Weekly Recap
Soybean futures continued higher on a weekly basis for a third straight week, gaining 3.5 cents per bushel for the July contract and 2.5 cents for August. Export sales remained strong and above analyst projections despite China’s announcement that they will halt US soybean purchases. Some feel China’s announcement was mainly posturing. China was the primary destination for soybean sales last week. Friday’s Commitment of Traders (COT) report showed managed money continued to add to overall net long holdings. Short positions were reduced 9,878 contracts while 3,861 long positions were added, boosting the overall long position to 20,376. Price resistance is seen at $8.82 versus support at $8.50. Futures finished the week 33 cents per bushel above values seen at this time…
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