I am borderline with calling a foul. It would depend on what has been going on in the game and what the players are tolerating. If that was in the first few minutes, I would probably make the call just to send a message to the players to keep it clean and set a threshold. The game is about the players and some teams are okay with these types of light fouls and want to continue playing.
There's really not much there. Yes, a little contact, but it resulted in nothing. If you start calling that type of contact as a foul, the game would slow to a crawl. Now if it gained an advantage for the red team, go ahead and give the free kick.