Hedge Funds Line up on Short Side of Bean Meal

Soft Chinese data and abundant supplies are eroding bean meal prices, despite a backlog of shipments from Brazil that could buoy prices. The congestion at Brazilian grain terminals is worsening and U.S. soybean suppliers may receive some relief from the headwinds they have been facing due to a record crop.  Hedge fund traders added to short position in bean meal futures and options according to the latest industry…