Bean Oil Surges Following Inventory Report and Reduction of Short by Hedge Funds

Bean oil prices broke out on Monday morning, as a risk on theme permeated the capital markets. Last week on Wednesday the USDA’s quarterly inventory report, buoyed markets as it surprised traders with a soybean inventory of 191 million bushels. This amount was lower than expected, though it was the largest in the last four years. Compared to the USDA’s inventory…