Bean Meal Edges Lower but a Potential Short Squeeze Lingers

The bean meal fututures contract edged lower on Tuesday morning but it is in the midst of a minor counter-trend recovery rally. The larger multi-week trend pattern is bearish.   However, the very short-term trend outlook has improved as beans are now trading above the 10-day moving average.  Sunday’s announcement by the Peoples Bank of China that they are reducing the…