Reuters – Hedge funds cut their bullish bets on wheat to the lowest this year on speculation that supplies would be adequate to meet global demand. Speculation on higher corn and soybean prices also declined.
The funds and other money managers slashed wheat net-long positions by 54 percent to 11,206 futures and options contracts on the Chicago Board of Trade in the week ended May 17, data from the U.S. Commodity Futures Trading Commission show. That’s the lowest since speculators were net-short in late November.
