 Soybean oil continued its rapid ascent, rising sharply yesterday to the sixth consecutive higher close. That pulled the soybean market along with it. Soybeans rallied as funds scrambled to cover some of those short positions. In the past two days, open interest in soybean oil dropped 20,000 contracts, likely short covering by the funds. Weather continues to be mostly favorable in most areas, except the flooded areas of the northern plains and upper Midwest.