Wheat Jumps Most Since ’12 as Funds ‘Spooked’ by Dire Weather
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Wheat futures posted the biggest gain in almost four years on speculation that hedge funds bailed out of record bearish bets amid concern that adverse weather will damage crops in the U.S., the world’s top exporter.
Severe thunderstorms were forecast for the Great Plains on Friday and Saturday with the potential for hail and flash flooding, AccuWeather Inc. said on its website. In the week ended May 5, net-short positions held by funds and large money managers increased 4.2 percent to 111,409 futures and options contracts, government data showed on May 8.