Bean Oil Faces Headwinds as Real Remains Depressed

Bean oil prices edged higher on Monday, but were unable early to pierce through resistance near a downward sloping trend line.  Strong export data released by Cargo Surveyors in Malaysia helped buoy prices initially, in addition to a report from the CFTC, which showed that hedge fund traders covered short position in futures and options.  A record harvest in Brazil and a plunge in the value of the Brazilian…