After taking a smaller collective net long position in the previous week, large commodity index funds, or managed money, took on a larger position in the week ended Tuesday.
At the same time, cash cattle traders reignited their own total net short live cattle position, according to the weekly Commitments of Traders report Friday from the Commodity Futures Trading Commission.
FUNDS GET LONGER
Tuesday, managed money had a collective net long live cattle futures position of 115,052 contracts, up 8,413, or 7.89%, from 106,639 a week earlier, and their largest since Oct. 28 when it was 115,139 contracts.
At the same time, cash cattle tracers, or commercial traders, had a total net short live cattle position of 137,947 contracts, up 5,210, or 3.93%, from 132,737 a week earlier, and their largest since June 10 when it was 139,589 contracts.
Tuesday, managed money held 130,442 long live cattle positions, or 39.5% of total open interest, for a gain of 8,498. They also held 15,590 short positions, or 4.7% of total open interest, for a gain of 85, and they held 38,088 spread positions, or 11.5% of total open interest, for a gain of 1,412.
Commercials Tuesday held 36,418 long positions, or 11.0% of total open interest, for a decline of 5,238, and they held 174,365 short positions, or 52.8% of total open interest, for a decline of 28.
Live cattle open interest at the CME totaled 330,128 contracts, up 4,313, or 1.32%, from 325,815 a week earlier.
During the CFTC-reporting week, the Apr live cattle contract rose to close at $242.80 per cwt from $237.42 a week earlier.
FUNDS COVER CORN SHORTS
Tuesday, managed money had a collective net short corn futures position of 42,313 contracts, down 15,180, or 26.4%, from 57,493 a week earlier.
Commercials, meanwhile, had a total net short corn position of 245,821 contracts, up 6,723, or 2.81%, from 239,098 a week earlier.
Tuesday, managed money held 209,903 long corn positions, or 11.8% of total open interest, for a decline of 4,447. They also held 252,216 short positions, or 14.2% of total open interest, for a decline of 19,627, and they held 263,398 spread positions, or 14.8% of total open interest, for a gain of 18,302 contracts.
Commercials, meanwhile, held 496,068 long corn positions, or 27.9% of total open interest, for a gain of 19,975, and they held 741,889 short positions, or 41.7% of total open interest, for a gain of 26,698.
Corn open interest at the CME then was 1.780 million contracts, up 44,000, or 2.53%, from 1.736 million a week earlier.
During the CFTC-reporting week the May corn contract declined to settle Tuesday at $4.35 ¾ a bushel from $4.37 ¼.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers last week ranged from $242.46 per cwt to $255.40, compared with the previous week’s range of $240.65 to $247.06 per cwt. FOB dressed steers and heifers went for $381.78 per cwt to $389.73, compared with $376.57 to $385.81.
The USDA choice cutout Friday was up $1.53 per cwt at $366.70 while select was up $0.95 at $360.74. The choice/select spread widened to $5.96 from $5.38 with 80 loads of fabricated product and 26 loads of trimmings and grinds sold into the spot market.
The USDA-listed the weighted average wholesale price for fresh 90% lean beef as $431.35 per cwt, and 50% beef was $149.27.
The USDA said basis bids for corn from feeders in the Southern Plains were unchanged at $0.98 to $1.12 a bushel over the Mar corn contract, which settled at $4.27 1/2, up $0.01 3/4.
No live cattle delivery intentions were posted Friday.
The CME Feeder Cattle Index for the seven days ended Thursday was $377.37 per cwt, up $0.45. This compares with Friday’s Mar contract settlement of $368.02, down $2.25.