Hedge Funds Make Record Bearish Cotton Bet Before Prices Tumble
- U.S. inventories are forecast to reach a 12-year high
- Prices slide even amid planting delays, threat from Barry
Photographer: Ty Wright/Bloomberg
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Hedge funds made a record bearish bet on cotton just before prices extended declines to hit a three-year low.
Futures traded in New York dropped to 62.6 cents a pound on Friday, the lowest since June 2016. Just three days earlier, money managers expanded their net wagers on price declines. It was the third straight week the bearish position reached a fresh record.