Bean Meal Squeezes Higher as Funds are Caught Offsides

Bean meal prices consolidated on Wednesday after surging on Tuesday following the long holiday weekend.  Prices were buoyed as dryer than normal weather is forecast to cover most of the mid-west for the next 8-14 days. In addition, the surge in crude oil prices buoyed bean oil prices which is used as an input into the bio-diesel process. Hedge funds were caught offsides, with large short positions relative…