December futures sank to their lowest level in over two years.

Price pressure came from all directions this week. A weak technical outlook, speculators retaining a near-record short position, declining outside markets, and talks of a bigger crop caused the significant sell-off. The near-term outlook is bearish, with the summer doldrums in full swing and current market conditions.

The December contract fell 303 points, settling at 68.90 cents per pound.

A signif…