December corn (ZCZ26) futures on Friday fell 4 1/2 cents to $4.64, hit a two-week low, and for the week were down 23 1/4 cents. November soybeans (ZSX26) fell 1 1/4 cents to $11.87 1/2, hit a three-week low, and for the week lost 66 cents. September soft red winter (SRW) wheat (ZWU26) futures lost 24 1/4 cents to $6.39 1/4, hit a three-week low, and for the week were down 38 3/4 cents. September hard red winter (HRW) wheat (KEU26) futures fell 23 1/4 cents to $7.07 1/2, hit a nearly three-week low, and for the week were down 37 3/4 cents.
The grain market bulls stumbled badly this week, including Friday’s technically bearish weekly low closes, to suggest the summertime rallies have run their course. The grain markets today saw heavy profit-taking pressure and weak long liquidation from the speculators featured late last week.
