Large commodity index funds, or managed money, nudged their collective net long live cattle futures position higher in the week ended Tuesday.
In its weekly Commitments of Trader report Friday, which outlined trader positions as of the previous Tuesday, the Commodity Futures Trading Commission also said cattle owners inched their total net short position to a higher level.
FUNDS GET LONGER CATTLE
Tuesday, managed money had a collective net long live cattle futures position of 127,889 contracts, up 2,278, or 1.81%, from 125,611 a week earlier. It was their largest net long position since April 1 when it was 139,126 contracts.
Cattle owners, or commercial traders, Tuesday had a total net short live cattle position of 135,811 contracts, up 1,495, or 1.11%, from 134,316 a week earlier. It was their largest position since April 8 when it was 138,791 contracts.
Managed money Tuesday held 152,293 long positions, or 40.1% of total open interest, up 5,823 from a week earlier. They also had 24,404 short positions, or 6.4% of total open interest, a gain of 3,545, and 44,089 spread positions, or 11.6% of total open interest, a decline of 3,790.
Commercials Tuesday held 44,035 long positions, or 11.6% of total open interest, a decline of 6,968 from the previous week. They also had 179,846 short positions, or 47.3% of total open interest, down 5,473.
The CFTC also said total live cattle open interest at the CME was 379,863 contracts, down 2,874, or 0.75%, from 382,737 a week earlier.
The most-active Aug contract rose in value during the CFTC-reporting week to settle at $211.62 per cwt, versus $209.37 a week earlier.
FUNDS GO SHORT CORN
Managed money Tuesday had a collective net short corn futures position of 64,272 contracts, compared with a net long position of 29,019 a week earlier. It was the shortest they have been since Oct. 22, 2024, when it was short by 87,858 contracts.
Commercials had a total net short position of 244,201 contracts, down 88,471, or 26.6%, from 332,672 a week earlier.
Managed money held 196.463 long positions, or 12.4% of total open interest, down 38,178, while also holding 260,735 short positions, or 16.4% of total open interest, up 55,113 contracts. They also had 204,083 spread positions, or 12.8% of total open interest, up 19,821.
Commercials held 409,441 long positions, or 25.8% of total open interest, up 45,874 from a week earlier, while also holding 653,642 short positions, or 41.1% of total open interest, a decline of 42,597.
Total open interest was 1.589 million contracts, up from 1.549 million a week earlier.
The most-active Jul contract settled Tuesday at $4.42 ½ a bushel versus $4.55 ½.
CTTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers last week ranged from $220.35 per cwt to $227.53, compared with the previous week’s range of $216.84 to $222.23 per cwt. FOB dressed steers, and heifers went for $342.45 per cwt to $357.95, compared with $336.28 to $357.17.
The USDA choice cutout Friday was up $2.59 per cwt at $352.49 while select was up $3.21 at $342.39. The choice/select spread narrowed to $10.10 from $10.72 with 79 loads of fabricated product and 22 loads of trimmings and grinds sold into the spot market.
The USDA-listed the weighted average wholesale price for fresh 90% lean beef was $377.97 per cwt, and 50% beef was $121.17.
The USDA said basis bids for corn from feeders in the Southern Plains were unchanged at $1.15 to $1.25 a bushel over the Jul corn contract, which settled at $4.43 1/2, down $0.05.
The CME Feeder Cattle Index for the seven days ended Thursday was $300.79 per cwt, down $1.38. This compares with Friday’s May contract settlement of $296.85, up $0.67.