May 11, 2018 / 8:13 PM / a year ago

UPDATE 1-Speculative U.S. 10-year T-note net shorts fall again -CFTC

    * Spec 5-year, ultra bond net shorts hit record highs
    * Speculators cut 2-year T-note net shorts to lowest since
    * Speculative Eurodollar net shorts near record peak

 (Adds background, details on latest data)
    By Richard Leong
    May 11 (Reuters) - Speculators' net bearish bets on U.S.
10-year Treasury note futures fell for a second week ahead of
the Treasury Department's sales of longer-dated government debt,
according to Commodity Futures Trading Commission data released
on Friday.
    This week, the Treasury sold $25 billion of 10-year notes
and $17 billion of 30-year bonds as well as $31 billion in
three-year debt, for this week's quarterly refunding.
    The amount of speculators' bearish, or short, positions in
10-year Treasury futures exceeded bullish, or long, positions by
408,629 contracts on May 8, according to the CFTC's latest
Commitments of Traders data.
    A week earlier, speculators held 445,678 net short positions
in 10-year T-note futures.
    Speculators likely further reduced their bearish bets on
10-year T-notes following a somewhat disappointing payrolls
report in April released a week ago. This helped keep benchmark
10-year yield below 3 percent this week during the refunding.
    Speculators turned net long on T-bond futures from a net
short position last week.
    They pared their net shorts in two-year T-notes to 54,256
contracts, the lowest since June 2017. 
    They further scaled back their net longs in federal funds
futures to 46,433 contracts, the lowest in eight weeks. Two week
earlier, they stood at the highest since August 2008
    On the other hand, speculative net shorts in five-year
T-notes reached another record high at 656,908 contracts.
    Speculators increased their net shorts in ultra bond futures
to 177,437 contracts, a record peak.
    Speculative net shorts in Eurodollar futures grew to 4.04
million, just shy of the record high of 4.05 million set three
week earlier.
    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) 
        08 May 2018       Prior week
 Long         431,577        409,605
 Short        485,833        470,841
 Net          -54,256        -61,236
U.S. 5-year T-notes (Contracts of $100,000) 
        08 May 2018       Prior week
 Long         544,450        570,120
 Short      1,201,358      1,171,646
 Net         -656,908       -601,526
U.S. 10-year T-notes (Contracts of $100,000) 
        08 May 2018       Prior week
 Long         697,678        631,024
 Short      1,106,307      1,076,702
 Net         -408,629       -445,678
U.S. T-bonds (Contracts of $100,000) 
        08 May 2018       Prior week
 Long         143,269        138,869
 Short        137,034        145,578
 Net            6,235         -6,709
U.S. Ultra T-bonds (Contracts of $100,000) 
        08 May 2018       Prior week
 Long          66,749         64,893
 Short        244,186        236,493
 Net         -177,437       -171,600
 Eurodollar (Contracts of $1,000,000) 
        08 May 2018       Prior week
 Long         961,731      1,067,371
 Short      5,002,025      5,019,453
 Net       -4,040,294     -3,952,082
 Fed funds (Contracts of $1,000,000) 
        08 May 2018       Prior week
 Long         268,470        274,739
 Short        222,037        165,953
 Net           46,433        108,786
 (Reporting by Richard Leong;
Editing by Steve Orlofsky and Phil Berlowitz
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