Hedge funds turned less negative on corn price prospects, but remain net short by a historically high amount – raising the prospect of a substantial switch in the fortunes of prices of the grain compared with soybeans.
Managed money, a proxy for speculators, raised its net long position in futures and options in the main US-traded agricultural commodity contracts by 37,000 lots in the week to last Tuesday, according to data from the Commodity Futures Trading Commission.
