Large commodity investment firms, called managed money, increased their collective net long position in live cattle futures during the week ended last Tuesday while hedgers advanced their net short position.
The data came in the Commodity Futures Trading Commission’s weekly Commitments of Traders report Friday.
Managed money’s new long position in live cattle was 79,212 contracts, up 2,179, or 2.83%, from 77,033 the week before. Managed money has kept its net long position in live cattle within a range from about 77,000 to 96,000 since mid-November.
Commercial traders, those hedgers, expanded their collective net short cattle position to 158,809 contracts, up 4,362, or 2.82%, from 154,447 the previous Tuesday.
The CFTC said managed money arrived at its new long cattle position by adding 2,889 long positions, 710 short positions and 6,824 spread positions. This left their net position representing 28.7% of total long open interest, 8.6% of total short open interest and 15.6% of total spread open interest.
Commercial traders got to their new cattle position by adding 1,861 long positions and 6,223 short positions, leaving them in charge of 11.2% of total long open interest and 51.5% of total short open interest.
The CME Group said total live cattle open interest as of last Tuesday stood at 394,499 contracts, up 13,316, or 3.49%, from 381,183 the week before.
CME Group data also showed that the most-active Apr live cattle contract rose during the CFTC week to close last Tuesday at $127.87 per cwt, compared with $127.37 the week before.
FUNDS TRIM SHORT CORN POSITION
Managed money trimmed their collective net short corn position to its lowest point in nearly four months in the week ended last Tuesday. The new position was short by 79,140 contracts, down 6,367, or 7.45%, from 85,507 the week before and the lowest since Oct. 22 when it was short by 75,186. This was their lowest net short position since Aug. 13 when it was 21,527 contracts short.
At the same time, commercials added to their net short position, taking it to 271,159 contracts, a gain of 2,092, or 0.78%, from their week-earlier position of 269,067 contracts. It was their largest net short position since Aug. 27 when it was 271,721 contracts short.
The CFTC said managed money reached its new short corn position by adding 21,949 long positions, 15,582 short positions and 15,086 spread positions. This left their position representing 11.2% of total long open interest, 16.3% of total short open interest and 16.3% of total spread open interest.
Commercials got to where they were by adding 4,051 long positions and 6,143 short positions, leaving them with 25.7% of total long open interest and 43.2% of total short open interest.
The CME Group said total corn open interest as of last Tuesday was 1.556 million contracts, up from 1.487 million the previous Tuesday, a gain of 69,187, or 4.65%.
CATTLE, BEEF RECAP
Cash cattle trading took place in the Plains last week at mostly $124 per cwt on a live basis, with a few up to $124.50, generally steady to down $1.50. Dressed-basis trading was reported at $198 to $199 per cwt, down $1 to $2.
The USDA choice cutout Friday was up $1.27 per cwt at $214.17, while select was up $1.28 at $212.75. The choice/select spread narrowed to $1.42 from $1.43 with 72 loads of fabricated product sold into the spot market.
The CME Feeder Cattle index for the seven days ended Thursday was $145.67 per cwt, down $0.68. This compares with Friday’s Jan contract settlement of $145.35, down $0.07.