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Wheat's Worst Plunge Since 1986 Isn't Steep Enough for Bears

  • Hedge funds hold net-short position for seven straight weeks
  • Global inventories forecast at record before 2016 harvest
Wheat grain pours into a truck from a combine harvester.

Wheat grain pours into a truck from a combine harvester.

Photographer: Andrey Rudakov/Bloomberg
Updated on

Hedge funds are so down on wheat that even the worst price plunge in 29 years isn’t leaving them satisfied.

Instead, a global glut has money managers ready for more losses and sticking with a net-bearish outlook for seven straight weeks. World inventories before the start of next year’s harvest are expected to climb to an all-time high as farmers reap bigger crops in the U.S., Russia and Ukraine.