Soybean futures are trading 3 to 4 cents higher

Soybean futures are trading 3 to 4 cents higher. Sharp losses of 16 to 18 1/2 cents in the front months, as traders took money off the table going into the weekend. July lost 3.23% for the week. Soy meal was $7.80/ton lower, with front month soy oil up 19 points. Aggressive farmer selling in Brazil has been reported, with strong domestic prices recently. Spec funds were net long 127,042 bean contracts, down 50,005 contracts from the previous week. The USDA updated their old crop US soybean cash average price to $9.35, with the new crop midpoint at $10.00. Canola stocks in Canada at the end of March rose 14.4% from last year to 9.077 MMT, the second largest March total recorded.