During the week ended Tuesday, large commodity index funds, or managed money, trimmed their collective net long live cattle futures position as cash traders added to their total net short position.
That was the result of data contained in the weekly Commitments of Traders report from the Commodity Futures Trading Commission.
FUNDS SHAVE NET LONG CATTLE POSITION
Tuesday, managed money had a collective net long live cattle futures position of 131,560 contracts, down 1,256, or 0.95%, from 132,816 a week earlier.
At the same time, cash cattle traders, or commercial traders, had a total net short position of 147,164 contracts, up 233, or 0.16%, from 146,931 a week earlier.
The CFTC said that on Tuesday, managed money held 143,609 long live cattle positions, or 41.0% of total open interest, for a gain of 746 contracts. They also held 12,049 short positions, or 3.4% of total open interest, for a gain of 2,002, and they held 47,018 spread positions, or 13.4% of total open interest, for a decline or 146.
Tuesday, commercial traders held 32,748 long live cattle positions, or 9.4% of total open interest, for a gain of 4,496 contracts, and they held 179,912 short positions, or 51.4% of total open interest, for a gain of 4,729.
At the CME Tuesday, total live cattle open interest was 350,035 contracts, up 11,032, or 3.25%, from 339,003 a week earlier.
The Jun contract rose in value during the CFTC-reporting week to settle at $253.50 per cwt, compared with $243.55 a week earlier.
FUNDS BUY MORE CORN
Tuesday, managed money had a collective net long corn position of 265,572 contracts, up 83,359, or 45.7%, from 182,213 a week earlier.
Commercials, meanwhile, had a total net short corn position of 595,077 contracts, up 84,069, or 16.5%, from 511,008 a week earlier.
The CFTC said that managed money’s position held 380,569 long corn positions, or 21.1% of total open interest, for a gain of 53,012 contracts. They also held 114,997 short positions, or 6.4% of total open interest, for a decline 9f 30,347, and they held 241,994 spread positions, or 13.4% of total open interest, for a decline of 28,441.
Commercials, meanwhile, held 360,400 long corn positions, or 20.0% of total open interest, for a decline of 28,149, and they held 955,477 short positions, or 53.0% of total open interest, for a gain of 55,920 contracts.
Corn open interest at the CME Tuesday totaled 1.802 million contracts, down 30,000, or 1.64%, from 1.832 million a week earlier.
The Jul corn contract rose during the CFTC-reporting week to settle at $4.75 ½ a bushel, compared with $4.62 a week earlier.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers last week ranged from $246.00 per cwt to $250.77, compared with the previous week’s range of $245.55 to $252.00 per cwt. FOB dressed steers and heifers went for $385.81 per cwt to $389.43, compared with $386.05 to $397.06.
The USDA choice cutout Friday was down $0.41 per cwt at $389.11 while select was down $1.12 at $387.05. The choice/select spread widened to $2.06 from $1.35 with 40 loads of fabricated product and 17 loads of trimmings and grinds sold into the spot market.
The USDA-listed the weighted average wholesale price for fresh 90% lean beef as $458.12 per cwt, and 50% beef was $188.94.
The USDA said basis bids for corn from feeders in the Southern Plains were unchanged at $1.08 to $1.20 a bushel over the May corn contract, which settled at $4.68 1/4 a bushel, up $0.03 1/2.
The CME Feeder Cattle Index for the seven days ended Thursday was $374.03 per cwt, up $1.56. This compares with Friday’s May contract settlement of $371.40, down $1.25.