We made a lower low today but we bounced off the 50sma and closed near the top of today's price range. We're also not far from the 8ema. But we're still under the 8ema and inside the consolidation. We look stronger than Wheat and Soybeans, but we're not so strong that we don't need some protection.
Due to the weakness of our Corn chart as well as on the July Wheat and Soybean charts, we really must exit or take a hedge today. It looks like we could break out to the upside as early as tomorrow, but it would be denial not to address the weakness of our trade today, since we don't know what will happen from here.
Since our parallel long Wheat trade is worse off than the Corn trade, I decided to take the hedge on the Wheat rather than the Corn. The hedge is large enough to protect both the Wheat and the Corn positions.
For a detailed discussion of the trading plan from here, please see today's post on the Wheat trade:
https://jmstweets.blogspot.com/2021/06/wheat-might-make-some-bread-update-10.html
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