During the week ended Tuesday, large commodity index funds, or managed money, lowered their collective net long live cattle futures position as cattle owners cut their total net short position.
The information came from the weekly Commitments of Traders report from the Commodity Futures Trading Commission on Friday.
FUNDS TRIM LONG CATTLE POSITION
Tuesday, managed money had a collective net long live cattle futures position of 123,651 contracts, down 2,386, or 1.89%, from 126,037 a week earlier.
Also on Tuesday, cattle owners, called commercial traders, had a total net short position of 124,347 contracts, down 3,357, or 2.63%, from 127,704 a week earlier.
CFTC data showed that managed money Tuesday held 152,381 long positions, or 38.1% of total open interest, a decline of 569 from a week earlier. They also held 28,730 short positions, or 7.2% of total open interest, a gain of 1,817, and they also had 49,155 spread positions, or 12.3% of total open interest, a gain of 1,817.
Commercials Tuesday held 59,219 long positions, or 14.8% of total open interest, a gain of 6,342 from a week earlier. They also held 183,566 short positions, or 45.8% of total open interest, a gain of 2,985.
CFTC data also showed that total open interest at the CME on Tuesday was 400,447 contracts, up 9,635, or 2.47%, from 390,812 a week earlier.
The most-active Aug contract rose in value during the CFTC-reporting week to settle Tuesday at $209.30 per cwt, compared with $207.85 a week earlier.
FUNDS LIQUIDATE LONG CORN POSITIONS
Tuesday, managed money had a collective net short corn futures position of 90,149 contracts, down 5,334, or 5.59%, from 95,483 a week earlier for their shortest position since Oct. 15 when it was short by 107,448 contracts.
Commercials had a total net short corn position of 209,007 contracts, down 16,281, or 7.23%, from 225,288 a week earlier for their lowest net short position since Oct. 15 when it was short by 172,711 contracts.
Managed money Tuesday held 184,967 long corn positions, or 11.2% of total open interest for a decline of 5,163 contracts. They also held 275,116 short positions, or 16.6% of total open interest, for a decline of 10,497 contracts, and 241,607 spread positions, or 14.6% of total open interest, for an increase of 13,731.
Commercials held 435,332 long positions, or 26.3% of total open interest, for an increase of 12,272 contracts, and 644,339 short positions, or 38.9% of total open interest, for an increase of 4,010.
Total open interest at the CME Tuesday was 1.655 million contracts, up from 1.638 million a week earlier.
Most-active Jul rose to settle at $4.47 a bushel from $4.54 ½.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers last week ranged from $220.00 per cwt to $230.32, compared with the previous week’s range of $219.93 to $230.32 per cwt. FOB dressed steers, and heifers went for $348.05 per cwt to $359.73, compared with $344.06 to $364.74.
The USDA choice cutout Friday was up $0.25 per cwt at $366.34 while select was up $3.01 at $356.65. The choice/select spread narrowed to $9.69 from $12.45 with 63 loads of fabricated product and 22 loads of trimmings and grinds sold into the spot market.
The USDA-listed the weighted average wholesale price for fresh 90% lean beef was $384.54 per cwt, and 50% beef was $136.65.
The USDA said basis bids for corn from feeders in the Southern Plains were unchanged at $1.15 to $1.25 a bushel over the Jul corn contract, which settled at $4.44, down $0.03.
The CME Feeder Cattle Index for the seven days ended Thursday was $299.30 per cwt, up $1.55. This compares with Friday’s Aug contract settlement of $298.82, down $1.10.