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Tidbits, Key Reversal, China PMI, Market Negatives, Markets & Rain Days Update 1/31/24


Yesterday morning, old crop corn and beans did make new lows for 2024, extending the down trend since the spring 21 months ago. New crop corn (Dec) and beans (Nov) did not make new lows.


March corn and March soybeans made key reversals yesterday, which is a respected technical trend indicator. A key reversal occurs when a commodity (or stock) makes a new low, but the settlement price is higher than the previous day’s high. Before you mortgage your house and buy corn and bean futures, corn has had at least three key reversals the past 21 months and nothing is 100% in this business. However, the magnitude of yesterday’s gains was very impressive after making a new low. If we can get higher close today, many (most?) technicians will be confident the lows are behind us. We recommend you do nothing other than consider setting old crop basis for stuff in the bin and sit back and watch futures market action for a few days.   


Argentina will see hot temperatures as high as 113°F (45°C) through the end of next week, but consensus is growing that rains will return by the 10th of February.

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