Bean Oil Prices Break Through Support as Momentum Turns Negative

Soy bean oil prices tumbled on Monday, breaking below trend line support and poised to test lower levels.  A higher than expected carryover for 2016-2017 beans, also weighed on prices.  Hedge fund traders slightly added to both long and short positions in futures and options according to the latest commitment of trader’s report.

Surprisingly, USDA increased its estimated 2016-17 soybean carryover by…