Bean Meal Edges Lower as Traders Add to Short Positions

Bean meal prices are fast approaching support levels as crop harvests pick up in South America. Soybeans are moving lower amid largely benign weather in South America, which is aiding farmers in Brazil as they collect this year’s soybean crop. Traders are wary that a potentially record harvest in Brazil could add to already large US stockpiles, prompting speculative investors to reduce long positions and become…