Bean Oil Tests as Momentum Turns Negative

Bean oil prices are lower on Tuesday, after a long weekend, following a 1.37% decline on Friday.  Prices are approaching support which is also the neckline of a head and shoulder reversal pattern.  While there appears to have been little movement by hedge fund traders in bean oil repositioning, there was a robust shift into short position in futures and options in both soy bean and soy bean meal.  The dollar is…