Weekly Recap

Soybean futures to edged higher on a weekly basis for the first time in three weeks.  Futures finished the week with a ¾ of a cent gain for the July contract and 0.70 cents for August.  Weekly price movement continues to be constrained by resistance at $8.50 per bushel. Optimism surrounding China’s phase one demand became less so during the week.  China announced it will be halting purchases of US soybeans. Friday’s Commitment of Traders (COT) report showed managed money continued to reduce long holdings while adding to short positions, moving from net long 12,064 futures contracts to 5,813. Price resistance of $8.50 is currently in play.  Support is seen at $8.08 with additional resistance at $9.01. Futures prices are nine cents per bushel below values seen at this…