Weekly Recap

Soybean futures moved lower on a weekly basis for the first time in three weeks.  Futures prices declined 12 cents per bushel for the July contract and 11.25 cents for August, erasing the prior two weeks of gains.  Weekly price movement continues to be constrained by resistance at $8.50 per bushel. Optimism over potential Chinese demand and slower than normal planting progress is buoying values but is also tempered by escalating tensions between the US and China. Stronger than expected crush demand is also working to support soybean prices. Friday’s Commitment of Traders (COT) report showed managed money increased overall long positions by 264 percent. Long holdings advanced 15,129 contracts while shorts were reduced 8,428.  This moved the net long position from 8,908 to 32,465…