During the week ended Tuesday, Sep. 23, managed money, a proxy for large commodity index funds, reduced their collective net long live cattle futures position while cattle hedgers increased their total net short position.
The data came from the Commodity Futures Trading Commission Wednesday as they began catching up with weekly reports on the holdings of trader types that were held up by the government shutdown. The CFTC plans to release other backed-up weekly Commitments of Traders reports until it catches up.
FUNDS REDUCE LONG CATTLE POSITION
As of Tuesday, Sep. 23, managed money had a collective net long live cattle futures position of 121,070 contracts, up 2,680, or 2.17%, from 123,750 a week earlier.
At the same time, hedgers, called commercial traders, had a total net short live cattle position of 125,635 contracts, up 987, or 0.79%, from 124,648 a week earlier.
On Sep. 23, managed money held 142,518 long live cattle positions, or 37.9% of total open interest, a decline of 7,301 from a week earlier. They also held 30,087 short positions, or 8.0% of total open interest, an increase of 1,338. And, they held 39,965 spread positions, or 10.6% of total open interest, a decline of 1,009.
Commercials held 57,500 long positions, or 15,3% of total open interest, a decline of 3,284. They also held 181,637 short positions, or 48.4% of total open interest, for a decline of 4,782.
As of Sep.23, total open interest at the CME was 375,602 contracts, down 10,977, or 2.84%, from 386,579 a week earlier.
During that CFTC-reporting week, the most-active Feb contract rose in value to settle at $241.12 per cwt, compared with $237.00 a week earlier.
FUNDS BOOST NET SHORT CORN POSITION
Tuesday, Sep. 23, managed money had a collective net short corn position of 129,357 contracts, up 32,034, or 32.9%, from 97,323 a week earlier.
Meanwhile, commercials had a total net short corn position of 118,721 contracts, down 30,065, or 20.2%, from 148,786 a week earlier.
On Sep. 23, managed money held 179,951 long corn positions, or 11.6% of total open interest, a decline of 25,083 from a week earlier. They also held 309,308 short positions, or 20.0% of total open interest, an increase of 6,051. And, they also held 228,334 spread positions, or 14.7% of total open interest for a gain of 11,940.
Commercials then held 440,265 long corn positions, or 28.4% of total open interest, for a gain of 14,078 contracts. They also held 558,986 short positions, or 36.1% of total open interest, for a decline of 14,987.
Total open interest was 1.550 million contracts, up from 1.543 million a week earlier, and the most-active Mar contract declined during that CFTC-reporting week to settle at $4.32 a bushel, compared with $4.43.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $227.18 per cwt to $231.74, compared with last week’s range of $229.81 to $239.00 per cwt. FOB dressed steers and heifers went for $356.85 per cwt to $362.66, compared with $361.70 to $369.29.
The USDA choice cutout Wednesday was down $0.72 per cwt at $371.23 while select was down $1.40 at $353.55. The choice/select spread widened to $17.68 from $17.00 with 164 loads of fabricated product and 15 loads of trimmings and grinds sold into the spot market.
The USDA-listed the weighted average wholesale price for fresh 90% lean beef as $402.52 per cwt, and 50% beef was $180.18.
The USDA said basis bids for corn from feeders in the Southern Plains were unchanged at $1.05 to $1.20 a bushel over the Dec corn contract, which settled at $4.29 3/4, down $0.07.
The CME Feeder Cattle Index for the seven days ended Tuesday was $340.02 per cwt, up $0.56. This compares with Wednesday’s Nov contract settlement of $341.85, up $1.07.