Weekly Recap 

Soybean futures continued to move higher on a weekly basis for a second consecutive week. Price support comes from reduced yield expectations for the US soybean crop and damage to crops following the derecho wind storms.  Soybean prices advanced four to six cents per bushel last week and rare up four percent over the past two weeks. Price resistance is seen at $9.25 versus support at $9.01. Friday’s closing price was two cents per bushel above values from a month ago and 35 cents over pricing two weeks back. The latest Commitment of Traders (COT) report showed managed money increased overall net long exposure 80,194 contracts.  Long positions increased 46,168 while short positions declined 34,026 contracts.    

Soybean meal futures did not move with soybeans but…