Funds are stepping away from commodities, with soybeans and silver falling out of favour fast, according to data compiled by Bloomberg.

Speculators cut their net-long positions in 18 U.S. commodities by 15 per cent in the week ended June 28, to the lowest level since July 13, 2010. Soybean meal holdings sank 67 per cent, and silver 26 per cent.

As for gold , hedge-fund managers and other large speculative investors decreased their net-long positions in New York futures by 18 per cent.

Bets on crude oil fell by 14,322 contracts from a week earlier. Long positions outnumbered short by 153,148 contracts.