October 6, 2017 / 8:13 PM / a year ago

UPDATE 1-Speculative U.S. 10-year T-note net longs at one-month low -CFTC

    * Spec 2-year, 5-year T-note net shorts most since late July
    * Speculators pare T-bond net longs to lowest since mid-May

 (Adds background, details on latest data)
    Oct 6 (Reuters) - Speculators' net bullish bets on U.S.
10-year Treasury note futures fell this week to the lowest in a
month on upbeat economic data, according to Commodity Futures
Trading Commission data released on Friday.
    Encouraging data on domestic factory and services activity
in spite of disruption of hurricanes Harvey and Irma led some
traders to increase their bets on a possible interest rate
increase from the Federal Reserve in December. This view likely
resulted in speculators reducing their bullish bets on
longer-dated bonds or raising bearish positions on interest
    The amount of speculators' bullish, or long, positions in
10-year Treasury futures exceeded bearish, or short, positions
by 232,156 contracts on Oct. 3, according to the CFTC's latest
Commitments of Traders data.
    This was the lowest level of net shorts in U.S. 10-year
T-notes since 221,806 contracts on Sept. 5.
    A week earlier, speculators held 256,626 net long positions
in 10-year T-note futures.
    Prices on spot 10-year T-notes fell to their lowest
since July 11 following a September jobs report that showed
surprisingly strong wage growth and the jobless rate hitting its
lowest in over 16 years. They pared much of their losses on
safe-haven buying in the aftermath of a RIA news agency report,
citing a Russian lawmaker, that North Korea is preparing to test
a long-range missile.
    Speculative net shorts in two-year Treasury futures and
five-year T-notes grew to 226,840 contracts and 283,799
contracts on Tuesday, respectively. They were the most net
shorts for those contracts since July 25. 
    Speculators scaled back their net longs in T-bonds to 14,771
on Tuesday, the lowest since May 16. 
    Speculative Eurodollar net shorts grew to 1.809 million
contracts, the highest since June 18. 
    The following data show 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) 
        Oct. 3, 2017      Prior week
 Long         226,421        281,175
 Short        453,261        464,072
 Net         -226,840       -182,897
U.S. 5-year T-notes (Contracts of $100,000) 
        Oct. 3, 2017      Prior week
 Long         396,625        425,387
 Short        680,424        653,661
 Net         -283,799       -228,274
U.S. 10-year T-notes (Contracts of $100,000) 
        Oct. 3, 2017      Prior week
 Long         866,991        893,344
 Short        634,835        636,718
 Net          232,156        256,626
U.S. T-bonds (Contracts of $100,000) 
        Oct. 3, 2017      Prior week
 Long         161,896        183,498
 Short        147,125        130,588
 Net           14,771         52,910
U.S. Ultra T-bonds (Contracts of $100,000) 
        Oct. 3, 2017      Prior week
 Long          64,509         54,836
 Short        148,347        153,564
 Net          -83,838        -98,728
 Eurodollar (Contracts of $1,000,000) 
        Oct. 3, 2017      Prior week
 Long         897,584        877,915
 Short      2,706,852      2,572,191
 Net       -1,809,268     -1,694,276
 Fed funds (Contracts of $1,000,000) 
        Oct. 3, 2017      Prior week
 Long          52,493         81,312
 Short        198,013        222,590
 Net         -145,520       -141,278
 (Reporting by Richard Leong; Editing by G Crosse and James
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