China cancels corn again. Weekly export sales disappoint for all grains.

A second cancellation of old crop corn from Chinese buyers this week was a clear disappointment. It adds to the problem we already have in place from our non-China buyers. That concern was confirmed by another poor weekly export sales report. This was a big day for the July contract. Futures broke the lows from last month, filled the daily chart gap at 595 1/2 left from back in July and closed on the day's lows. We cleaned out some downside targets and still closed on the lows. December corn has now cleanly pushed below the lows from last July and closed on the day's lows.

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