For the second straight week, managed money, a moniker for large commodity index firms, divested themselves of their net long live cattle futures positions.
In reporting the activity of major trader classifications in its weekly Commitments of Traders report Friday, the Commodity Futures Trading Commission said cattle owners, or commercial traders, covered many of their net short positions in the week ended Tuesday.
FUNDS LIQUIDATE CATTLE POSITIONS
Tuesday, managed money had a collective net long live cattle futures position of 103,264 contracts, down 14,353, or 12.2%, from 117,617 a week earlier.
At the same time, commercial traders held a total net short live cattle futures position of 125,024 contracts, down 123,767, or 9.92%, from 138,791 a week earlier.
The CFTC said total live cattle open interest Tuesday was 328,396 contracts, down 29,450, or 8.23%, from 357,846 a week earlier.
Also on Tuesday, managed money held 115,309 long positions, or 35.1% of total open interest, a decline of 19,813 from a week earlier. They also held 12,045 short positions, or 3.7% of total open interest, a decline of 5,460; they also had 38,266 spread positions, or 11.7% of total open interest, a decline of 3,041.
Commercials Tuesday held 51,309 long positions, or 15.6% of total open interest, an increase of 921 from a week earlier. And they held 176,413 short positions, or 53.7% of total open interest a decline of 12,846.
During the CFTC-reporting week, the most-active Jun contract rose $6.18 per cwt, or 3.19%, in value to settle at $199.80 per cwt, compared with $193.62.
FUNDS GET LONGER CORN
Tuesday, managed money had a collective net long corn position of 145,154 contracts, up 13,970, or 10.6%, from 131,184 a week earlier.
Also on Tuesday, commercial traders had a total net short corn position of 441,207 contracts, up 45,979, or 11.6%, from 395,228 a week earlier.
Total corn open interest Tuesday was 1.734 million contracts, down from 1.810 million a week earlier, a decline of 86,141, or 4.76%.
Tuesday, managed money held 277,472 long corn positions, or 16.1% of total open interest, a decline of 13,520 contracts. They also held 132,318 short positions, or 7.7% of the total, a decline of 27,490. And, they held 228,090 spread positions, or 13.2% of total open interest, a decline of 42,827.
Commercials Tuesday held 438,090 long corn positions, or 25.4% of total open interest, a decline of 18,047 from a week earlier. They also had 879,297 short positions, or 51.0% of total open interest, an increase of 27,932.
Most-active Jul settled at $4.89 ½ a bushel, up from $4.74 3/4 a week earlier
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers last week ranged from $205.00 per cwt to $214.53, compared with the previous week’s range of $208.00 to $213.76 per cwt. FOB dressed steers, and heifers went for $322.23 per cwt to $329.95, compared with $328.43 to $333.61.
The USDA choice cutout Friday was down $1.38 per cwt at $331.52 while select was down $0.84 at $315.55. The choice/select spread narrowed to $15.97 from $16.51 with 81 loads of fabricated product and 19 loads of trimmings and grinds sold into the spot market.
The USDA-listed the weighted average wholesale price for fresh 90% lean beef was $378.12 per cwt, and 50% beef was $119.35.
The USDA said basis bids for corn from feeders in the Southern Plains were unchanged at $1.20 to $1.32 a bushel over the May corn contract, which settled at $4.82 1/4, down $0.02.
No live cattle were tendered for delivery Thursday.
The CME Feeder Cattle Index for the seven days ended Wednesday was $293.57 per cwt, up $5.54. This compares with Thursday’s May contract settlement of $286.85, up $2.45.