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Hedge fund corn shorting spurs price spike fears

AgriMoney – The extent of the bets on falling prices that hedge funds have taken out on corn has spurred fears of a “fairly large short-covering rally”, a broker warned, as futures in the grain extended a recovery from near-three-year lows.

Managed money, a proxy for speculators, raised its net short position in Chicago corn futures and options by more than 10,000 contracts in the week to last Tuesday, according to data from the Commodity Futures Trading Commission regulator.

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