Long time readers know our guilty pleasure of following the grain markets. We've posted up about rains at Rivieria CC during the PGA stop, Mavericks big wave surf and Peruvian anchovy harvests. The drought out here on the left coast has been coupled with fierce wet weather from Texas into the Heartland. Wheat, Beans and Corn have all broken out into Summer.
Hooper has been quietly advising the trade. (Along with a very nice short in Oil) Here we look at the Corn market in both Dec and Sep on both the daily and weekly patterns, respectively
.In the 3rd daily pattern up in Dec Corn, Hooper had support in the Trap Gap between 411.4 and 416.6. (It is important that this area did not come back and trade- thus only longs from the preceding pattern could be held ) The high today is 439.6 and the Hooper objective is 443.
On the Weekly - basis Sep - The breakout is also on its 3rd pattern with the latest dating from the 6-26 session. The Trap Gap support was 381.6 to 388.2 and the objective was 423.2. Those levels were only playable in the 6-26 session.Today's range is 418.4 to 430.6. The new Pattern Sunday night will be moving up the cut level significantly. Given that the Trap Gap did not come into play on the last run, the probability of setting back has now increased.