July soybean futures finished Friday’s session up 5-¼ cents which put them up 44 ¼ cents for the week. Thanks to the big gap higher last Monday, futures traded in just a 28-¼ cent range. Friday’sCommitment of Traders report showed that managed money sold 6,276 futures from May 15th-May 22nd; this puts their net long position at 94,796 futures.
Soybeans have traded as much as 58 cents off of Friday’s lows in the early morning session. There has been renewed hope on the trade side of things, not just that China wouldn’t disappear but perhaps even start buying more agricultural products from the United States.
Weather continues to be a headline story, mostly due to the fact that there is not much else to report on at this point. There are chances for rain in Argentina later in the week, but we are in the camp that thinks it may be too little too late.