10-Year Note Speculators cut back on bearish bets for first time in 4 weeks

June 1, 2019

June 1st – By CountingPips.comReceive our weekly COT Reports by Email

10-Year Note Non-Commercial Speculator Positions:

Large bond speculators reduced their bearish net positions in the 10-Year Note futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.

The non-commercial futures contracts of 10-Year Note futures, traded by large speculators and hedge funds, totaled a net position of -376,173 contracts in the data reported through Tuesday May 28th. This was a weekly change of 47,178 net contracts from the previous week which had a total of -423,351 net contracts.

The week’s net position was the result of the gross bullish position (longs) falling by -11,538 contracts (to a weekly total of 607,956 contracts) while the gross bearish position (shorts) dropped by larger amount of -58,716 contracts for the week (to a total of 984,129 contracts).


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Speculators decreased their bearish bets this week following three weeks of rising shorts (and a gain of -135,430 contracts over that period). The current speculator bearish standing has been expanding recently and remains strongly bearish despite the strength in the 10-Year bond price (decline of 10-Year yield).

Overall, the 10-Year bond speculator position has now been in bearish territory for 76 straight weeks dating back to December of 2017.

10-Year Note Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 306,309 contracts on the week. This was a weekly decline of -24,909 contracts from the total net of 331,218 contracts reported the previous week.

10-Year Note Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the 10-Year Note Futures (Front Month) closed at approximately $125.39 which was a boost of $1.25 from the previous close of $124.14, according to unofficial market data.

*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) as well as the commercial traders (hedgers & traders for business purposes) were positioned in the futures markets.

The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators).

Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).

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