Hedge Funds Slashing Food-Price Bets After ‘Harrowing’ Fall
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Hedge funds are leading an exodus from agricultural markets, slashing bullish bets in the U.S. from almost the highest levels on record after grain prices slumped, money managers said.
Speculators reduced bets on rising wheat prices by 57 percent in the week ended Feb. 22, the biggest drop since November, according to data released today by the Commodity Futures Trading Commission. Bullish bets on soybeans fell 17 percent, declining for a third straight week, and those for corn slid 1.8 percent to a seven-week low.