For the third straight week, large commodity index funds, or managed money, raised their collective net long live cattle futures position as cattle traders boosted their total net short position.
The data is for the week ended Tuesday, Dec. 23, as the Commodity Futures Trading Commission, catches up with its weekly Commitments of Traders reports. These reports generally are released on Fridays with data for the previous Tuesday.
FUNDS RAISE NET LONG CATTLE POSITION
As of Tuesday, Dec. 23, managed money had a collective net long live cattle futures position of 93,314 contracts, up 3,727 contracts, or 4.16%, from 89,587 a week earlier.
At the same time, cattle owners, or commercial traders, had a total net short live cattle position of 122,404 contracts, up 4,491, or 3.81%, from 117,913 a week earlier.
That Tuesday, managed money held 113,025 long live cattle positions, or 34.7% of total open interest, for a gain of 2,379 contracts. They also held 19,711 short positions, or 6.0% of total open interest, for a decline of 1,348, and they held 37,564 spread positions, or 11.5% of total open interest, for a gain of 675.
Commercial traders last Tuesday held 44,372 long live cattle positions, or 13.6% of total open interest, for a decline of 1,349 contracts, and they held 166,776 short positions, or 51.1% of total open interest, for a gain of 3,142.
Total open interest at the CME on Dec. 23 was 326,084 contracts, up 3,768, or 1.17%, from 322,316 a week earlier.
The Feb contract rose in value during the CFTC-reporting week, to settle last Tuesday at $230.00 per cwt, up from $229.55 a week earlier.
FUNDS BUY CORN
Tuesday, Dec. 23, managed money had a collective net long corn futures position of 1,792 contracts, up from a net short position of 53,366 contracts, a difference of 55,158.
Meanwhile, commercials had a total net short corn position of 279,914 contracts, up 46,102, or 19.7%, from 233,812 a week earlier.
Last Tuesday, managed money held 221,190 long corn positions, or 14.6% of total open interest, for a decline of 13,128 contracts. They also held 14.5% of total short open interest, a decline of 68,286 to bring them to 219,398 contracts. And, they held 15.1% of total corn spread open interest, for a gain of 22,181 to 228,564 contracts.
Commercials held 390,723 long corn positions, 25.8% of total open interest, for a decline of 5,160 from a week earlier, and they held 670,637 short positions, or 44.2% of total open interest, for a gain of 40,942.
Corn open interest at the CME totaled 1.517 million contracts, down from 1.523 million a week earlier. And, the Mar contract rose in value during the CFTC-reporting week to $4.47 ½ a bushel from $4.36 ½.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers last week ranged from $226.55 per cwt to $230.48, compared with the previous week’s range of $227.71 to $230.49 per cwt. FOB dressed steers and heifers went for $358.31 per cwt to $362.75, compared with $359.54 to $363.78.
The USDA choice cutout Friday was up $2.52 per cwt at $349.97 while select was up $4.54 at $346.92. The choice/select spread narrowed to $3.05 from $5.07 with 63 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 as $394.96 per cwt, and 50% beef was $142.74.
The USDA said basis bids for corn from feeders in the Southern Plains were unchanged at $0.90 to $1.10 a bushel over the Mar corn contract, which settled at $4.37 1/2, down $0.02 3/4.
The CME Feeder Cattle Index for the seven days ended Thursday was $350.22 per cwt, up $1.57. This compares with Friday’s Jan contract settlement of $356.10, up $5.85.