As the Commodity Futures Trading Commission catches up with its Commitments of Traders reports that were delayed by the government shutdown, it revealed Friday that large commodity index funds, or managed money, decreased their collective net long live cattle futures position in the week ended Tuesday, Oct. 28.
The CFTC also reported data that showed the total net short live cattle position of cattle owners, or commercial traders, also declined during the CFTC-reporting week.
FUNDS CUT NET LONG CATTLE POSITION
Tuesday, Oct. 28, managed money had a collective net long live cattle position of 115,139 contracts, down 6,333, or 5.21%, from 121,472 a week earlier.
At the same time, commercial traders had a total net short live cattle position of 130,579 contracts, down 3,083, or 2.31%, from 133,662 a week earlier.
On Oct. 28, managed money held 58,860 long live cattle positions, or 18.0% of total open interest, for a weekly increase of 35 contracts. They also held 111,068 short positions, or 33.9% of total open interest for a weekly decline of 14,938 contracts, and they held 70,096 spread positions, or 21.4% of total open interest for a decline of 5,629.
Commercials then held 54,442 long positions, or 16.6% of total open interest, for a decline of 7,062 from the previous week. They also held 88,510 short positions, or 27.0% of total open interest, for an increase of 6,572.
Total live cattle open interest at the CME on Oct. 28 was 343,707 contracts, down 18,982, or 5.23%, from 362,689 a week earlier.
The most-active Feb contract declined during the CFTC-reporting week to settle at $224.10 per cwt, compared with $246.27 a week earlier.
FUNDS COVER CORN SHORTS
Tuesday, Oct. 28, managed money had a collective net short corn position of 82,925 contracts, down 76,347, or 47.9%, from 159,272 a week earlier.
Meanwhile, commercials had a total net short corn position of 194,301 contracts, up 72,669, or 59.7%, from 121,632 a week earlier.
On that Tuesday, managed money held 172,733 long corn positions, or 10.5% of total open interest, for a gain of 20,970 contracts. They also held 255,658 short positions, or 15.6% of total open interest, for a decline of 55,377 contracts, and they held 222,910 spread positions, or 13.6% of total open interest.
Commercials held 451,652 long corn positions, or 27.6% of total open interest, for a weekly decline of 21,997. They also held 645,953 short positions, or 39.4% of total open interest, for an increase of 50,672.
Corn open interest at the CME that Tuesday was 1.638 million contracts, down 6,343, or 0.39%, from 1.644 million a week earlier.
The most-active Mar contract rose in value during that CFTC-reporting week to settle at $4.46 a bushel, compared with $4.33 ¾ a week earlier.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers last week ranged from $218.52 per cwt to $225.00, compared with the previous week’s range of $216.36 to $228.00 per cwt. FOB dressed steers and heifers went for $331.92 per cwt to $349.49, compared with $345.25 to $356.88.
The USDA choice cutout Friday was down $1.52 per cwt at $361.20 while select was off $2.93 at $347.39. The choice/select spread widened to $13.81 from $12.40 with 139 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 $393.96 per cwt, and 50% beef was $168.71.
The USDA said basis bids for corn from feeders in the Southern Plains were unchanged at $1.05 to $1.20 a bushel over the Dec corn contract, which settled at $4.36 3/4, down $0.01.
The CME Feeder Cattle Index for the seven days ended Thursday was $343.73 per cwt, up $1.93. This compares with Friday’s Jan contract settlement of $339.05, up $2.47.