Funds cut long positions in sugar and coffee futures

NEW YORK: Specula-tors reduced their net long positions in raw sugar and arabica coffee futures on ICE in the week to March 16, data from the US Commodity Futures Trading Commission showed on Friday.

Money managers and hedge funds cut their bullish bet in raw sugar by 2,919 contracts for the period, bringing their net long position in the sweetener to 131,390 contracts.

Funds cut their long position in arabica coffee futures by 1,246 contracts. Their bullish bet in coffee stands now at 28,224 contracts.

Contracts on funds’ long position in cotton increased by 4,259 to a total of 65,208 contracts.

Their long position in cocoa futures was reduced by 577 contracts to 17,590 contracts in the week ended in March 16, the CFTC said.