Large commodity index funds, called managed money, again trimmed their collective net long live cattle futures position in the week ended Tuesday as cattle owners increased their total net short position.
That was according to the Commodity Futures Trading Commission’s weekly Commitments of Traders report Friday.
FUNDS WHITTLE NET LONG CATTLE POSITION
Tuesday, managed money had a collective net long live cattle position of 121,467 contracts, down 3,479, or 2.78%, from 124,946 a week earlier.
At the same time, cattle owners, or commercial traders, had a total net short position of 132,878 contracts, up 1,784, or 1.36%, from 131,094 a week earlier.
CFTC data showed that managed money Tuesday held 153,399 long positions, or 39.6% of total open interest, a decline of 4,774 from a week earlier. They also held 31,932 short positions, or 8.3% of the total, for a loss of 1,295. They held another 45,001 spread positions, or 11.6% of total open interest, for a decline of 469.
The CFTC also said commercial traders Tuesday held 55,550 long positions, or 14.4% of total open interest, for a decline of 3,191 from a week earlier. They also held 188,428 short positions, or 48.7% of total open interest, for a decline of 1,407.
CFTC data also showed total open interest at the CME Tuesday was 386,905 contracts, down 15,290, or 3.80%, from 402,195 a week earlier.
CME data showed the most-active Oct contract rose during the CFTC-reporting week to settle at $227.10 per cwt, compared with $226.45 a week earlier.
FUNDS COVER CORN SHORTS
Tuesday, managed money had a collective net short corn position of 135,846 contracts, down 15,098, or 10.0%, from 150,944 a week earlier.
Meanwhile, commercials had a total net short corn position of 57,783 contracts, up 4,417, or 8.28%, from 53,366 a week earlier.
CFTC data said managed money Tuesday held 204,378 long corn positions, or 12.6% of total open interest, for a gain of 2,714 from a week earlier. They also held 340,224 short positions, or 21.0% of total open interest for a decline of 12,384. They held another 282,407 spread positions, or 17.5% of total open interest, for a gain of 44,340 contracts.
Commercials Tuesday held 410,901 long positions, or 25.4% of total open interest, for a gain of 2,373 from a week earlier. They also held 468,684 short positions, or 29.0% of total open interest, for a gain of 6,790.
Open interest Tuesday at the CME was 1.618 million contracts, up from 1.575 million a week earlier.
Most-active Dec settled at $4.02 a bushel, versus $4.11 a week earlier.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers last week ranged from $235.00 per cwt to $245.78, compared with the previous week’s range of $233.00 to $241.92 per cwt. FOB dressed steers and heifers went for $366.72 per cwt to $388.63, compared with $365.34 to $382.74.
The USDA choice cutout Friday was down $0.10 per cwt at $378.84 while select was up $1.34 at $355.09. The choice/select spread narrowed to $23.75 from $25.19 with 84 loads of fabricated product and 19 loads of trimmings and grinds sold into the spot market.
The USDA-listed the weighted average wholesale price for fresh 90% lean beef was $418.35 per cwt, and 50% beef was $186.93.
The USDA said basis bids for corn from feeders in the Southern Plains were unchanged at $1.45 to $1.60 a bushel over the Sep corn contract, which settled at $3.82 3/4, down $0.01 3/4.
No live cattle delivery intentions were posted.
The CME Feeder Cattle Index for the seven days ended Thursday was $337.21 per cwt, up $0.24. This compares with Friday’s Aug contract settlement of $339.40, down $9.25.