(Agrimoney.com) Hedge funds slashed bullish bets on agricultural commodities, turning record bearish on cocoa and selling grains heavily – in a trend deemed supportive to prices, which some analysis says may be heading for a long-term recovery.
Managed money, a proxy for speculators, slashed its net long position in futures and options in the top 13 US-traded agricultural commodities, from wheat to sugar, by 90,364 contracts in the week to last Tuesday, analysis of data from the Commodity Futures Trading Commission regulator shows.