Bean Oil Rebounds, Following Soft Crop Report

Bean oil prices gapped higher on the open on Monday, but was unable to recapture resistance near the 20-day moving average at 27.19 cents per pound.  This follows whipsaw price action on Friday following the release of the USDA’s crop report that was mixed overall for grains.

USDA boosted estimates for domestic soybean output this fall, which initially drove prices lower. But the robust decline for corn…