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Bullish Wagers Drop to Eight-Week Low Before Rally: Commodities

Hedge funds cut bullish commodity wagers to the lowest since the middle of August before signs the U.S. economy is improving and declining grain stockpiles drove prices to a three-week high.

Speculators reduced net-long positions across 18 U.S. futures and options by 0.4 percent to 1.24 million contracts in the week ended Oct. 9, the lowest since Aug. 14, U.S. Commodity Futures Trading Commission data show. Corn bets dropped to the lowest since July before the U.S. government cut its stockpile forecast on Oct. 11. Soybean-oil wagers tumbled 64 percent, and those on crude oil contracted for a third week.