Funds Revive Agriculture Bets as Drought, Floods Hurt Crops
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Funds boosted bets on rising agricultural prices for the first time in four weeks, led by rebounds in holdings of wheat and soybeans, as extreme weather threatened to limit output as global demand increases.
Speculators raised their net-long positions in 11 U.S. farm goods by 8.9 percent to 723,658 futures and options contracts in the week ended May 24, government data compiled by Bloomberg show. The increase was the first since April 26. A broader measure of commodity holdings also advanced last week, with gold up 7.1 percent and crude oil gaining 1.9 percent.