(Agrimoney.com)Hedge funds, deterred by data showing the biggest US wheat stocks in 29 years, turned their most bearish ever on Chicago wheat futures and options – ironically, raising hopes of support for prices of the grain.
Managed money, a proxy for speculators, raised by a modest 3,959 contracts its net long position in futures and options in the main 13 US-traded agricultural commodities in the week to last Tuesday, according to data from the Commodity Futures Trading Commission (CFTC) regulator.
