Large commodity index funds, called managed money, barely nudged their collective net long live cattle futures position higher during the week ended Tuesday as owners cut their total net short position.
The data came from the weekly Commitments of Traders report Friday from the Commodity Futures Trading Commission.
FUNDS BARELY MOVE POSITION
Managed money Tuesday had a collective net long live cattle position amounting to 94,767 contracts, up 52, or 0.05%, from 94,715 a week earlier.
Cattle owners, or commercial traders, had a total net short position Tuesday of 125,584 contracts, down 1,734, or 1.36%, from 127,318 a week earlier.
The CFTC said managed money arrived at their new cattle position by adding 756 long positions, 764 short positions and unwinding 1,183 spread positions. This left them holding 13.7% of total long open interest, 3.6% of total short open interest and 14.6% of total spread open interest.
Commercial traders got to where they were by adding 645 long positions and covering 1,089 short positions, leaving them with 11.1% of total long open interest and 51.0% of total short open interest.
The CME Group said total live cattle open interest Tuesday was 313,385 contracts, up 281, or 0.09%, from 313,104 a week earlier.
CME data also showed that the most-active Oct contract declined in value during the week to settle Tuesday at $179.95 per cwt, down $0.10, or 0.06%, from $180.05 a week earlier.
FUNDS SELL CORN
Managed money sold corn futures during the CFTC-reporting week and Tuesday had a collective net short position of 96,188 contracts, up 5,057, or 5.55%, from 91,131 a week earlier.
Commercials Tuesday had a total net short corn position of 101,662 contracts, down 9,163, or 8.27%, from 110,825 a week earlier.
The CFTC said managed money arrived at their new corn position by adding 9,162 long positions, 14,219 short positions and 22,493 spread positions. This left them in charge of 14.4% of total long open interest, 22.3% of total short open interest and 13.0% of total spread open interest.
Commercials got to where they were by adding 3,767 long positions and covering 5,396 short positions, leaving them holding 32.7% of total long open interest and 41.0% of total short open interest.
The CME Group said total corn open interest Tuesday was 1.222 million contracts, down from 1.246 million a week earlier, a decline of 23,962, or 1.92%.
CME data also showed that the most-active Dec contract declined in value during the CFTC-reporting week, settling Tuesday at $4.86 per bushel, down $0.00 ¾, or 0.15%, from $4.86 ¾.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers last week ranged from $178.95 per cwt to $187.74, compared with the previous week’s range of $179.00 to $185.93 per cwt. FOB dressed steers, and heifers went for $282.62 per cwt to $289.11, compared with $280.56 to $290.72.
The USDA choice cutout Friday was up $1.24 per cwt at $312.90 while select was off $0.12 at $286.05. The choice/select spread widened to $26.85 from $25.49 with 71 loads of fabricated product and 36 loads of trimmings and grinds sold into the spot market.
The USDA said basis bids for corn from feeders in the Southern Plains were unchanged at $1.50 to $1.70 a bushel over the Dec corn contract, which settled at $4.83 3/4 a bushel, down $0.02 1/2.
The CME Feeder Cattle Index for the seven days ended Thursday was $249.21 per cwt, down $0.12. This compares with Friday’s Sep contract settlement of $255.35 per cwt, down $0.22.