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

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

the period ending June 19 details: With the exception of paring shorts in the

Ultra-bond, large speculative accounts appear to have scaled back crowded

flattener positions, adding long/paring shorts in the front end, while adding

shorts/paring longs in 10s-30s. In the short end, large specs nearly doubled net

longs in Fed funds by +108,722 to finish +212,612, and continued to pare net

shorts in Eurodollars by a whopping +436,855 to -2,891,371. In notes, the group

reversed prior net short in the 2-year note of -17,571 to +4,404 (+21,975 net),

and pared net shorts in the 5-year note by 28,075 to -514,106. In the 10-year

note, the group added to shorts in the 10Y note by -23,469 to -359,463. In the

long end, the group reversed prior net long in the 30-year Bond of +4,187 to

-8,735 (-12,922), and pared net shorts in the Ultra-bond by +3,350 to finish

-189,281.