Bean Oil Prices Consolidate Following Shift in Positions by Hedge Funds

Soybean oil prices whipsawed on Friday and Monday and prices are now hovering around Tuesday’s close. With record soybean crops in South America and the likelihood that U.S. farmers increased soybean acreage this year, the bean complex is likely to remain under pressure.

As of Friday, soybean growers across the U.S. had 61 percent of their soybeans planted and 6 percent ahead of the…