(Agrimoney) Hedge funds extended bullish bets in agricultural commodities, helped by a record net long in cotton and strong buying too in soybeans – a bet whose fate may be largely determined by weather in Argentina.
Managed money, a proxy for speculators, lifted its net long position in futures and options in the top 13 US-traded agricultural commodities, from corn to sugar, by 31,139 contracts in the week to last Tuesday, analysis of data from the Commodity Futures Trading Commission regulator shows.
