Bean Oil Prices Edge Higher as Hedge Funds Cover Shorts

Bean oil prices are higher on Monday, and continue to rally as soybean surge.  Hedge fund traders reduced short position in futures and options as hotter and drier forecasts for important growing areas of the U.S. Midwest, continue to buoy prices.  Soybeans posted weekly gains of around 6% last week.  It was the biggest weekly rally for soybeans since October 2014. Moreover, lower than expected…