Bean Meal Rallies as Supplies Reflect Potential Tightness

Bean meal prices are breaking higher slicing through resistance levels buoyed by dryness in parts of Brazil, a major producer of the oilseeds, as well as a recent USDA forecast which projected a smaller than expected acreage to be harvested this year.

Prices slashed through trend line resistance near 307, which coincides with the 20-day moving average.  This level should now act as robust…