Weekly Recap – Corn and Wheat Pushing through Price Resistance Ahead of Reports

Soybean futures ended last week lower, the first lower weekly close in five weeks. Prices dropped 11.5 cents per bushel for the July contract and 16 cents for August, erasing three weeks of gains.  Export sales have moved lower over the prior two weeks, taking some of the optimism surrounding strong China demand for soybeans out of the market. Friday’s Commitment of Traders (COT) report showed managed money rapidly reduced short holdings during the week.  Short positions were fell 14,713 contracts while long positions increased 8,389, boosting the overall long position 109 percent to 44,285. Price resistance is seen at $8.82 versus support at $8.50. Futures finished the week 24 cents per bushel above values seen at this time last…