Large commodity index funds, referred to as managed money, raised their collective net long live cattle futures position in the week ended last Tuesday, Sep. 9, while hedgers decreased their total net short position.
The Commodity Futures Trading Commission made the data known Friday in its weekly Commitments of Traders report.
FUNDS GET LONGER CATTLE
Last Tuesday, managed money had a collective net long live cattle futures position of 127,272 contracts, up from 126,530 a week ago and their largest position since June 24 when it was 127,553 contracts.
At the same time, hedgers, or commercial traders, had a total net short live cattle position of 127,553 contracts, down 6,279, or 4.69%, from 133,832 a week earlier.
The CFTC said last Tuesday, managed money held 154,616 long live cattle positions, or 40.2% of total open interest, a decline of 3,235. They also held 27,344 short positions, or 7.1% of total open interest, a decline of 3,977, and 41,479 spread positions, or 10.8% of total open interest, for a decline of 5,962.
Commercials last Tuesday held 3,678 long live cattle positions, or 14.5% of total open interest, for an increase of 3,678, and they had 183,898 short positions, or 47.8% of total open interest, for a decline of 601.
The CFTC said total live cattle open interest at the CME last Tuesday was 384,954 contracts, down 12,476, or 3.14%, from 397,430 a week earlier.
The most-active Dec contract fell during the CFTC-reporting week to settle at $231.17 per cwt, versus $241.15.
FUNDS EXTEND NET SHORT CORN POSITION
Last Tuesday, managed money had a collective net short corn position of 99,593 contracts, up 4,396, or 4.62%, from 95,197 a week earlier.
Commercials, last Tuesday, had a total net short corn position of 136,786 contracts, up 5,835, or 4.46%, from 130,951 a week earlier.
The CFTC said managed money last Tuesday held 225,350 long corn positions, or 15.2% of total open interest, a decline of 13,309 from a week earlier. They also held 324,943 short corn positions, or 22.0% of total open interest, for a decline of 8,913, and they held 201,120 spread positions, or 13.6% of total open interest, for an increase of 14,451.
Commercials held 417,582 long corn positions, or 28.3% of total open interest, for an increase of 6,611, and 554,288 short positions, or 37.5% of total open interest for an increase of 12,446.
Total open interest at the CME last Tuesday was 1.478 contracts, up from 1.455 million a week earlier.
The most-active Dec contract declined in value during the CFTC-reporting week to $4.19 ¾ a bushel from $4.23 a week earlier.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $240.55 per cwt to $241.11, compared with last week’s range of $242.51 to $246.00 per cwt. FOB dressed steers and heifers went for $380.79 per cwt to $380.94, compared with $381.50 to $385.49.
The USDA choice cutout Monday was down $1.51 per cwt at $398.53 while select was up $0.36 at $378.80. The choice/select spread narrowed to $19.73 from $21.61 with 90 loads of fabricated product and 11 loads of trimmings and grinds sold into the spot market.
The USDA-listed the weighted average wholesale price for fresh 90% lean beef was $433.88 per cwt, and 50% beef was $156.29.
The USDA said basis bids for corn from feeders in the Southern Plains were unchanged at $1.05 to $1.20 a bushel over the Dec corn contract, which settled at $4.23 1/4, down $0.06 3/4.
The CME Feeder Cattle Index for the seven days ended Friday was $362.15 per cwt, down $0.93. This compares with Monday’s Sep contract settlement of $358.80, up $8.40.