Bloomberg – Hedge funds pared back their biggest bullish coffee bet since 2008 as rains brought relief to drought-stricken growing areas in Brazil, the world’s biggest producer and exporter.
Money managers cut their net-long position in arabica coffee for the first time in four weeks. Futures in New York tumbled 9.1 percent last week, the most since May. More regular and widespread showers will trigger new flowering for coffee plants after some blooms were lost amid dry conditions last month, Sao Paulo-based Somar Meteorologia said Oct. 21.
