Large commodity investment funds, known as managed money, took on a larger collective net long live cattle futures position as of last Tuesday, Aug. 9, while cattle owners and traders acquired a larger total net short position.
The information came in the weekly Commitments of Traders report from the Commodity Futures Trading Commission Friday.
FUNDS GO LONG CATTLE
Last Tuesday, managed money had a collective net long cattle position that totaled 44,463 contracts, up 12,394, or 38.6%, from 32,069 a week earlier. It was their largest net long cattle position since April 26 when it was 52,397 contracts.
Cattle owners, or commercial traders, had a total net short live cattle position last Tuesday of 107,175 contracts, up 9,890, or 10.2%, from 97,285 a week earlier. It was their largest net short cattle position since May 3 when it was 114,324 contracts.
The CFTC said managed money arrived at their new live cattle position by adding 8,139 long positions, covering 4,255 short positions and putting on 1,165 spread positions. This left them with 28.2% of total long open interest, 10.9% of total short open interest and 10.7% of total spread open interest.
Commercials got to where they were last Tuesday by liquidating 862 long positions and adding 9,028 short positions, leaving them in charge of 12.2% of total long open interest and 54.0% of total short open interest.
The CME Group said total live cattle open interest last Tuesday was 256,728 contracts, up 6,068, or 2.42%, from 250,660 a week earlier.
CME data also said the most-active Oct cattle contract rose in value during the CFTC week to settle last Tuesday at $143.75 per cwt, compared with $142.12.
FUNDS GET LONGER CORN
Last Tuesday, managed money had a collective net long Chicago corn futures position of 134,763 contracts, up 16,729, or 14.2%, from 118,034 a week earlier.
Commercial traders had a total net short position last Tuesday of 404,776 contracts, up 5,899, or 1.48%, from 398,877 a week earlier.
The CFTC said managed money arrived at their new net long position by adding 11,156 long positions, covering 5,573 short positions and unwinding 10,576 spread positions. This left them with 16.0% of total long open interest, 5.8% of total short open interest and 9.7% of total spread open interest.
Commercials got to where they were by liquidating 1,119 long positions and adding 4,780 short positions, leaving them with 27.5% of total long open interest and 58.2% of total short open interest.
Total corn open interest was 1.308 million contracts, down from 1.348 million a week earlier.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $143.18 to $144.36 per cwt, compared with the last week’s range of $136.12 to $144.00. FOB dressed steers, and heifers went for $219.94 to $220.17 per cwt, versus $212.48 to $220.48.
The USDA choice cutout Monday was up $1.09 per cwt at $264.46 while select was up $0.13 at $239.72. The choice/select spread widened to $24.74 from $23.78 with 71 loads of fabricated product and 24 loads of trimmings and grinds sold into the spot market.
The USDA said basis bids for corn from feeders in the Southern Plains were steady to down $0.20 at $2.40 to $2.70 a bushel over the Sep futures and for southwest Kansas were unchanged at $0.10 over Sep, which settled at $6.26 3/4, down $0.13.
No contracts were tendered for delivery against the Aug live cattle contract Monday.
The CME Feeder Cattle Index for the seven days ended Friday was $179.04 per cwt up $0.76. This compares with Monday’s Aug contract settlement of $179.92, up $0.30.