Corn's overall trend, revealed by trends of price, leverage, and time, are defined and discussed in The Matrix for subscribers.
Weather becomes the talking point with the completion of the Pro Farmer tour. Social media and experts will debate future yields, but ultimately only time will produce the results. The invisible hand, the most influential expert on the planet, is talking, so don't let your opinions interfere. Corn's DI, a diffusion index that represents energy behind the trend, has climbed above the bearish setup zone. DI = -45%. DI(-1) = -45%, so last week's price decline was meet with little accumulation.
A looking inside the numbers reveals that retail traders (nonreportables) are the source of corn's vulnerability. Retail traders, a group that keeps buying the dip, controls 4.2% of the net long position in corn. This is up from 3.4% last week. One of the few unbreakable rules from the Matrix is never follow retail traders. They're horrible at timing. Like Natural Gas, it's unlikely corn will bottom until the retail corn bulls capitulate.
Corn's Commerical traders and Nonreportable (CNR) DI
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