Bean Meal Prices Test Resistance Driven by Gains in Beans

Soybean meal prices moved higher and are poised to test resistance at the top end of a 3-month range near 329, driven by gains in soybeans.  While there was little activity in bean meal futures and options, hedge fund traders substantially added to their long futures and options positions in soybeans.  Dry weather continues to buoy the bean complex, as there is a potential dearth of supply from South…