Bean Oil Prices Consolidate Ahead of May Fed Meeting

Soy bean oil prices are consolidating in a relatively tight range between 30 and 32 cents per pound.  Prices action is subdued as traders await fundaments news on supply as well as this weeks scheduled meeting by the Federal Reserve.  Hedge fund traders reduced both long and short position according to the most recent commitment of traders report. Prices were under some pressure Monday as forecasts for…