Bean Meal Poised to Move Lower

Bean meal prices are trading underpressure as traders absorb additional information on crop progress. The USDA’s most recent release showed solid conditions for soybeans. Wetter than normal and moderate temperatures continue to reflect future favorable whether conditions. Additionally, Brazilian soybean exports look to be 3.5% higher on 2016, and just shy of the 2015 record. Hedge fund traders added to short position and reduce short…