Bean Oil Poised for Long Liquidation

Bean oil prices continue to trade under pressure early on Monday, trading below support levels but off the worst levels of the day.  Solid stocks of canola oil, which competes with bean oil, and good growing conditions in Brazil are weighing on bean oil prices. Hedge funds added to both long and short position in futures and options but funds are set up for a long liquidation.

The most recent WASDE report was more…