(Bloomberg) With drought in Brazil and flooding in Argentina threatening crops, the weather is getting nasty enough for hedge funds to take notice. Money managers more than doubled their wagers on a rally for agriculture prices, pushing their holdings to the biggest since July, after betting on declines just last month. The investors are now the most bullish on soybeans since May 2014 and trimmed the bets on declines for corn for the fifth time in six weeks. The Bloomberg Agriculture Subindex of eight farm products is heading for its best April rally since 2009.
Hedges Double Bets on Crops Rally as Weather Gets Nastier
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