Large commodity index firms, called managed money, extended their collective net long live cattle futures position during the week ended Tuesday as cash cattle traders deepened their total net short position, according to the weekly Commitments of Traders report from the Commodity Futures Trading Commission.
FUNDS TAKE LONGER CATTLE POSITION
Tuesday, managed money had a collective net long live cattle position of 138,018 contracts, up 6,458, or 4.91%, from 131,560 a week earlier, and their largest net long position since June 10, 2025, when it was 131,728 contracts.
At the same time, cash cattle traders, known as commercial traders, had a total net short position of 148,667 contracts, up 1,736, or 1.18%, from 146,931 a week earlier, and their largest net short position since April 14 when it was 151,522 contracts.
Comprising their net long position, managed money held 149,791 long positions, or 41.6% of total open interest, for a gain of 6,182 contracts. They also held 11,773 short positions, or 3.3% of total open interest, for a decline of 276, and they held 49,457 spread positions, or 13.7% of total open interest, for a gain of 2,439.
In their net short position, commercial traders held 31,762 long positions, or 8.8% of total open interest, for a decline of 986 contracts, and they held 180,429 short positions, or 50.1% of total open interest, for a gain of 517.
Total live cattle open interest at the CME Tuesday was 360,025 contracts, up 9,990, or 2.85%, from 350,035 a week earlier.
The Jun live cattle contract declined during the CFTC-reporting week to settle Tuesday at $253.22 per cwt, compared with $253.50 a week earlier. However, in between it set a contract high of $253.00 on Friday, May 1.
FUNDS BUY MORE CORN
Tuesday, managed money had a collective net long corn futures position of 344,641 contracts, up 79,069, or 29.8%, from 265,572 a week earlier. It was their largest net long position since Feb. 25, 2025, when it was 333,843 contracts.
At the same time, commercials had a total net short corn position of 704,053 contracts, up 108,976, or 18.3%, from 595,077 a week earlier. It was their largest net short position since Feb. 18, 2025, when it was 713,311 contracts.
Comprising their net short position, managed money held 440,048 long positions, or 23.0% of total open interest, for a gain of 59,479 contracts. They also held 95,407 short positions, or 5.0% of total open interest, for a decline of 19,590, and they held 250,689 spread positions, or 13.1% of total open interest, for a gain of 8,695.
In their net short position, commercial traders held 348,374 long corn positions, or 18.2% of total open interest, for a decline of 12,026 contracts. They also held 1.052 million short positions, or 55.1% of total open interest for a gain of 96,950.
At the CME Tuesday, total corn open interest was 1.911 million contracts, up 109,000, or 6.05%, from 1.802 million a week earlier.
The Jul corn contract rose in value during the CFTC-reporting week to settle Tuesday at $4.80 a bushel, compared with $4.75 ½ a week earlier.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers last week ranged from $246.25 per cwt to $259.00, compared with the previous week’s range of $246.00 to $250.77 per cwt. FOB dressed steers and heifers went for $388.77 per cwt to $402.31, compared with $385.81 to $392.76.
The USDA choice cutout Friday was up $1.45 per cwt at $388.39 while select was up $0.59 at $385.01. The choice/select spread widened to $3.38 from $2.52 with 102 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 as $460.46 per cwt, and 50% beef was $191.66.
The USDA said basis bids for corn from feeders in the Southern Plains were unchanged at $1.08 to $1.20 a bushel over the Jul corn contract, which settled at $4.71 1/4 a bushel, up $0.03 3/4.
The CME Feeder Cattle Index for the seven days ended Thursday was $374.83 per cwt, up $2.54. This compares with Friday’s May contract settlement of $367.37, up $1.05.