Hedge Funds Dump Long Positions Possibly Signaling a Bottom

Bean oil prices edged higher and are poised to test trend line resistance near a downward sloping trend line that comes in near 34.50 cents per pound.  Heavy rains and muddy roads in Brazil continue to hamper deliveries of soybeans to port, which has buoyed prices. Hedge funds dumped long positions in futures and options while increasing shorts which appears to have formed bottom in prices.