Large commodity index funds, known as managed money, nudged their collective net long live cattle position higher in the week ended Tuesday, Oct. 7, the Commodity Futures Trading Commission said in its Commitments of Traders report Friday.
In that same week, cattle hedgers, or commercial traders, increased their total net short position.
The CFTC is making up the weekly Commitments of Traders reports that were not published during the government shutdown. More reports are scheduled until the data is up to date.
FUNDS INCH LOMG POSITION HIGHER
As of Tuesday, Oct. 7, managed money had a collective net long live cattle position of 113,599 contracts, up 1,168, or 1.04%, from 112,431 a week earlier.
At the same time, commercial traders had a total net short position of 127,421 contracts, up 3,284, or 2.65%, from 124,137 a week earlier.
On that Tuesday, managed money held 142,763 long positions, or 38.9% of total open interest, a gain of 245 contracts. They also held 29,164 short positions, or 8.0% of total open interest, for a decline of 923; and they had 39,798 short positions, or 10.9% of the total for a decline of 167.
Commercial traders then held 50,535 long positions, or 13.8% of total open interest, for a decline of 6,965 contracts. They also held 177,956 short positions, or 48.5% of total open interest for a decline of 3,681.
The CFTC reported that total open interest at the CME on Oct. 7 was 366,696 contracts, down 8,906, or 2.37%, from 375,602 the previous week.
The most-active Feb contract rose during the CFTC-reporting week to settle at $240.72 per cwt, compared with $237.17 a week earlier.
FUNDS BOOST NET SHORT CORN POSITION
On Oct. 7, managed money had a collective net short corn position of 134,612 contracts, up 5,255, or 4.06%, from 129,357 a week earlier.
At the same time, commercial traders had a total net short corn position of 109,757 contracts, down 8,964, or 7.55%, from 118,721 a week earlier.
At the time, managed money held 172,022 long corn positions, or 10.8% of total open interest, a decline of 7,929 contracts. They also held 306,634 short positions, or 19.2% of total open interest, a decline of 2,674, while holding 236,939 spread positions, or 14.8% of total open interest, a gain of 8,605.
Meanwhile, commercial traders held 469,834 long corn positions, or 29.4% of total open interest, a gain of 28,834 contracts, while also holding 578,856 short positions, or 36.3% of total open interest, for a gain of 19,870.
The CFTC reported that total corn open interest at the CME on Oct. 7 was 1.596 million contracts, up from 1.550 million a week earlier.
The most-active Mar corn contract settled the CFTC-reporting week at $4.36 ¼ a bushel, up from $4.32 a week earlier.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers last week ranged from $227.07 per cwt to $232.00, compared with the previous week’s range of $229.81 to $239.00 per cwt. FOB dressed steers and heifers went for $353.46 per cwt to $362.66, compared with $361.70 to $369.29.
The USDA choice cutout Friday was up $0.20 per cwt at $371.48 while select was up $2.80 at $356.98. The choice/select spread narrowed to $14.50 from $17.10 with 123 loads of fabricated product and 23 loads of trimmings and grinds sold into the spot market.
The USDA-listed the weighted average wholesale price for fresh 90% lean beef as $402.57 per cwt, and 50% beef was $160.24.
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 $4.25 1/2, down $0.01.
The CME Feeder Cattle Index for the seven days ended Thursday was $339.72 per cwt, down $1.44. This compares with Friday’s Jan contract settlement of $314.22, down $2.15.