Tuesday, large commodity index funds, known as managed money, had a larger collective net long live cattle futures position than they had a week earlier, while cash cattle traders had a larger total net short position.
The data was made available by the Commodity Futures Trading Commission in its weekly Commitments of Traders report Friday.
FUNDS EXTEND LONG CATTLE POSITION
Tuesday, managed money had a collective net long live cattle position of 93,727 contracts, up 1,513, or 1.64%, from 92,214 a week earlier.
At the same time, cattle traders, known as commercial traders, had a total net short live cattle position of 125,745 contracts, up 3,825, or 3.14%, from 121,920 a week earlier.
Managed money Tuesday held 113,668 long live cattle positions, or 34.3% of total open interest, for an increase of 751 contracts. They also held 19,941 short positions, or 6.0% of total open interest, for a decline of 762, and they held 39,985 spread positions, or 12.1% of total open interest, for a gain of 1,345.
Commercials Tuesday held 43,545 long live cattle positions, or 13.2% of total open interest, for a decline of 969 contracts, and they held 169,290 short positions, or 51.1% of total open interest, for a gain of 2,856.
Total live cattle open interest at the CME Tuesday was 331,020 contracts, up 3,943, or 1.21%, from 327,077 a week earlier.
The Feb contract rose in value during the CFTC-reporting week to settle Tuesday at $236.62 per cwt, compared with $230.47. But this was down from a double cycle top of $237.45 on Jan. 5 and 6.
FUNDS COVER CORN SHORTS
Tuesday, managed money had a collective net short corn futures position of 12,830 contracts, down 9,918, or 43.6%, from 22,748 a week earlier.
At the same time, commercials had a total net short corn position of 277,791 contracts, up 18,049, or 6.95%, from 259,742 a week earlier.
Managed money Tuesday held 225,019 long corn positions, or 14.5% of total open interest, for a gain of 5,567 contracts. They also held 237,019 short positions, of 15.5% of total open interest, for a decline of 4,351, and they held 226,241 spread positions, or 14.7% of total open interest, for a decline of 7,896.
Commercials Tuesday held 397,191 long positions, or 25.8% of total open interest, for a decline of 12,274, and they held 674,982 short positions, or 43.9% of total open interest, for a gain of 5,775.
Total corn open interest Tuesday at the CME was 1.538 million contracts, down from 1.543 million a week earlier.
The Mar corn contract settled Tuesday at $4.44 a bushel, up from $4.40 ½ a week earlier.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers last week ranged from $228.00 per cwt to $236.00, compared with the previous week’s range of $226.55 to $231.21 per cwt. FOB dressed steers and heifers went for $359.10 per cwt to $363.90, compared with $358.31 to $363.53.
The USDA choice cutout Friday was down $1.16 per cwt at $355.63 while select was up $0.11 at $352.17. The choice/select spread narrowed to $3.46 from $4.79 with 96 loads of fabricated product and 22 loads of trimmings and grinds sold into the spot market.
The USDA-listed the weighted average wholesale price for fresh 90% lean beef as $396.28 per cwt, and 50% beef was $141.07.
The USDA said basis bids for corn from feeders in the Southern Plains were unchanged at $0.90 to $1.10 a bushel over the Mar corn contract, which settled at $4.45 3/4, down $0.00 1/4.
The CME Feeder Cattle Index for the seven days ended Thursday was $367.90 per cwt, down $0.17. This compares with Friday’s Jan contract settlement of $360.72, down $1.75.