Bean Oil Slides Higher, as Hedge Funds Remain Short

Soybean oil prices are edging higher, but remain depressed due to record inventory levels. The Oil share is rising and remains near the lower end of the 15-year range. The oil share generally makes a low for the year during the summer, and will likely continue to edge higher, due to the large hedge fund short position in the oil share. The supply/demand picture points to a despressed oil share, as the deferred…