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Hedge funds returned to taking a more negative stance on agricultural commodities, largely through increasing bets on falling values of sugar, which have paid off, and of wheat, in which they have been caught out.

Managed money, a proxy for speculators, decreased its net long position in US traded agricultural commodity futures and options by more than 47,000 contracts in the week to last Tuesday, regulatory data show.

The decrease, the first in six weeks, reflected ...