More data came in on the ‘commercials’ after the initial entries in CORN. The commercials were positioning short at near record levels.
Having trading experience concerning what the specs (speculators) and the commercials are doing, it’s best to side with the commercials. CORN was exited immediately.
We can see the result.
CORN might push below the May lows just from momentum alone. If so, we can expect the commercials to be out in force again but this time on the long side.