Bean Oil Consolidates, But Tailwinds Exist

Dry weather in South America, during the growing season is helping to buoy bean oil prices. Argentina has seen limited rainfall materializing and with the same conditions expected to preset over the next 6-10 days.  Hedge fund traders slightly altered their positions in futures and options, but much of the focus was on soybeans.  Despite technical negative momentum, prices are poised to move higher.

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