The timing of the Smart Money’s extreme exposure also collaborates nicely from a technical standpoint. Yesterday prices respected channel support (A) at (1) which led to a 1.90% gain today at the time of writing this article. Next hurdle is resistance and 23.6 fib retracement at (2) taken from the highs on the 8th June 2020 and the lows of 26 June 2020.
Above twin resistance at (2) could provide a buying opportunity for the short to medium term (3 to 12 weeks), alternatively, if resistance holds and we break below channel support (A) we can perhaps expect to see prices slide to support at 24730s followed by 24320s in extension for the short term.
Smart Money Hedgers also have near-record exposure in Corn and the Dollar.