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Komfie Manalo, Opalesque Asia:

Hedge funds continue to dump their sugar positions as prices continue to spiral downward and as speculators and investors are bearish on agricultural commodities prospect.

According to Agrimoney.com, citing data from the Commodity Futures Trading Commission, managed managers sliced their net long position in futures and options in at least 13 U.S.-traded farm commodities by 78,000 contracts in the week to last Tuesday.

Hedge funds and speculators were particularly bearish in the New York raw sugar futures and options when they cut their net long positions by over 30,000 contracts to 136,000 contracts, the report said. Sugar saw its biggest bearish positions over the last two weeks when speculators reduced their net long positions by more than 58,000 contracts.

However, speculators and hedge funds offer a little optimism and are hopeful of recovery in India and Thailand as well as Brazil after the end of the rainy seasons that have affected output of sugar cane.

In India, farmers and representatives of the local sugar industry met with Prime Minister Manmohan Singh to voice their concern over the sweetener, the Indiatimes.com reported.

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