Weekly Recap 

Soybean futures continued higher on a weekly basis for a third consecutive week. The September and November futures contracts are up nearly 10 percent during this period. Reduced yield expectations for the US soybean crop is alarming the market as reduced rainfall during a critical developmental stage is increasing the odds that some plants may abort pod development, leading to reduced yields.  Soybean prices climbed 49.75 cents per bushel for the September futures contract and 45.75 cents for the November. Price resistance is seen at $9.66 versus support at $9.25. Friday’s close was 30 cents per bushel over values from a month ago and 22 cents above pricing two weeks back. The latest Commitment of Traders (COT) report showed managed money increased net long holdings two percent to 109,288…