Bean Oil Moves Higher and Poised to Break Out

Bean oil prices edged higher on Monday buoyed by a rally in beans and the continued exit by hedge fund of short bean oil futures and options position. U.S. soybean futures gained following a report by the USDA that bolstered beans as it forecasts that U.S. growers will harvest fewer-than-expected acres this year, curbing domestic oilseed supplies.

According to the U.S. Department of…