BusinessWeek – Hedge funds increased their bullish bets on wheat to the highest since September as adverse weather from Australia to Argentina threatens to damage crops and tighten global grain supplies.
The funds and other large speculators held net-long positions, or wagers on rising prices, that totaled 38,938 contracts as of Jan. 4, according to the Commodity Futures Trading Commission’s weekly Commitments of Traders report. The holdings increased 6.6 percent from a week earlier to the highest since the week ended Sept. 21.
