Bean Oil Tests Resistance, Poised to Break Out

Bean oil prices moved higher on Monday and are poised to test the highs made on November 30.  The strong upward move in crude oil prices buoyed diesel prices and spilled over into vegetable oils which are used as inputs into the bio-diesel process. Hedge fund traders are looking for further upside as they added to long position in futures and options and reduced short position in the latest week according to the…