Investors bearish on US crop prices due to rain

Chicago

INVESTORS have turned against three of the largest US crops, betting that timely rainfall will further swell grain supplies and exacerbate price drops.

Hedge funds and other money managers are now holding a record wager on further declines for wheat, increased their bearish outlook on corn and dumped bets on a soya bean rally for a seventh straight week. A combined measure on the big three US crops turned negative last week for the first time in three months.