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This morning’s weekly export sales report was in the range of expectations at 400,000 metric tons.  Year over year, we are still 33% last year’s pace.  The cherry on top for the Bears in today’s trade was another corn export cancellation from China, the second this week.  The bearish news led to a technical breakdown below significant support from 595-600.  The selling fed on itself, taking prices to their lowest level since last July.  For the day, July corn was 19 ½ cents lower, settling at 581 ½, just a penny off the low.  The new crop December contract settled the day 12 ¾ cents lower to 530 ¾.

July soybeans marked their seventh consecutive lower close today, settling 11 cents lower at 1403 ¾.  $14.00 is psychological support, but the significant technical support doesn’t come in until the March lows, which also coincides with the lows from last fall, that comes in near 1383 ¾.  The new crop November contract was 11 ¼ cents lower settling at 1255 ½.  Weekly export sales for soybeans were reported at 311,300 metric tons. 

July wheat futures continued to bleed out today, making new lows for the move.  For the day, July Chicago wheat was 12 ¾ cents lower, settling at 629 ¼.  July KC wheat finished the day 18 cents lower, settling at 765 ¼.  July Spring wheat saw the most pressure trading 28 cents lower to 785. 

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