Bean Oil Tests 2018 lows as Oil Inventories Remain Elevated

Bean oil prices are just above 2018 lows, as the soybean complex trades under pressure.  Crush data released by the USDA was broadly in line with NOPA data and showed that April crush data was up 14% year over year. Hedge funds continued to add to short positions in futures and options despite a bounce in the oil share. Generally, the summer is the low point for oil share data which begins to…