For the third straight week, large commodity index funds, called managed money, trimmed their collective net long live cattle futures position in the week ended Tuesday as cash cattle traders edged their total net short position downward.
The information is contained within Friday’s weekly Commitments of Traders report from the Commodity Futures Trading Commission.
FUNDS SELL MORE CATTLE POSITIONS
Tuesday, managed money had a collective net long live cattle futures position of 103,143 contracts, down 2,767, or 2.61%, from 105,910 a week earlier. This took them to their smallest net long position since Jan. 20 when it was 101,471 contracts.
Meanwhile, cash cattle traders, called commercial traders, had a total net short live cattle position of 123,957 contracts, down 2,427, or 1.92%, from 126,384 a week earlier. This brought them to their smallest net short position since Dec. 30 when it was 121,920 contracts.
Tuesday, managed money held 117,445 long live cattle positions, or 35.1% of total open interest, for a drop of 3,065 contracts. They also held 14,302 short positions, or 4.3% of total open interest, for a decline of 298, and they held 48,041 spread positions, or 14.4% of total open interest, for a gain of 2,641 contracts.
At the same time, commercials held 40,397 long positions, or 12.1% of total open interest, for a decline of 1,294 contracts. They also held 164,354 short positions, or 49.2% of total open interest, for a decline of 3,721.
Open interest at the CME Tuesday totaled 334,142 contracts, down 452, or 0.14%, from 334,594 a week earlier.
The Jun live cattle contract rose in value during the CFTC-reporting week to settle at $233.70 per cwt, compared with $230.20 a week earlier.
FUNDS CONTINUE BUYING CORN
Tuesday, managed money had a collective net long corn futures position of 230,888 contracts, up from 198,804 a week earlier. It was their largest net long position since Feb. 25, 2025, when it was 333,843 contracts.
At the same time, commercials had a total net short corn position of 563,874 contracts, up from 514,056 a week earlier. It was their largest net short position since March 4, 2025, when it was 573,992 contracts.
Tuesday, managed money held 343,658 long corn positions, or 19.4% of total open interest, for a gain of 13,338 contracts. They also held 112,770 short positions, or 6.4% of total open interest, for a drop of 18,746, and they held 270,394 spread positions, or 15.2% of total open interest, for a gain of 9,500.
Commercials held 391,778 long positions, or 22.1% of total open interest, for a decline of 2,369 contracts, and they held 955,652 short positions, or 53.9% of total open interest, for a gain of 47,449.
Total open interest at the CME was 1.773 million contracts, up 50,000, or 2.90%, from 1.723 million a week earlier.
The May corn contract rose during the CFTC-reporting week to settle at $4.54 a bushel, versus $4.52 ¼.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $234.91 per cwt to $248.00, compared with last week’s range of $239.92 to $246.64 per cwt. FOB dressed steers and heifers went for $369.34 per cwt to $377.44, compared with $376.66 to $382.97.
The USDA choice cutout Thursday was down $1.45 per cwt at $400.30 while select was off $3.72 at $392.45. The choice/select spread narrowed to $7.85 from $5.58 with 67 loads of fabricated product and 25 loads of trimmings and grinds sold into the spot market.
The USDA-listed the weighted average wholesale price for fresh 90% lean beef as $443.24 per cwt, and 50% beef was $190.12
The USDA said basis bids for corn from feeders in the Southern Plains were unchanged at $0.90 to $1.05 a bushel over the May corn contract, which settled at $4.69 3/4, up $0.06 1/2.
The CME Feeder Cattle Index for the seven days ended Wednesday was $360.69 per cwt, up $2.37. This compares with Thursday’s Mar contract settlement of $355.27, down $3.45.