Bean Oil Rallies as Momentum Turns Positive

Bean oil prices moved higher on Monday, after rebounding from the monthly lows at 31 cents per pound. Hedge funds added to short position in futures and options, which could generate a short squeeze. The large overhang of inventories continues to weigh on soy beans, despite solid demand for vegetable oils.

Hedge fund traders added to short position in futures and options according to the latest commitment of traders…