Large commodity investment funds, known as managed money, increased their collective net long live cattle futures position in the week ended Tuesday as cash cattle traders advanced their total net short position.
That conclusion came from the weekly Commitments of Traders report Friday from the Commodity Futures Trading Commission.
FUNDS TURN, BUY CATTLE
After cutting their net long position for three weeks, managed money turned and bought live cattle futures, ending Tuesday with a collective net long position of 107,593 contracts, up 4,450, or 4.31%, from 103,143 a week earlier.
In the same manner, cash cattle traders, known as commercial traders, turned and began selling cattle futures after three weeks of covering short positions and ended Tuesday with a total short position of 124,859 contracts, up 902, or 0.73%, from 123,957 a week earlier.
Broken down, managed money’s net long position comprised 122,119 long positions, or 36.5% of total open interest, for a gain of 4,674 contracts. They also held 14,526 short positions, or 4.3% of total open interest, for a gain of 224, and they held 46,450 spread positions, or 13.9% of total open interest, for a decline of 1,591 contracts.
Commercial traders’ net short position held 41,271 long positions, or 12.3% of total long open interest, and 166,130 short positions, or 49.6|% of total open interest, for a gain of 1,776 contracts.
At the CME Tuesday, total live cattle open interest was 334,831 contracts, up 689, or 0.21%, from 334,142 contracts a week earlier.
The Jun live cattle contract rose during the CFTC-reporting week, settling Tuesday at $234.60 per cwt, compared with $233.70 a week earlier.
FUNDS BUY MORE CORN
For the seventh straight week, managed money bought corn futures, ending Tuesday with a collective net long position of 279,630 contracts, up 48,742, or 21.1%, from 230,888 a week earlier. It was their largest net long position since Feb. 25, 2025, when it was 333,843 contracts.
Commercials sold corn contracts, ending Tuesday with a total net short position of 613,518 contracts, up 49,644, or 8.80%, from 563,874 a week earlier. It was their largest net short position since Feb. 25, 2025, when it was 669,065 contracts short.
Tuesday, managed money’s position held 363,377 long positions, or 20.2% of total open interest, for a gain of 19,719 contracts. It also held 83,747 short positions, or 4.7% of total open interest, and it held 275,981 spread positions, or 15.4% of total open interest, for a gain of 5,587.
Commercials, Tuesday held 387,573 long positions, or 21.6% of total open interest, for a decline of 4,205, and they held 45,439 short positions, or 55.7% of total open interest, for a gain of 45,439.
At the CME Tuesday, total corn open interest was 1.796 million contracts, up 23,000, or 1.30%, from 1.773 a week earlier.
During the CFTC-reporting week, the May corn contract rose, settling at $4.62 ½ a bushel, versus $4.54 a week earlier.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers last week ranged from $234.93 per cwt to $239.00, compared with the previous week’s range of $234.91 to $248.00 per cwt. FOB dressed steers and heifers went for $369.08 per cwt to $373.68, compared with $369.34 to $377.44.
The USDA choice cutout Friday was up $3.12 per cwt at $392.97 while select was down $1.79 at $391.66. The choice/select spread widened to $3.10 from minus $1.81 with 69 loads of fabricated product and 38 loads of trimmings and grinds sold into the spot market.
The USDA-listed the weighted average wholesale price for fresh 90% lean beef as $448.67 per cwt, and 50% beef was $185.57
The USDA said basis bids for corn from feeders in the Southern Plains were unchanged at $0.90 to $1.05 a bushel over the May corn contract, which settled at $4.62, down $0.05.
The CME Feeder Cattle Index for the seven days ended Thursday was $362.98 per cwt, down $0.26. This compares with Friday’s Mar contract settlement of $361.45, up $6.37.