March 10, 2017 / 9:15 PM / 7 months ago

UPDATE 1-Speculative U.S. 10-year T-note net shorts fall from record high -CFTC

    * Speculative Eurodollar net shorts hit record high
    * Spec 5-year T-note net shorts most in two months
    * Spec 2-year T-note net shorts hit highest since June

 (New throughout, adds background, net shorts in other
    March 10 (Reuters) - Speculators scaled back their net
bearish bets on U.S. 10-year Treasury note futures from a record
high ahead of the February U.S. payrolls report, according to
Commodity Futures Trading Commission data released on Friday.
    Speculative net shorts in Eurodollar futures reached another
record peak earlier this week on expectations the Federal
Reserve would raise key U.S. short-term rates at its March 14-15
meeting, the CFTC's latest Commitments of Traders data showed.
    Nets shorts by speculators in U.S. five-year T-note futures
rose to their highest level in two months, while speculative net
shorts in two-year T-notes jumped to their highest since last
    The amount of speculators' bearish, or short, positions in
10-year Treasury futures exceeded bullish, or long, positions by
298,514 contracts on March 7, according to the latest data
    A week earlier, speculators held 409,659 net short positions
in 10-year T-note futures, which was a record high.
    Speculators likely reduced their bearish bets on 10-year
T-notes to book profits following prior week's steep selloff due
to hawkish rhetoric from a group of Fed officials on the
possibility of a pending rate increase, analysts said.

    On Friday, the Labor Department said nonfarm payrolls
increased by 235,000 jobs last month, more than the 190,000
forecast among economists polled by Reuters.
    U.S. 10-year T-note futures ended up 6/32 at 123 on
Friday as the February hiring figure fell short of the most
optimistic views.
    Below is a table of the speculative positions in Treasury
futures on the Chicago Board of Trade and in Eurodollar futures
on the Chicago Mercantile Exchange in the latest week:
 U.S. 2-year T-notes (Contracts of $200,000) 
        07 Mar 2017       Prior week
 Long         217,300        263,282
 Short        353,805        293,001
 Net         -136,505        -29,719
U.S. 5-year T-notes (Contracts of $100,000) 
        07 Mar 2017       Prior week
 Long         313,665        376,450
 Short        725,241        663,816
 Net         -411,576       -287,366
U.S. 10-year T-notes (Contracts of $100,000) 
        07 Mar 2017       Prior week
 Long         527,862        472,169
 Short        826,376        881,828
 Net         -298,514       -409,659
U.S. T-bonds (Contracts of $100,000) 
        07 Mar 2017       Prior week
 Long          91,847         91,092
 Short        134,673        112,956
 Net          -42,826        -21,864
U.S. Ultra T-bonds (Contracts of $100,000) 
        07 Mar 2017       Prior week
 Long          53,041         56,880
 Short        117,791        124,283
 Net          -64,750        -67,403
 Eurodollar (Contracts of $1,000,000) 
        07 Mar 2017       Prior week
 Long         413,948        393,581
 Short      3,304,373      3,073,460
 Net       -2,890,425     -2,679,879
 Fed funds 
        07 Mar 2017       Prior week
 Long         120,998        197,687
 Short        367,257        352,629
 Net         -246,259       -154,942
 (Reporting by Richard Leong; Editing by Dan Grebler and David

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