Soybeans saw losses of 5 to 7 cents on Friday, with September and November closing the week with a 1 ¾ cent loss. Soybean meal futures were up 40 to 70 cents, while soy oil futures were down 78 to 88 points. Managed money increased their net short position by 29,619 contracts, reaching a total of 65,930 contracts. The 7-day forecast predicts up to nearly 5 inches of rainfall in some regions. Traders are expecting US soybean yield to be 53 bpa, with production seen at 4.374 billion bushels. Export sales data shows old crop soybean commitments at 51.493 MMT.

Read more at Yahoo Finance: Soybeans Ease Back Lower on Friday