Managed Money Covers Shorts Positions Helping Bean Oil Remain Buoyed

Bean oil prices are consolidating ahead of Monday’s crop progress report on beans.  Prices were buoyed by large buy backs which occurred last week according to the latest commitment of trader’s report which focusses on futures positions. The technicals are negative as prices approach key support levels.  As of the week ending June 18, 2017, soybeans jump ahead of 5-year average with 89%…