*** Commodity Futures Trading...............>

US TSYS: *** Commodity Futures Trading Commission/Commitment of Traders data for

the period ending May 1 details: the latest report showed large speculative

accounts scaled back positions across much of the curve, but extended net shorts

in 5s and Ultras to new record levels. In the short end, large specs pared net

longs in Fed funds by -107,462 to finish +109,042, and added to net shorts in

Eurodollars by -70,886 to -3,952,082 (just off record short of -4,051,527 from

April 17, 2018). In notes, the group pared net shorts in the 2-year note by

8,028 to -61,236, while extending net shorts in the 5-year note by -9,677 to a

new record short of -591,849. In the 10-year note, the group scaled back from

prior record short of -462,133 by +16,455 to finish the latest period -445,678.

In the long end, the group reversed prior net longs in the 30-year Bond of

+18,321 to -6,709 (-25,030 net), and extended net shorts in the Ultra-bond by

-11,625 to a new record short of -171,600.