Weekly Recap

Soybean futures moved higher on a weekly basis for a second consecutive week, gaining four percent in value by the end of the week.  Weekly price movement snapped through resistance at $8.50, a level that had been holding prices down for the past seven weeks. Stronger than expected export demand helped to buoy values. Despite China’s announcement that they will halt US soybean purchases, they were still the top export sales destination, at least for last week. China’s announcement came on June 1, which could lead to softer sales moving forward. Friday’s Commitment of Traders (COT) report showed managed money added to overall net long holdings for the first time in three weeks.  Short positions were trimmed 579 contracts while 245 long positions were added, boosting the overall long position to…