Beal Oil Prices Surged as Momentum Turns Positive

Bean oil prices tested fresh highs for 2016, pushing above trend line resistance despite hedge fund traders reducing positions into this up move.  Managed money was clearly on the right side of the trade, and it appears that they might be reducing some of their long positions as the market moves higher.  Traders are somewhat leery ahead of the Fed’s interest rate decision which is scheduled for March 15 and…