Bean Oil Edges Higher but Fails to Break Out with Beans

Bean oil prices moved higher in tandem with soy beans, as hedgefunds added to long bean positions despite reducing their exposure to the upside in bean oil. It appears that prices of beans have been breaking out and driving the complex, as export sales in the week that ended on April 7 rose 8% from the prior seven days, according to the Department of Agriculture. A Commodity Futures Trading Commission report on…