Speculators Dumped Crop Wagers Before Biggest Rally: Commodities
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Speculators slashed wagers on higher agricultural prices by the most in eight weeks, missing out on this year’s biggest rally as parched fields from South America to Europe curbed expectations for record harvests.
Money managers trimmed positions across 11 U.S. farm goods by 2.5 percent to 661,067 futures and options in the week ended March 13, Commodity Futures Trading Commission data show, the biggest reduction since Jan. 17. Bets on sugar fell the most since November before prices posted their biggest weekly gain in five months. Funds also became more bearish on wheat, which jumped to its highest in almost two weeks.