Money Managers Trim Bets on Lower London Cocoa Price by 41%

Money managers cut bets on lower cocoa prices by 41 percent in the week ended Feb. 28, according to NYSE Liffe, the derivatives arm of NYSE Euronext.

Money managers reduced their net-short position, or bets on lower prices, to 1,228 futures and options as of Feb. 28, according to the commitment of traders report published on the exchange’s website today. That compares with 2,093 contracts a week earlier. Cocoa fell 2.3 percent in the period.

In robusta coffee, money managers reduced their net-long positions, or bets on higher prices, to 4,762 futures and options as of Feb. 28, from 5,147 contracs a week earlier. Robusta coffee climbed 1.8 percent in the period.

White sugar money managers increased net-long positions to 10,477 contracts as of Feb. 28, according to the exchange. That compares with 8,829 futures and options a week earlier. White sugar gained 3 percent in the period.

In feed wheat, money managers trimmed their net-short position to 556 futures and options as of Feb. 28 from 617 contracts a week earlier, the data show. Feed wheat slipped 1.2 percent in the period.

To contact the reporter on this story: Isis Almeida in London at ialmeida3@bloomberg.net

To contact the editor responsible for this story: Sharon Lindores at slindores@bloomberg.net

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