Weekly Recap 

Soybean futures closed lower on a weekly price basis for the first time in three weeks. Further declines in soybean price might be limited due expectations that the soybean crush will continue to move at record levels. Soybean prices declined 7.25 cents per bushel for August and 8.50 cents for the September futures contract. Price resistance is seen at $9.01 versus support at $8.81. Futures prices finished the week six cents per bushel above values seen at this time last month but a penny below pricing two weeks earlier. Friday’s Commitment of Traders (COT) report showed managed money reduced their overall net long position by 18 percent.  Long positions were reduced 2,752 contracts while 10,896 short positions were opened, reducing overall long exposure 13,648 contracts to 62,161.  

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