It could still be argued this continuous monthly chart for December corn only shows a major (long-term) downtrend. Yes, the 2022 contract took out the previous high of $6.38 as it spiked to a February high of $6.4625 before falling back to close the month at $6.0725. From a technical point of view, this could be viewed as the end of Wave B (second wave) of the major 3-wave downtrend. Yes, some sales could be made at these high levels. Fundamentally though, the market continues to grow more bullish, as indicated by the weakening carry in new-crop futures spread, meaning the 2022 issue could push to another new high in the coming months. I’ve been saying for quite some time that small forward sales could be made, and I’ll still with that strategy for now. But we want to keep plenty of powder dry for later, until we see a change in long-term fundamentals.
