(Agrimoney) Hedge funds – in a profitable shift – kept the faith with soft commodities, lifting their net long position to a fresh eight-year high, but slashed bullish bets in grains, with potential for more selling to come.
Managed money, a proxy for speculators, cut its net long position in futures and options in the top 13 US-traded agricultural commodities, from cotton to wheat, by nearly 100,000 contracts in the week to last Tuesday, according to data from the Commodity Futures Trading Commission regulator.
