Large investment funds, called managed money, again extended their collective net long live cattle futures position in the week ended Tuesday to its largest in more than a year.
Commercial traders, those who theoretically could make or take delivery of a futures contract, meanwhile, extended their net short cattle position to its largest in the same period.
The Commodity Futures Trading Commission revealed the new positions Friday in its weekly Commitments of Traders report.
The report showed that managed money’s new net long cattle position was 126,844 contracts, up 8,436, or 7.12%, from 118,408 a week earlier.
Commercials’ new position was short 202,133 contracts, up 7,033, or 3.60%, from 195,100 a week earlier.
Swap dealers, those who facilitate cash and over-the-counter transactions, had a new net long positio0n of 98,983 contracts, the largest in more than a year and up 262, or 0.27%, from 98,721 a week earlier.
The CFTC said managed money arrived at its new cattle position by adding 8,870 long positions, 434 short positions and 4,465 spread positions. This left them representing 33.9% of total long open interest, 2.9% of total short open interest and 7.5% of total spread open interest.
Commercials got to their new position by liquidating 3,134 long positions and adding 3,899 short positions, leaving them in control of 6.4% of total long open interest and 55.8% of total short open interest.
Swap dealers earned their new position by adding 335 long positions and 73 short positions along with 467 spread positions. This left them holding 25.2% of total long open interest, 1.0% of total short open interest and 0.5% of total spread open interest.
The CME Group said total live cattle open interest rose 14,707 contracts, or 3.73%, during the CFTC reporting week to 409,111 from 394,404.
The CME Group also reported that the most-active Jun contract rose during the week to $115.35 per cwt from $113.70, a gain of $1.65, or 1.45%.
FUNDS SHORT CORN
Meanwhile, managed money extended its net short corn futures position to 160,377 contracts, up 13,134, or 8.92%, from 147,243.
Commercial traders’ net short position declined to 160,832 contracts from 177,407, a decline of 16,572, or 9.34%.
Managed money arrived at its new corn position by liquidating 11,912 long positions and adding 1,222 short positions and 5,915 spread positions, the CFTC said. This left them representing 12.7% of total long open interest, 23.6% of total short open interest and 7.7% of total spread open interest.
Commercial traders got to where they were by adding 11,665 long positions and covering 4,910 short positions to leaf them in control of 26.7% of total long open interest and 37.6% of total short open interest.
Total open interest rose 20,811 contracts, or 1.43%, to 1.476 million from 1.456 million.
CASH CATTLE QUIET
No cash cattle trade was reported Friday.
Cattle traded on the livestock exchange Wednesday at an average of $128.60 per cwt, up $2.60 from the previous week, but fewer than 1,000 passed under the gavel.
Subsequently, cash cattle traded in a range from $129 to $133 per cwt on a live basis, mostly $130 to $133, up $4 to $5, and at $210 on a dressed basis, steady to up $2.
The USDA’s choice cutout Friday was up $1.44 per cwt at $217.16, while select was up $0.32 at $203.89. The choice/select spread widened to $13.27 from $12.15 with 62 loads of fabricated product sold into the spot market.
The CME Feeder Cattle Index for the seven days ended Thursday was $138.05 per cwt, up $0.40. This compares with Friday’s Apr settlement of $138.55, up $0.65, and May’s at $139.25, down $0.50.