Wheat Speculators Slow Bets on Price Gains in Chicago
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Wheat speculators slowed their bets on higher prices after the biggest monthly gain in Chicago Board of Trade futures in 37 years, a sign the rally may be peaking, according to Grain Service Corp.
Speculators including hedge funds raised their net-long positions in futures and options by 5.3 percent in the week ended Aug. 3, the smallest increase since they turned bullish last month, U.S. Commodity Futures Trading Commission data on Aug. 6 show. Prices that had as much as doubled to $8.68 a bushel since June 9 have plunged 8.8 percent in the past two sessions to $7.4375 today on the CBOT.