Bean Oil Prices Edge Lower but Momentum Turns Positive

Bean oil prices were lower early on Monday following a short squeeze Friday as the risk on rally spread across most of the commodity complex.  Soybean export sales topped trade guesses at 36.2 million bushels, but year-to-date commitments are still at two-year lows. Hedge fund traders reduced short position in futures and options and long continue to outweigh short position in futures and options.

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