November 16, 2018 / 9:26 PM / a month ago

UPDATE 1-Speculative U.S. 10-year T-note net shorts decline most in 1-1/2 years -CFTC

    * U.S. 2-year, ultra bond net shorts hit record highs
    * U.S. 10-year Treasury yield reaches 2-week lows

 (Adds background, details on latest data)
    By Richard Leong
    Nov 16 (Reuters) - Speculators' net bearish bets on U.S.
10-year Treasury note futures fell by the biggest amount in
1-1/2 years in the latest week, spurred by safe-haven demand for
U.S. government debt due to a sharp selloff in global equity
prices, according to Commodity Futures Trading Commission data
released on Friday.
    The amount of speculators' bearish, or short, positions in
10-year Treasury futures exceeded bullish, or long, positions by
333,195 contracts on Nov. 13, according to the CFTC's latest
Commitments of Traders data.
    This was the biggest weekly drop in net shorts in 10-year
T-notes since a drop of 255,042 contracts on April 25, 2017.
    A week earlier, speculators held 539,186 net short positions
in 10-year T-note futures.
    The benchmark 10-year Treasury yield fell to an
over two-week low on Friday, at 3.066 percent, on safe-haven
demand for bonds stemming from losses on Wall Street and a
decline in oil prices. The Treasury yield decline followed
dovish comments from a number of Federal Reserve officials.
    By investor groups, asset managers pared their net longs in
10-year T-notes for a second week to 1.098 million contracts,
while dealers' net positions reached a record peak at 327,355
    Hedge funds reduced their net shorts in 10-year T-notes from
a six-week peak to 815,407 contracts.  
    Among other T-note futures, speculative net shorts in
two-year T-note futures increased to an all-time high at 362,374
contracts on Tuesday.
    Speculative net shorts in ultra bond futures reached a
record high at 280,858 contracts on Tuesday.
    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) 
        13 Nov 2018       Prior week
 Long         441,734        451,315
 Short        804,108        784,795
 Net         -362,374       -333,480
U.S. 5-year T-notes (Contracts of $100,000) 
        13 Nov 2018       Prior week
 Long         595,644        620,319
 Short      1,166,186      1,176,698
 Net         -570,542       -556,379
U.S. 10-year T-notes (Contracts of $100,000) 
        13 Nov 2018       Prior week
 Long         666,291        586,963
 Short        999,486      1,126,149
 Net         -333,195       -539,186
U.S. T-bonds (Contracts of $100,000) 
        13 Nov 2018       Prior week
 Long         102,190        110,606
 Short        175,455        181,837
 Net          -73,265        -71,231
U.S. Ultra T-bonds (Contracts of $100,000) 
        13 Nov 2018       Prior week
 Long         100,035         98,060
 Short        380,893        358,009
 Net         -280,858       -259,949
 Eurodollar (Contracts of $1,000,000) 
        13 Nov 2018       Prior week
 Long       1,079,595      1,082,454
 Short      3,674,994      3,549,455
 Net       -2,595,399     -2,467,001
 Fed funds (Contracts of $1,000,000) 
        13 Nov 2018       Prior week
 Long         193,368        163,155
 Short        225,819        226,074
 Net          -32,451        -62,919
 (Reporting by Richard Leong
Editing by Leslie Adler and Rosalba O'Brien)
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