10-Year Note Speculators sharply dropped their bearish bets this week

August 31, 2019

August 31st – By CountingPips.comReceive our weekly COT Reports by Email

10-Year Note Non-Commercial Speculator Positions:

Large bond speculators cut back on 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 -309,904 contracts in the data reported through Tuesday August 27th. This was a weekly change of 91,900 net contracts from the previous week which had a total of -401,804 net contracts.

The week’s net position was the result of the gross bullish position (longs) lowering by -16,513 contracts (to a weekly total of 603,950 contracts) while the gross bearish position (shorts) fell strongly by -108,413 contracts for the week (to a total of 913,854 contracts).


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The large speculators sharply reduced their bearish bets by the most in nine weeks this week and marked a second straight weekly decrease. Previously, speculators had raised their bearish positions for five straight weeks and for seven out of the previous nine weeks.

Speculators have been consistently bearish this market this year despite the strong rally in 10-year bond market. This week’s pullback, however, brings the current position to the least bearish level since July 9th.

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 221,938 contracts on the week. This was a weekly loss of -113,061 contracts from the total net of 334,999 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 $131.79 which was a rise of $0.42 from the previous close of $131.37, 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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