Grain Prices Continue Lower on Weekly Basis

Grain Prices Continue Lower on Weekly Basis

 

Weekly Recap 

Soybean futures closed lower on a weekly price basis for a second consecutive week. Selling pressure accelerated on stronger yield expectations.  Soybean prices declined 24.5 cents per bushel for September and 25 cents for the November futures contract. Price resistance is seen at $9.01 versus support at $8.50. Friday’s soybean future price was 20 cents per bushel below values from a month ago and 33 cents below pricing two weeks ago. The latest Commitment of Traders (COT) report showed managed money reduced overall net long exposure 29 percent.  Long positions were trimmed 14,486 contracts while short positions increased 3,456 contracts.  Net long exposure declined from 62,161 contracts to 44,219.  

Soybean meal futures fell over three percent in value from the…

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