“There was a stronger start to June across the soy complex, with another new contract high in bean oil overnight. July beans remain inside the recent range, and November beans inside its pennant formation. Technically, the recent consolidation looks to be more of a continuation pattern than a top. COT data showed Managed Money traders pared down their net long positions across the complex as of last Tuesday,” ADM Investor Services said. “Meal is starting the new month under pressure ahead of this afternoon’s NASS/USDA April crush report. Bean oil is surging higher today on energy strength, and oilshare buying is also pressuring meal. Crush trading volume in May was extremely light, the lowest in at least 26 years, despite incredible profit margins. Bean oil used for producing biofuels during March jumped 21.2% year-over-year.”