Bean Meal Prices Consolidate as Traders Focus on the Weather

As prices edge lower last week, hedge funds were lightening up some of their short position in futures and options, helping prices remain slightly above support levels. Short term price action is now all about the weather and the macro backdrop and how that effects the U.S. dollar. 

Soybeans are in the ground with more than 91% planted, and now traders are focusing on the weather.  Wet…