Bean Oil Moves Higher as Momentum Climbs

Bean oil prices zipped higher on Monday, but were unable to recapture resistance. The combination of rain and weather concerns and hedge fund bets on soybeans helped buoy prices. Friday’s Commitment of Traders report showed managed funds increasing their net short positions in soybean futures. Now, with forecasters expecting hotter and drier weather in the Midwest and Plains, momentum has turned sharply upward.

Bean oil prices have…