Chicago Futures

A measure of net-longs for 11 U.S. farm goods rose 0.1 percent to 512,512 contracts, the CFTC said. Corn holdings climbed 9 percent to 112,328, the biggest increase since March 6. Futures in Chicago dropped 0.8 percent last week, leaving prices down 4.1 percent this year.

Global food costs fell for the first time this year in April, the United Nations' Food & Agriculture Organization said on May 3, and prices are down 10 percent from the all-time high reached in February 2011.

"Agriculture and other energy type commodities will most likely be dragged down due to concerns on slow growth of the U.S. and negative growth in Europe," said Stephen Hammers, the Nashville, Tennessee-based chief investment officer at Compass EMP Funds, which manages about $1 billion of assets. "News is not expected to be as bright as it was last quarter."

 

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