Weekly Recap

Soybean futures continued to edge lower on a weekly basis for a second consecutive week.  Futures prices finished the week 5.25 cents per bushel lower for the July contract and 4.25 cents for August.  Weekly price movement continues to be constrained by resistance at $8.50 per bushel. Optimism surrounding Chinese demand and slower than normal planting progress had been buoying values.  Political saber rattling with China and improved planting conditions over the past week are offsetting some of the upward price pressure. Stronger than expected crush demand is also working to support soybean prices. Friday’s Commitment of Traders (COT) report showed managed money reduced long holdings while adding to short positions, moving from net long 32465 futures contracts to 12,064. Price…