Long and wrongLong and wrong

Farmers are reeling after a punishing drop in crop prices this week. If it’s any solace, big speculators are licking their wounds as well. The “smart” money bet big on the weather rally, only to see prices plummet. 

Here’s what funds were up to, according to Friday’s Commitment of Traders report from the CFTC, which covers trading through Tuesday, July 11, when data was collected.