Bean Meal Consolidates, Could Test September Lows

Bean meal price are consolidating in a tight range, trading just above support levels near an upward sloping trend line near 310.  Large inventories of beans, are being sold at lower levels, to finance the current planting season, which is capping prices.  Hedge fund traders added to long positions in futures and options and reduced short positions placing the market in balance, as prices form a bottom.

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