Weekly Recap

Soybean futures edged higher on a weekly basis for a second consecutive week.  Futures prices were up a penny per bushel for the July contract and 1.25 cents for August.  Values closed on nearby price resistance at $8.50 per bushel. Optimism regarding China and the Phase 1 purchase agreement this morning appears to be pushing values higher.  However, escalating tensions between the US and China could temper optimism. Planting progress is expected to have been strong over the prior week when the weekly crop progress report is released later today. Friday’s Commitment of Traders (COT) report showed managed money is leaning ta bit more bullish, adding nearly 5,000 long futures contracts and boosting their net long position to 8,908. Price resistance of $8.50 is currently being…