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2026-04-06 17:20:03
[Hedge Funds Bet on Drought and Middle East Conflict to Drive Up Wheat Prices for the First Time in Nearly Four Years] ⑴ According to weekly data released by the U.S. Commodity Futures Trading Commission on Friday, as of the week ending March 31, long positions in Chicago wheat futures exceeded short positions by 8,641 contracts, reversing a continuous net short position since June 2022 and marking the first time in nearly four years that they have turned net long. ⑵ This shift was mainly driven by a surge in long positions. Data shows that long positions rose to 117,375 contracts, the highest level in more than six years; short positions fell to 108,734 contracts. ⑶ The conflict between the U.S. and Israel over Iran has entered its sixth week, severely damaging Middle Eastern energy infrastructure and disrupting fuel and fertilizer shipments through the Strait of Hormuz. Hedge funds are betting that drought in the U.S. and fertilizer and fuel shortages caused by the Middle East conflict will drive up prices.
