During the week ended Tuesday, large commodity index investment firms, known as managed money, advance their collective net long live cattle futures position to its largest point in more than a year, according to data from the Commodity Futures Trading Commission.
At the same time, cash cattle traders, or commercial traders, pushed their total net short live cattle position to its largest point in more than two years.
FUNDS PUSH LONG LIVE CATTLE POSITION
Tuesday, managed money had a collective net long live cattle position of 132,839 contracts, up 3,423, or 2.64%, from 129,416 a week earlier and their largest such position since April 1, 2025, when it was 139,126 contracts.
Commercial traders Tuesday had a total net short live cattle position of 151,522 contracts, up 4,232, or 2.87%, from 147,290 a week earlier and their largest such position in more than two years.
CFTC data showed that managed money Tuesday held 143,233 long live cattle positions, or 42.0% of total open interest, for a gain of 3,076 contracts. They also held 10,394 short positions, or 3.0% of total open interest, for a decline of 347, and they held 42,128 spread positions, or 12.4% of total open interest, for a decline of 2,927.
Commercials Tuesday held 31,109 long live cattle positions, or 9.1% of total open interest, for a decline of 798 contracts, while also holding 182,631 short positions, or 53.6% of total open interest, for a gain of 3,434.
At the CME Tuesday, total live cattle open interest was 340,989 contracts, down 2,379, or 0.69%, from 343,368 a week earlier.
The Jun live cattle contract rose during the CFTRC-reporting week to settle Tuesday at $251.42 per cwt, compared with $245.80 a week earlier.
FUNDS CONTINUE CUTTING LONG CORN POSITION
Tuesday, managed money had a collective net long corn futures position of 152,618 contracts, down 58,358, or 27.7%, from 210,976 a week earlier and down 127,012, or 45.4%, from the most recent high of 279,630 contracts three weeks earlier.
At the same time, commercials had a total net short corn position of 495,632 contracts, down 33,858, or 6.39%, from 529,490 a week earlier and down 117,886, or 19.2%, from the most recent high of 613,518 a week earlier.
CFTC data showed that managed money Tuesday held 297,194 long corn positions, or 16.2% of total open interest, for a decline of 14,016 contracts. They also held 144,576 short positions, or 7.9% of total open interest, for a gain of 44,342, and they held 286,938 spread positions. Or 15.6% of total open interest, for a decline of 25,534.
Commercials, meanwhile, held 413,083 long corn positions, or 22.5% of total open interest for a gain of 17,842, and they held 908,715 short positions, or 49.5% of total open interest, for a decline of 16,016.
Corn open interest at the CME totaled 1.834 million contracts, up 17,000, or 0.94%, from 1.817 million a week earlier.
The Jul corn contract settle Tuesday at $4.52 ½ a bushel, compared with $4.60 a week earlier.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers last week ranged from $245.55 per cwt to $250.45, compared with the previous week’s range of $235.00 to $248.29 per cwt. FOB dressed steers and heifers went for $386.05 per cwt to $395.51, compared with $373.20 to $388.53.
The USDA choice cutout Friday was down $0.51 per cwt at $381.06 while select was down $1.88 at $376.60. The choice/select spread widened to $4.46 from $3.09 with 80 loads of fabricated product and 12 loads of trimmings and grinds sold into the spot market.
The USDA-listed the weighted average wholesale price for fresh 90% lean beef as $446.47 per cwt, and 50% beef was $189.48.
The USDA said basis bids for corn from feeders in the Southern Plains were unchanged at $1.02 to $1.15 a bushel over the May corn contract, which settled at $4.48 3/4, up $0.00 1/4.
No live cattle contracts were tendered for delivery Friday.
The CME Feeder Cattle Index for the seven days ended Thursday was $377.67 per cwt, down $1.42. This compares with Friday’s Apr contract settlement of $371.32, down $1.75.