Money managers now hold net-short positions in Chicago Board of Trade wheat futures, government data showed Friday, as investors cut long positions as global crop worries ease.

Broader-based risk aversion across many asset classes enticed fund managers to trim length in the market as well.

Speculators reversed their long positions in wheat futures, as improved crop weather and expanding harvests in the U.S. damped bullish enthusiasm.

Money managers hold a net-short position in wheat totaling 2,549 contracts. They are long 86,872 positions and short 89,421, according to data from the Commodity Futures Trading Commission.

The net position is the difference between the number of long contracts, or bets prices will rise, and short contracts, or bets prices will fall.

Money managers were net long 41,337 corn contracts, down 33% from the prior week.

Money managers trimmed their large net-long position in soybeans. Money managers held 193,971 long positions and only 15,000 short positions in the week ended Tuesday. The net-long position of 178,971 contracts was down 11% from the prior week.

In other markets, money managers were net-long 53,605 contracts in live cattle futures, down 8.5% from the prior week.

In lean hogs, money managers increased their net-long position of 11,189 contracts. Funds were net-long 2,373 last week.

Write to Andrew Johnson Jr. at andrew.johnsonjr@dowjones.com

(END) Dow Jones Newswires

June 08, 2012 16:50 ET (20:50 GMT)