Large commodity index funds, known as managed money, nudged their collective net long live cattle futures position higher during the week ended last Tuesday, Aug. 26, according to the weekly Commitments of Traders report Friday.
In revealing the relative positions of trader groups Friday, the Commodity Futures Trading Commission also said cattle owners, known as commercial traders, trimmed their total net short live cattle position.
FUNDS OWN A FEW MORE CATTLE POSITIONS
Last Tuesday, managed money had a collective net long live cattle position of 121,767 contracts, up 1,278, or 1.06%, from 120,489 a week earlier.
At the same time, commercial traders had a total net short live cattle position of 130,141 contracts, down 1,546, or 1.17%, from 131,687 a week earlier.
The CFTC said managed money last Tuesday held 154,489 long live cattle positions, or 39.5% of total open interest, for a gain of 2,282 from a week earlier. They also held 32,722 short positions, or 8.4% of total open interest, for a gain of 1,004, and they had 44,564 spread positions, or 11.4% of total open interest, for a decline of 167.
Commercials last Tuesday held 54,818 long live cattle positions, or 14.0% of total open interest, for a gain of 1,004, and they had 184,959 short positions, or 47.3% of total open interest, for a decline of 542.
The CFTC also said live cattle open interest at the CME last Tuesday totaled 391,206 contracts, up 6,177, or 1.60%, from 385,029 a week earlier.
The most-active Oct live cattle contract rose in value during the CFTC-reporting week to end at $238.20 per cwt, compared with $231.35 a week earlier.
FUNDS CUT NET SHORT CORN POSITION
Last Tuesday, managed money had a collective net short corn position of 110,935 contracts, down 3,702, or 3.23%, from 114,637 a week earlier.
Meanwhile, commercials had a total net short corn position of 116,427 contracts, up 37,698, or 47.9%, from 78,729 a week earlier.
The CFTC said managed money last Tuesday held 233,908 long corn positions, or 16.1% of total open interest, for a decline of 6,045. They also held 344,843 short positions, or 23.7% of total open interest, for a decline of 9,747, and they had 177,364 spread positions, or 12.2% of total open interest, for a decline of 21,626.
Commercials held 416,465 long positions, or 28.6% of total open interest, for a decline of 39,937, and they had 532,892 short positions, or 36.6% of total open interest, for a decline of 2,239.
Total open interest at the CME was 1.457 million contracts, down from 1.566 million a week earlier.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers last week ranged from $239.00 per cwt to $245.20, compared with the previous week’s range of $236.22 to $244.13 per cwt. FOB dressed steers and heifers went for $373.13 per cwt to $383.79, compared with $369.86 to $385.93.
The USDA choice cutout Friday was up $1.00 per cwt at $415.41 while select was up $4.16 at $390.00. The choice/select spread narrowed to $25.41 from $28.57 with 92 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 $429.95 per cwt, and 50% beef was $164.44.
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 $3.98, up $0.12 1/2.
No delivery intentions were tendered for the Aug live cattle contract.
The CME Feeder Cattle Index for the seven days ended Thursday was $365.38 per cwt, up $0.15. This compares with Friday’s Sep contract settlement of $364.77, up $2.97.