Large commodity investment funds, called managed money, increased their collective net long live cattle futures position slightly in the week ended Tuesday, keeping their overall position near even.
The numbers came from the Commodity Futures Trading Commission’s weekly Commitments of Traders report Friday and showed that managed money’s net long live cattle position was 12,260 contracts, up 1,174, or 10.6%, from 11,086 the previous Tuesday.
At the same time, commercial traders, those who own the cattle and theoretically could make or take delivery on a futures contract, cut their net short live cattle futures position to its lowest point in more than a year. The new position was short by 98,869 contracts, down 3,479, or 3.65%, from 95,390 a week previous.
The CFTC said managed money arrived at its new net long cattle position by liquidating 1,926 long positions, covering 3,100 short positions and placing 491 new spread positions. This left them representing 22.8% of total long open interest, 19.2% of total short open interest and 11.8% of total spread open interest.
Commercial traders got to their new net short cattle position by liquidating 2,539 long positions and covering 8,288 short positions. This left them in control of 12.6% of total long open interest and 41.9% of total short open interest.
The CME Group said total live cattle open interest Tuesday was 335,781 contracts, down 16,787, or 4.76%, from 352,568 the previous week.
During the week ended Tuesday, the most-active Aug futures contract rose to close at $104.05 per cwt from $101.51, a gain of $2.54, or 2.50%.
FUNDS SELL CORN HARD
Managed money, meanwhile, was selling corn hard. Their new collective net long position as of Tuesday was 78,696 contracts, down 102,094, or 56.5%, from 180,790 the previous Tuesday and their lowest position since Feb. 27 when it was 58,445 contracts.
At the same time, commercial corn traders, slashed their net short corn position to 480,277 contracts from 561,144 a week previous, a decline of 80,867, or 14.4%.
CFTC data showed that managed money arrived at its new position by liquidating 28,547 long positions, adding 73,547 short positions and unwinding 16,058 spread positions. This left them representing 15.4% of total long open interest, 11.5% of total short open interest and 10.8% of total spread open interest.
Commercial traders got to their new position by adding 27,552 long positions and covering 43,315 short positions. This left them in control of 23.5% of total long open interest and 47.7% of total short open interest.
Total corn open interest rose to 1.990 million contracts from 1.961 million the previous Tuesday, the CME Group said. This was a gain of 29,539 contracts, or 1.51%.
The most-active Jul corn contract fell to close Tuesday at $3.83 ¾ a bushel from $4.00 the previous Tuesday, a drop of $0.16 ¼ cents, or 4.06%.
CATTLE, BEEF RECAP
No fed cattle sold Wednesday on the Livestock Exchange Video Auction, versus sales the previous week at $110 per cwt.
Cash cattle traded last week at $114 to mostly $115 per cwt on a live basis, up $3.50 to $4 from the previous week. On a dressed basis, cattle traded at $184 per cwt, up $6 to $7.
The USDA choice cutout Friday was down $0.20 per cwt at $226.21, while select was off $0.23 at $203.18. The choice/select spread widened to $23.03 from $23.00 with 77 loads of fabricated product sold into the spot market.
The CME Feeder Cattle index for the seven days ended Thursday, was $140.49 per cwt, up $0.84. This compares with Friday’s Aug settlement of $147.27, up $1.47.