Bean Oil Drops as Hedge Funds are Offside

Bean oil prices have broken down and could continue to move lower given the overweight position by hedge fund traders. The oil share, which compares oil to meal, has hit a fresh 20-month low slicing the 0.31 and poised to hit the April 2016 lows at 0.27.  The technicals are negative as prices are breaking down as negative momentum is accelerating.

While the open interest in the managed money category is at…