Grains see tough news this week.

This was a tough week for corn. July fell 50 1/4 and December by 40 cents. The July confirmed a Head & Shoulders top with still-lower prices implied. News has clearly changed in this market. From the loss of the summer weather threat, the China/Brazil import deal, potential Ukraine export deal, better than expected Ukraine planting, US corn planting back to normal and poor US demand the trade is now more comfortable suggesting the top is in.

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