During the week ended Tuesday, large commodity index firms, known as managed money, increased their collective net long live cattle position.
In releasing the data in Friday’s Commitments of Traders report, the Commodity Futures Trading Commission also said cattle hedgers boosted their total net short live cattle position.
FUNDS GET LONGER LIVE CATTLE
Tuesday, managed money had a collective net long live cattle position of 126,530 contracts, up 4,763, or 3.91%, from 121,767 a week earlier. It was their largest net long position since July 15 when it was 126,572 contracts.
Hedgers, referred to as commercial traders, Tuesday had a total net short cattle position of 131,832 contracts, up 1,691, or 1.30%, from 130,141 a week earlier.
Managed money Tuesday held 157,851 long positions, or 39.7% of total open interest, for a gain of 3,362. They also held 31,321 short positions, or 7.9% of total open interest, for a decline of 1,401, and they held 47,441 spread positions, or 11.9% of the total, for a gain of 2,877 contracts.
Commercials Tuesday held 52,667 long positions, or 13.3% of total open interest, for a gain of 2,151, and they held 184,499 short positions, or 46.4% of total open interest, for a decline of 460.
The CFTC said total live cattle open interest at the CME Tuesday was 397,430 contracts, up 6,224, or 1.59%, from 391,206 a week earlier.
The most-active Oct live cattle contract rose during the CFTC-reporting week to $239.52 per cwt from $238.20.
FUNDS GET LESS SHORT CORN
Tuesday, managed money had a collective net short corn position of 95,197 contracts, down 15,738, or 14.2%, from 110,935 a week earlier for their smallest short position since May 27 when it was 90,149 contracts.
Commercials Tuesday had a total net short corn position of 130,951 contracts, up 14,524, or 12.5%, from 116,427 a week earlier for their shortest position since June 3 when it was 160,561 contracts.
Managed money Tuesday held 238,659 long positions, or 16.4% of total open interest, for an increase of 4,751. They also held 333,856 short positions, of 23.0% of the total for a decline of 10,987, and they had 186,669 spread positions, or 12.8% of the total, for an increase of 9,305.
Commercials Tuesday held 410,891 long positions, or 28.2% of total open interest, for a decline of 5,574, and they held 541,842 short positions, or 37.3% of total open interest, for a gain of 8,950.
At the CME, total corn open interest was 1.455 million contracts, down 2,187, or 0.15%, from 1.457 million a week earlier.
Most-active Dec rose to $4.23 a bushel during the week from $4.09 ½.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers last week ranged from $242.00 per cwt to $246.00, compared with the previous week’s range of $239.00 to $245.20 per cwt. FOB dressed steers and heifers went for $379.65 per cwt to $387.65, compared with $373.13 to $383.79.
The USDA choice cutout Friday was down $3.45 per cwt at $410.76 while select was down $2.58 at $385.19. The choice/select spread narrowed to $25.57 from $26.44 with 96 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 was $435.89 per cwt, and 50% beef was $158.73.
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 $3.95 1/4, down $0.03 3/4.
The CME Feeder Cattle Index for the seven days ended Thursday was $363.96 per cwt, up $2.61. This compares with Friday’s Sep contract settlement of $359.82, unchanged.