most part.
Therefore, all the latest long positions are at risk of being trapped.
Strategic short with stop around at the 555-560 USD level.
Targeting pre-WASDE levels.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.