Large commodity index funds, or managed money, advanced their collective net long live cattle position to its largest point in nearly 10 months Tuesday, according to the weekly Commitments of Traders report Friday from the Commodity Futures Trading Commission.
Cash cattle traders, meanwhile, extended their total net short position to their largest position in more than a year.
FUNDS BOOST LONG CATTLE POSITION
Tuesday, managed money had a collective net long live cattle futures position of 129,416 contracts, up 9,863, or 8.25%, from 119,553 a week earlier but down 889, or 0.68%, from the next largest net long position of 130,305 contracts established on June 17, 2025.
At the same time, cash cattle traders, or commercial traders, had a total net short position of 147,290 contracts, up 13,572, or 10.1%, from 133,718 a week earlier but down 2,372, or 1.58%, from 149,662 contracts on April 1, 2025.
Broken down, managed money Tuesday held 140,157 long live cattle positions, or 40.8% of total open interest, for a gain of 9,250. They also held 10,741 short positions, or 3.1% of total open interest, for a loss of 613 contracts, while holding 45,055 spread positions, or 13.1% of total open interest for a gain of 1,356.
Meanwhile, commercial traders Tuesday held 31,907 long live cattle positions, or 9.3% of total open interest, for a decline of 6,204, and they held 179,197 short positions, or 52.2% of total open interest, for a gain of 7,368.
Live cattle open interest at the CME Tuesday totaled 345,368 contracts, up 6,320, or 1.86%, from 339,048 a week earlier.
The Jun live cattle contract rose during the CFTC-reporting week to settle Tuesday at $245.80 per cwt, compared with $243.27 a week earlier.
FUNDS CUT CORN POSITION
Tuesday, managed money had a collective net long corn futures position of 210,976 contracts, down 46,976, or 18.2%, from 257,952 a week earlier.
At the same time, commercials had a total net short position of 529,490 contracts, down 42,970, or 7.49%, from 572,360 a week earlier.
Broken down, managed money’s position Tuesday consisted of 311,210 long positions, or 17.1% of total open interest, for a decline of 33,558. They also held 100,234 short positions, of 5.5% of total open interest, for a gain of 13,418, and they had 312,472 spread positions, or 17.2% of total open interest, for a gain of 10,093.
Meanwhile, commercial traders’ position had 395,241 long positions, or 21.8% of total open interest, for a decline of 7,694, and they held 924,731 short positions, or 50.9% of total open interest, for a decline of 50,564.
Open interest at the CME Tuesday totaled 1.817 million contracts, down from 1.827 million a week earlier.
The May corn contract declined during the CFTC-reporting week to settle Tuesday at $4.49 a bushel, compared with $4.57 ¾.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers last week ranged from $235.00 per cwt to $248.29, compared with the previous week’s range of $234.90 to $243.63 per cwt. FOB dressed steers and heifers went for $373.20 per cwt to $388.53, compared with $370.42 to $377.81.
The USDA choice cutout Friday was down $0.19 per cwt at $380.90 while select was down $0.23 at $381.34. The choice/select spread remained inverted at minus $0.44 from minus 0.48 with 61 loads of fabricated product and 23 loads of trimmings and grinds sold into the spot market.
The USDA-listed the weighted average wholesale price for fresh 90% lean beef as $445.65 per cwt, and 50% beef was $186.05.
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 $4.41, down $0.03.
No new live cattle contracts were tendered for delivery Friday. Three steer contracts were retendered for delivery at one Friday.
The CME Feeder Cattle Index for the seven days ended Thursday was $366.67 per cwt, up $2.57. This compares with Friday’s Apr contract settlement of $374.15, up $1.62.