Bean Meal Steady, as Momentum Turns Negative

Bean meal prices rebounded on Tuesday after falling to support levels on general commodity weakness.  Crude oil prices fell below $50 per barrel while gold prices plunged to a 5-year low of 1,098.  Hedge fund traders bought back shorts while also decreasing long position in futures and options.

In its Crop Ratings Report Monday, the USDA pegged the soybean conditions at the…