The daily chart shows detail of the initial position in CORN. Expandable version of the chart is here.

More info on the Teucrium CORN Fund is here.  Essentially, the fund tracks an amalgamation of three corn futures contacts.

Price action mimics, but is not directly related to the front month.

From a trading standpoint, the job of the sponsor firm is to locate two types of market set-ups or their failures (as in the case of GDXJ).

Those set-ups are denominated as a Wyckoff “Spring” or “Up-thrust”.

More detail on Wyckoff can be found here for those interested.  It should be noted, Wyckoff is well known in the industry but kept close to the vest.

Back to CORN.  The actual physical stop is not determined at this time.  The pre-market bid/ask spreads indicate a higher open for CORN.

If CORN penetrates the prior session’s daily high, the stop will be set a few ticks below at that session’s low (~13.18).

Fundamentals are in favor of continued higher prices: 

Record (and earlier than normal) cold moving into the growing areas. 

Weather anomalies (inland hurricanes) and spontaneous combustion of grain silos are all part of the picture.

Note:  Posts on this site are for education purposes only.  They provide one firm’s insight on the markets.  Not investment advice.  See additional disclaimer here.