Bean Oil Slumps Following Bearish WASDE Report

Bean oil prices were lower in electronic market trade Monday, following the USDA’s WASDE report last week. The report shows that the USDA projects US inventories will swell by 56% from last season, thanks to stiff competition from overseas suppliers like Brazil, which harvested a bumper crop that’s snatching market share from US exporters. The USDA projects soybean stockpiles this season at 470 million bushels, a jump…