In the week ended Tuesday, large commodity index funds, called managed money, again trimmed their collective net long live cattle futures position while cattle owners trimmed their total net short position.
The Commodity Futures Trading Commission revealed the information in its weekly Commitments of Traders report.
FUNDS CUT NET LONG LIVE CATTLE POSITION
Tuesday, managed money had a net long live cattle position of 119,993 contracts, down 1,474, or 1.21%, from 121,467 a week earlier. It was their smallest net long position since April 22 when it was 115,353 contracts.
At the same time, cattle owners, called commercial traders, had a total net short position of 132,074 contracts, down 804, or 0.61%, from 132,878 a week earlier. It was their smallest net short position since July 29 when it was 131,094 contracts.
The CFTC said managed money Tuesday held 151,580 long positions, or 39.7% of total open interest, down 1,819. They also held 31,587 short positions, or 8.3% of the total, down 345, while holding another 43,598 spread positions, or 11.4% of total open interest, down 1,403.
Commercials Tuesday held 55,507 long positions, of 14.5% of total open interest, for a decline of 43, while also holding 187,581 short positions, or 49.1% of the total, for a decline of 847.
CFTC data also showed total open interest at the CME was 382,088 contracts, down 4,817, or 1.25%, from 386,905 a week earlier.
The most-active Oct contract rose in value during the CFTC-reporting week to settle at $229.02 per cwt, compared with $227.10 a week earlier.
FUNDS GET LONGER CORN
Tuesday, managed money had a collective net short corn futures position of 142,339 contracts, up 6,493, or 4.78%, from 135,846 a week earlier.
Meanwhile, commercials had a total net short corn position of 51,163 contracts, down 6,620, or 11.5%, from 57,783 a week earlier.
The CFTC said managed money Tuesday held 212,492 long positions, or 13.7% of total open interest, a gain of 8,114. They also had 354,831 short positions, or 22.9% of total open interest, up 14,607, and they held 204,900 spread positions, or 13.2% of total open interest, down 77,507.
Commercials Tuesday held 440,487 long positions, or 28.4% of total open interest, for a gain of 29,586, and they had 491,650 short positions, or 31.7% of the total, up 22,966.
Open interest at the CME Tuesday was 1.550 million contracts, down from 1.618 million a week earlier.
Most-active Dec settled Tuesday at $3.94 ½ a bushel, down from $4.02 a week earlier.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers last week ranged from $236.15 per cwt to $245.92, compared with the previous week’s range of $235.00 to $247.10 per cwt. FOB dressed steers and heifers went for $371.08 per cwt to $382.02, compared with $366.72 to $388.63.
The USDA choice cutout Friday was up $6.78 per cwt at $400.57 while select was up $3.88 at $370.76. The choice/select spread widened to $29.81 from $26.91 with 93 loads of fabricated product and 11 loads of trimmings and grinds sold into the spot market.
The USDA-listed the weighted average wholesale price for fresh 90% lean beef was $422.38 per cwt, and 50% beef was $191.64.
The USDA said basis bids for corn from feeders in the Southern Plains were unchanged at $1.30 to $1.45 a bushel over the Sep corn contract, which settled at $3.83 3/4, up $0.08 3/4.
No live cattle delivery intentions were posted.
The CME Feeder Cattle Index for the seven days ended Thursday was $345.75 per cwt, down $0.26. This compares with Friday’s Aug contract settlement of $346.15, up $5.75.