After five weeks of selling, managed money, a proxy for large commodity index firms, returned to extending their collective net long live cattle futures position during the week ended Tuesday, the Commodity Futures Trading Commission said Friday in its weekly Commitments of Traders report.
The CFTC report also said commercial traders, those with a cash-market tie, expanded their total net short live cattle position.
FUNDS COVER CATTLE SHORTS
Tuesday, managed money had a collective live cattle futures position of 111,061 contracts, up 538, or 0.49%, from 110,524 a week earlier.
Also on Tuesday, commercial traders had a total net short live cattle position of 126,645 contracts, up 5,633, or 4.65%, from 121,012 a week earlier.
CFTC data showed managed money Tuesday held 127,174 long positions, 35.6% of total open interest, down 2,944 from a week earlier. They also held 16,113 short positions, or 4.5% of total open interest, a decline of 3,481 contracts, and they had 48,724 spread positions, of 13.6% of open interest, a decline of 3,535.
They CFTC also said commercials Tuesday had 47,540 long positions, or 13.3% of total open interest, a gain of 2,007 contracts; they also had 174,185 short positions, of 48.7% of total open interest, a gain of 7,640 from a week earlier.
CFTC data also showed total open interest was 357,600 contracts, up 11,818, or 3.32%, from 355,782 a week earlier.
CME Group data showed the most-active Jun contract rose in value during the CFTC-reporting week to settle at $196.25 per cwt, versus $190.07 a week earlier.
FUNDS SELL CORN
Meanwhile, managed money had a collective net long Chicago corn position of 132,412 contracts, down 74,432, or 36.0%, from 206,844 a week earlier.
And commercials Tuesday had a total net short corn position of 509,634 contracts, down 64,358, or 11.2%, from 573,992 a week earlier.
Tuesday, managed money had 248,286 long positions, or 13.6% of total open interest, a decline of 48,862 contracts; they also had 115,874 short positions, or 6.3% of the total an increase of 25,570, and they had 363,299 spread positions of 19.9% of total open interest, a decline of 20,575 from a week earlier.
Commercials Tuesday had 427,454 long positions, of 23.4% of total open interest, an increase of 42,224 contracts. They also had 937,088 short positions, of 51.2% of total open interest, down 22,134 from a week earlier.
Total corn open interest Tuesday was 1.830 million contracts, down 19,179, or 1.04%, from 1.849 million a week earlier.
The most-active May contract rose in value during the CFTC-reporting week to settle Tuesday at $4.70 ¼, compared with $4.51 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 $197.87 per cwt to $201.51, compared with the previous week’s range of $197.00 to $203.12 per cwt. FOB dressed steers, and heifers went for $310.41 per cwt to $316.13, compared with $310.62 to $313.95.
The USDA choice cutout Friday was down $1.42 per cwt at $318.27 while select was off $1.15 at $306.32. The choice/select spread narrowed to $11.95 from $12.22 with 59 loads of fabricated product and 34 loads of trimmings and grinds sold into the spot market.
The USDA-listed the weighted average wholesale price for fresh 90% lean beef was $381.75 per cwt, and 50% beef was $114.07.
The USDA said basis bids for corn from feeders in the Southern Plains were unchanged at $1.20 to $1.32 a bushel over the May corn contract, which settled at $4.58 1/2, down $0.06 3/4.
The CME Feeder Cattle Index for the seven days ended Thursday was $282.72 per cwt, up $1.47. This compares with Friday’s Mar contract settlement of $281.97, up $1.75.