If you initiated a short after reading my most recent post, near $500^0, you immediately saw close to 10 cents. A quick trigger finger most likely covered some of your shorts and put some jingle in your jeans. But, if you followed the plan to the $480^0 level, then your sitting on some losses after a 2 day rally. Word is that farmers are not selling into this rally. I find that hard to believe on the precipice of planting season. Inputs cost money. Below is the most recent price action on the Daily. A close above the Upper Mo Band at $510^2 and you should lighten up on some shorts. A close above those highs at $512^6/$513^0 and we take our lumps and wait for another day to reload.
Remember, we talked about the Weekly and that Up sloping Upper Mo Band. We penetrated it but traded right back above it. The close Friday will be extremely important to price action next week. If we can close below $502^6, that Upper Mo Band will adjust and flatten out for next week, providing a sign of stalling. Honoring last weeks High of $513^0 helps the cause. Any signs of weakness and I would expect those farmers that are not selling to come in and sell some, attempting to lock in a corn price with a 5 handle. All of this is mute if we trade above $513^0. $524^2 comes into play as well as $536 area to the upside. Not out of the question.
Watching this trade closely.