Look back to the commercial’s position near August 2010. By that measure price is only halfway done rising.
Although the commercials are now record net short, that does not necessarily mean price has to top out here. It could take a few weeks, or the commercials could be mistaken and have to cover.
Corn seems to currently have more relative strength compared to beans.
+ The highs of the past 4 days are much closer to the recent high.
+ The down day 4 days ago left a long wick on corn and not on beans.
+ It’s a bit hard to tell visually, but it seems like corn’s ranges of the past 3 days are relatively narrower compared to beans, and both beans and corn’s own recent history. Meaning this “consolidation” so far is narrow due to lots of demand?
+ EDIT: Also note how corn only touched the top of the recent mini correction, while beans penetrated almost half way through.
(Dec corn and Sept beans. Concerned with the last 3 weeks or so, not the bottom.)