In the latest reporting week ended Tuesday, the Commodity Futures Trading Commission said large commodity index funds, known as managed money, expanded their collective net long live cattle futures position.
The CFTC’s weekly Commitments of Traders report Friday also showed that commercial traders, those who deal mostly in the cash market and use futures for hedging, grew their total net short live cattle position.
FUNDS GET LONGER CATTLE
Tuesday, managed money had a collective net long live cattle position of 125,611 contracts, up 3,118, or 2.55%, from 122,493 a week earlier.
Commercial traders had a total net short position Tuesday of 134,316 contracts, up 1,120, or 0.84%, from 133,196 a week earlier.
The CFTC said managed money Tuesday held 146,470 long positions, or 38.3% of total open interest, a gain of 7,593. They also held 20,859 short positions, or 5.4% of total open interest, for a gain of 4,475; they also had 47,879 spread positions, or 12.5% of total open interest, a gain of 6,406.
Commercials Tuesday had 51,003 long positions, or 13.3% of total open interest for a gain of 4,357, and 185,319 short positions, or 48.4% of total open interest for a gain of 5,477.
CFTC data also showed total live cattle open interest at 382,737 contracts, up 25,671, or 7.19%, from 357,066 a week earlier.
CME Group data showed the most-active Jun contract rose in value during the CFTC-reporting week to settle at $213.67 per cwt, compared with $210.20, a gain of $3.47, or 1.65%.
FUNDS LIQUIDATE CORN POSITIONS
Managed money Tuesday had a collective net long corn position of 29,019 contracts, down 57,114, or 66.3%, from 86,129 a week earlier for their smallest net long position since Nov. 5 when it was 3,035.
Commercial traders had a total net short position of 332,672 contracts, down from 388,185 a week earlier for their smallest position since Nov. 5 when it was 298,176 contracts.
Managed money Tuesday held 234,641 long corn positions, or 15.2% of total corn open interest, a decline of 28,217 from the previous Tuesday. They also had 205,622 short positions, or 13.3% of total open interest, a gain of 28,893 contracts, and 184,262 spread positions, or 11.9% of the total, a decline of 2,708.
Commercials Tuesday held 363,567 long positions, or 23.5% of total open interest, a gain of 18,365, and 696,239 spread positions, or 45.0% of the total for a decline of 37,148.
Total open interest was 1.549 million contracts, up 13,592, or 0.88%, from 1.544 million a week earlier.
Most-active Jul declined in value to settle at $4.55 ½ a bushel, compared with $4.70 ¼ a week earlier.
CTTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers last week ranged from $216.84 per cwt to $222.23, compared with the previous week’s range of $212.00 to $219.77 per cwt. FOB dressed steers, and heifers went for $336.28 per cwt to $353.67, compared with $329.37 to $346.08.
The USDA choice cutout Friday was down $1.92 per cwt at $345.97 while select was down $2.03 at $331.17. The choice/select spread widened to $14.80 from $14.69 with 85 loads of fabricated product and 20 loads of trimmings and grinds sold into the spot market.
The USDA-listed the weighted average wholesale price for fresh 90% lean beef was $374.56 per cwt, and 50% beef was $103.77.
The USDA said basis bids for corn from feeders in the Southern Plains were unchanged at $1.16 to $1.26 a bushel over the Jul corn contract, which settled at $4.49 3/4, up $0.02 1/4.
The CME Feeder Cattle Index for the seven days ended Thursday was $296.14 per cwt, up $0.36. This compares with Friday’s May contract settlement of $297.97, up $0.50.