Bean Meal Traders Await USDA Update

Bean meal prices edged higher from 7-week lows on Wednesday as South American weather lifted soybeans following excess dryness that treatened to curb yields.  Parts of Argentina are now receiving an abundance of rain which is disrupting planting for the nations crops.  Hedge fund traders added to long positions and subtracted from short postions in futures and options, but there was a signifant reduction in open interest…