It’s been a long road to get back to $6.41 for the MT low at $5.62.

Based on the chart’s current formation, there is every possibility that we can experience a 61.8% retracement and print $6.80.

With the above in mind, I would like to go on the record as saying that I would fade a rally and that I am not super bullish overall.

My reasons are:

•  We have struggled to get up here with all the bad news.
• We have SAM yet to plant.
• Has China already stockpiled with a war on the horizon?
• Will China purchase more Brazilian corn?
• How long can global prices stay high with inflation running rampant?
• The US farmer has much to price even at 170 BPA.
• Why would commercials go super long here and not continue hand to mouth?
• How much upside is there for funds to build a new long position here, and who would they eventually sell to?

Good Luck to all. It’s rough out there!