During the week ended Tuesday, large commodity index funds, called managed money, reduced their collective net long live cattle futures position while, cash cattle traders cut their total net short position.
The data for such a conclusion came from the weekly Commitments of Traders report Friday from the Commodity Futures Trading Commission.
FUNDS SELL CATTLE FUTURES
Tuesday, managed money had a collective net long live cattle position of 105,910 contracts, down 6,134, or 5.47%, from 112,044 a week earlier.
At the same time, those cash cattle traders, called commercial traders, had a total net short position of 126,384 contracts, down 8,267, or 6.14%, from 134,651 a week earlier.
CFTC data also show that on Tuesday, managed money held 120,510 long live cattle positions, or 36.0% of total open interest, for a drop of 7,530 contracts. They also held 14,600 short positions, or 4.4% of total open interest, for a decline of 1,390, and they held 45,400 spread positions, or 13.6% of total open interest, for a dip of 4,152.
At the same time, commercial traders held 41,691 long live cattle positions, or 12.5% of total open interest, for a gain of 7,553 contracts. They also held 168,075 short positions, or 50.2% of total open interest, for a loss of 714.
DFTC data also showed that on Tuesday, total live cattle open interest at the CME was 334,594 contracts, down 7,581, or 2.22%, from 342,175 a week earlier.
During the CFTC-reporting week, the Jun live cattle contract was very volatile, closing at $230.20 per cwt from $230.67 a week earlier.
MANAGED MONEY GOES BIG ON CORN
Tuesday, managed money had a collective net long corn position of 198,804 contracts, up 146,561, or 280.5%, from 52,243 a week earlier for their largest position since March 4, 2025.
At the same time, commercials had a total net short corn position of 514,056 contracts, up from 365,054 a week earlier, for their largest position since March 4, 2025, when it was 573,992 contracts.
CFTC data showed that on Tuesday, managed money held 330,320 long corn positions, or 19.2% of total open interest, for a gain of 91,008 contracts. They also held 131,516 short positions, or 7.6% of total open interest, for a decline of 55,473, and they held 260,894 spread positions, or 15.1% of total open interest, for a gain of 5,945.
Commercials, meanwhile, held 394,147 long corn positions, or 22.9% of total open interest, for a loss of 678, and they held 908,203 short positions, or 52.7% of total open interest, for a gain of 148,324.
At the CME Tuesday, total corn open interest was 1.723 million contracts, up 106,000, or 6.56%, from 1.617 million a week earlier.
During the CFTC-reporting week, the May corn contract rose to settle at $4.52 ¼ a bushel, versus $4.46 1/2.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers last week ranged from $239.92 per cwt to $246.64, compared with the previous week’s range of $240.00 to $249.00 per cwt. FOB dressed steers and heifers went for $376.66 per cwt to $382.97, compared with $382.75 to $389.66.
The USDA choice cutout Friday was up $0.83 per cwt at $397.92 while select was up $0.72 at $391.54. The choice/select spread widened to $6.38 from $6.27 with 41 loads of fabricated product and 11 loads of trimmings and grinds sold into the spot market.
The USDA-listed the weighted average wholesale price for fresh 90% lean beef as $436.31 per cwt, and 50% beef was $192.93.
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 $4.67 1/4, up $0.04 3/4.
The CME Feeder Cattle Index for the seven days ended Thursday was $358.35 per cwt, down $2.62. This compares with Friday’s Mar contract settlement of $349.47, up $1.25.