Grain Futures Prices Decline Overnight Ahead of Crucial Week

Grain futures prices have declined overnight, with December corn down 1 1/24 cents and reaching a two-week low. November soybeans are also lower by 1 1/4 cents. The grain markets are poised to produce technically bearish weekly low closes on Friday if the losses hold through the day session.

This would be another chart clue that bulls are running out of gas, indicating the summertime rallies have reached their peak. Key outside markets today include a higher US dollar index due to a corrective bounce, and firmer September Nymex WTI crude oil prices trading around $84.25 per barrel.