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Fund money flows into wheat

Big speculators shun most commodities, providing room for short covering. (gallery)

Wheat is suddenly the darling of the hot money world. What’s next, artisanal futures?

But while the rally in wheat grabbed headlines, money managers abandoned most other commodities into early this week. That decision left them scrambling to get out of bearish positions ahead of what will be a long holiday weekend for many.

Here’s what funds were up to, according to Friday’s Commitment of Traders report from the CFTC, which covers trading through Tuesday, June 27, when data was collected.

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