In the week ended last Tuesday, Aug. 19, managed money, a moniker for large commodity investment funds, inched their collective net long live cattle futures position higher, according to the weekly Commitments of Traders report Friday.
In releasing the report, the Commodity Futures Trading Commission also said cattle owners, called commercial traders, trimmed their total net short position.
FUNDS BUILD NET LONG CATTLE POSITION
Last Tuesday, managed money had a collective net long live cattle position of 120,489 contracts, up 496, or 0.41%, from 119,993 a week earlier, to their lowest position since April 22 when it was 115,353 contracts.
At the same time, commercial traders had a total net short live cattle position of 131,687 contracts, down 387, or 0.29%, from 132,074 a week earlier.
The CFTC said managed money last Tuesday held 152,207 long positions, or 39.5% of total open interest, up 627 from a week earlier. They also held 31,718 short positions, or 8.2% of total open interest for a gain of 131, and they had 44,731 spread positions, or 11.6% of the total, for a gain of 1,133.
Commercials held 53,814 long positions, or 14.0% of total open interest, down 1,693, and they held 185,501 short positions, or 48.2% of total open interest, for a decline of 2,080.
CFTC data also showed live cattle open interest at the CME last Tuesday was 385,029 contracts, up 2,941, or 0.77%, from 382,088 a week earlier.
The most-active Aug contract’s value rose during the CFTC-reporting week to settle at $231.35 per cwt, versus $229.02 a week earlier.
FUNDS COVER CORN SHORTS
Last Tuesday, managed money had a collective net short corn futures position of 114,637 contracts, down 27,702, or 19.5%, from 142,339 a week earlier.
Commercials, meanwhile, had a total net short corn position of 78,729 contracts, up 27,566, or 53.9%, from 51,163 a week earlier.
Managed money last Tuesday held 239,953 long corn positions, or 15.3% of total open interest, up 27,461 from a week earlier. They also held 354,598 short positions, or 22.6% of total open interest, down 241, and they held 198,990 spread positions, or 12.7% of total open interest, for a decline of 5,910.
Commercials, though, held 456,402 long positions, or 29.1% of total open interest, for a gain of 15,915, and they held 535,131 short positions, or 34.2% of the total, for a gain of 43,481.
The CFTC said corn open interest at the CME last Tuesday was 1.566 million contracts, up from 1.550 million a week earlier.
Most-active Dec rose during the CFTRC-reporting week to $4.03 ¼ a bushel from $3.94 ½.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers last week ranged from $241.46 per cwt to $241.93, compared with the previous week’s range of $236.22 to $244.13 per cwt. FOB dressed steers and heifers went for $377.02 per cwt to $383.31, compared with $369.86 to $385.93.
The USDA choice cutout Monday was up $0.58 per cwt at $408.49 while select was up $1.72 at $385.38. The choice/select spread narrowed to $23.11 from $24.25 with 46 loads of fabricated product and 17 loads of trimmings and grinds sold into the spot market.
The USDA-listed the weighted average wholesale price for fresh 90% lean beef was $427.77 per cwt, and 50% beef was $187.59.
The USDA said basis bids for corn from feeders in the Southern Plains were unchanged at $1.30 to $1.40 a bushel over the Sep corn contract, which settled at $3.89 1/4, up $0.01.
No live cattle delivery intentions were posted.
The CME Feeder Cattle Index for the seven days ended Friday was $357.92 per cwt, up $7.74. This compares with Monday’s Aug contract settlement of $360.85, up $0.50.