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Funds trim positions in agri-commodities amid bearish outlook, uncertainty

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Uma Devi

Uma Devi

Published Wed, Mar 13, 2024 · 05:00 AM
    • Sugar contracts in New York and London returned to the lows seen at the start of the year, amid improvements in production of the commodity over the past fortnight, a market watcher said.
    • Sugar contracts in New York and London returned to the lows seen at the start of the year, amid improvements in production of the commodity over the past fortnight, a market watcher said. PHOTO: BLOOMBERG

    FUNDS are trimming or adjusting their positions in publicly traded agri-commodities such as sugar, coffee and cocoa, in a mix of profit taking and cautious sentiment as a bearish outlook clouds the sector.

    Observers that The Business Times spoke to pointed to recent Commitments of Traders (COT) reports – a weekly round-up of positions of futures markets participants – which showed that certain agri-commodities have suffered a pullback from funds, particularly in terms of their long positions. 

    The most recent COT report for the seven days ended Mar 5 showed declines in funds’ net positions in corn, wheat and soybeans on the Chicago Board of Trade (CBOT), as well as cocoa and coffee futures on the Intercontinental Exchange. 

    Agriculture/FarmingCommodities

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