Soybean Meal Tumbles but Prices are Oversold

Soybean meal prices tumbled lower on Tuesday, dropping lower for the 7^thconsecutive day. Hedge funds are exiting quickly as they were net long soybean meal holding both speculative long positions and spreads versus soybean oil.  The crush has also tumbled but has weathered the storm better, then the oil share. Hedge funds reduced their position in futures and options, but as the latest release of…