Weekly Recap

May Soybean futures closed higher on a weekly basis for the first time in the past five weeks. Prices posted a gain of nearly 2%, or 19 cents per bushel, and wiped out three weeks worth of loss in the process. Prices moved higher on the belief that not as many farmers will be switching corn acreage to soybeans. Old crop exports were down 95% while new crop exports were 158% higher. Overall, export activity was down…