Large commodity investment firms, known collectively as managed money, trimmed their net long live cattle futures position slightly in the week ended Tuesday. It was the second such trimming in four weeks.
The Commodity Futures Trading Commission made the data known Friday in its weekly Commitments of Traders report.
Managed money’s new net long live cattle position Tuesday stood at 147,113 contracts, down 887, or 0.60%, from 148,000 a week earlier.
At the same time, commercial traders, those who own the cattle and primarily are hedgers, extended their collective net short live cattle futures position by 833 contracts, or 0.38%, to 217,539 contracts from 216,706. It was their 10th straight week to raise their net short cattle futures position.
The CFTC said managed money arrived at its new net long cattle position by liquidating 5,500 long positions, covering 4,613 short positions and unwinding 1,474 spread positions. This left their market position representing 36.6% of total long open interest, 3.1% of total short open interest and 12.7% of total spread open interest.
Commercial traders got to their new short cattle position by liquidating 1,581 long positions and covering 748 short positions, leaving them in charge of 7.7% of total long open interest and 57.1% of total short open interest.
CME Group data showed total live cattle open interest as of Tuesday at 440,564 contracts, down 9,867, or 2.19%, from 450,431 the week before.
CME Group data also showed that the most-active Jun futures contract fell during the CFTC week to settle Tuesday at $119.65 per cwt, compared with $120.72 the previous Tuesday, a dip of $1.07, or 0.89%.
FUNDS SELL CORN
Meanwhile, managed money sold corn contracts during the latest CFTC reporting week and took a larger net short futures position in the process, CFTC data showed.
Managed money’s new net short corn futures position Tuesday stood at 263,768 contracts, up 45,341, or 20.8%, from 218,427 a week earlier when they made a significant move to get less short corn futures.
At the same time, commercial traders cut their net short corn position to 76,374 contracts from 116,964 the week before, a decline of 40,590, or 34.7%.
CFTC data showed managed money arrived at its new corn position by liquidating 12,254 long positions, adding 33,087 short positions and unwinding 18,520 spread positions. This left their position representing 10.1% of total long open interest, 24.6% of total short open interest and 14.4% of total spread open interest.
The CFTC also said commercial traders got to their new corn position by adding 6,986 long positions and liquidating 33,604 short positions, leaving them in control of 28.7% of total long open interest and 32.9% of total short open interest.
The CME Group said total corn open interest rose during the week to 1.824 million contracts from 1.810 million the previous week, a gain of 14,194, or 0.78%.
CME Group data also showed that the most-active May futures contract fell to $3.61 ½ a bushel from $3.77 ¼.
CATTLE, BEEF RECAP
Cash cattle trading last week was reported at $124 per cwt on a live basis, down $1 to $2 from the previous week. Dressed-basis sales ranged from $200 to $206 per cwt but were mostly $204, down $2 to $3.
The USDA choice cutout Friday was up $0.19 per cwt at $226.93, while select was up $1.92 at $220.28. The choice/select spread narrowed to $6.65 from $8.38 with 81 loads of fabricated product sold into the spot market.
The CME Feeder Cattle index for the seven days ended Thursday, was $144.01 per cwt, up $1.10. This compares with Friday’s Apr contract settlement of $146.15, down $0.17.