Bean Meals Tests Lower levels as Momentum Turns Negative

Bean meal prices moved lower on Tuesday as prices continue to correct following a summer rally.  Prices are capped near the 20-day moving average at 307, and are poised to test support levels near 300.  Hedge fund traders who were short futures and options reduced position in the past week, while those who hold long positions in futures and options continued to far outweigh those who are short.