Weekly Recap

Soybean futures edged lower on a weekly basis and have seen lower weekly closes in three of the past four weeks. Prices fell one fourth of a cent per bushel for the May contract and 2.75 cents for July.  Concerns are surfacing regarding China’s desire to achieve Phase 1 purchase agreements.  Friday’s Commitment of Traders (COT) report showed managed money moved from being net long holders of futures to net short. Speculators added 15,735 short future positions to move overall holdings to net short 2,864.  Price resistance is seen at $8.49 vs support at $8.13. Futures prices are 49 cents per bushel below value seen at this time last month and down 31 cents per bushel during the past two weeks. 

Soybean meal futures closed lower on a weekly basis for the fifth straight week and have seen…