Funds Boost Agriculture Bets for Third Week as Crop May Drop
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Funds increased bullish bets on agriculture prices for a third straight week, the longest string of gains this year, as adverse global weather harmed crops from China to Texas.
Speculators raised their net-long positions in 11 U.S. farm goods by 0.4 percent to 759,974 futures and options contracts in the week ended June 7, government data compiled by Bloomberg show. That’s the highest since May 3. Gains were led by a 59 percent jump in bets on rising prices for soybean meal. Sugar holdings climbed 6.9 percent.