Oil Share Tumbles Following USDA Planing Report

The oil share resumed its decline beginning late last week on Thursday in the wake of the USDA’s planting report. The bullish outlook for soybeans gave a boost to the entire complex but allowed bean meal gains to far outpace bean oil returns.  Hedge fund traders remain short bean oil, which is offset by long position in bean meal and soybeans. A break of resistance could lead to a huge short-covering rally.

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