Weekly Recap – Expected Rain Lowers Corn and Beans; Global Wheat Stock Reductions Buoy Wheat

Soybean futures moved lower on a weekly price basis for the second time in three weeks. The bullish run, which began during the week ending May 29 may have paused as soybean prices experienced fractional declines last week. Excessive heat was a concern heading into last week, but the forward outlook includes additional rain across the Midwest, which could help to boost crop conditions. Soybean prices declined 8.9 cents per bushel for the August and September contracts, pulling back from March highs. Price resistance is seen at $8.99 versus initial support at $8.80 followed by secondary support at $850. Futures prices finished the week 15 cents per bushel above values seen at this time last month and 27 cents over pricing two weeks…