During the week ended Tuesday, large commodity index funds, or managed money, cut their collective net long live cattle futures position as cash cattle traders reduced their total net short position.
The data is from the weekly Commitments of Traders report from the Commodity Futures Trading Commission on Friday.
FUNDS CUT LONG CATTLE POSITION
Tuesday, managed money had a collective net long live cattle futures position of 112,044 contracts, down 4,919, or 4.21%, from 116,963 a week earlier.
At the same time, cash cattle traders, or commercial traders, had a total net short live cattle position of 134,651 contracts, down 4,938, or 3.54%, from 139,589 a week earlier.
Managed money’s position Tuesday had 128,040 long positions, or 37.4% of total open interest, for a decline of 4,366 contracts from a week earlier. It also had 15,996 short positions or 4.7% of total open interest, for a gain of 563, and it held 49,552 spread positions, or 14.5% of total open interest, for a gain of 6,094.
Meanwhile, the total short position of commercial traders held 34,138 long positions, or 10.0% of total open interest, a gain of 3,195 contracts from a week earlier. It also held 168,789 short positions, or 49.3% of total open interest, a decline of 1,743.
Cattle open interest at the Chicago Mercantile Exchange Tuesday was 342,175 contracts, up 490, or 0.14%, from 341,685 a week earlier.
During the CFTC-reporting week, the Jun contract fell in value to settle Tuesday at $234.12 per cwt, compared with $239.10 a week earlier.
FUNDS GO LONG CORN
Continuing a corn futures buying trend that began six weeks earlier, managed money moved into the net long position during the week ended Tuesday. Their new position was being net long by 52,243 contracts, versus being net short by 13,234 contracts just a week earlier.
Commercials, Tuesday, had a total net short corn position of 365,054 contracts, up from 286,685 a week earlier for their largest net short position since April 29, 2025, when it was 388,185 contracts.
Tuesday, managed money held 239,232 long corn positions, or 14.8% of total open interest, for a gain of 19,244. They also held 186,989 short positions, or 11.6% of total open interest, for a loss of 46,233 contracts, and they held 254,949 spread positions, or 15.8% of total open interest, for a gain of 5,805.
Commercials Tuesday held 394,825 long corn positions, or 24.4% of total open interest, a drop of 41,393 contracts, and they held 759,879 short corn positions, or 47.8% of total open interest, for a gain of 36,976.
Corn open interest at the CBOT Tuesday totaled 1.617 million contracts, down 39,000, or 2.36%, from 1.656 million a week earlier.
The May corn contract Tuesday settled at $4.46 ½ a bushel, up from $4.38 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 $243.00 per cwt to $249.00, compared with the previous week’s range of $247.79 to $251.69 per cwt. FOB dressed steers and heifers went for $382.75 per cwt to $389.66, compared with $387.65 to $391.91.
The USDA choice cutout Friday was up $0.33 per cwt at $387.22 while select was down $1.86 at $378.95. The choice/select spread widened to $8.27 from $6.28 with 49 loads of fabricated product and 16 loads of trimmings and grinds sold into the spot market.
The USDA-listed the weighted average wholesale price for fresh 90% lean beef as $432.01 per cwt, and 50% beef was $161.44.
The USDA said basis bids for corn from feeders in the Southern Plains were $0.90 to $1.05 a bushel over the May corn contract, which settled at $4.60 1/2, up $0.07.
The CME Feeder Cattle Index for the seven days ended Thursday was $367.32 per cwt, down $1.27. This compares with Friday’s Mar contract settlement of $355.62, down $6.97.