CFTC: Speculators Cut CBOT US Treasury Net Shorts by 58,019 Contracts

The headline cut in the aggregate net short masks divergent positioning across the curve: the reduction was concentrated in shorter-duration contracts while the ultra-long bucket saw a substantial build in shorts. That split suggests positioning was adjusted by tenor rather than as a broad directional retreat, which matters for anyone tracking how speculative flows interact with supply and duration risk at the long end. Whether the ultra-long short build continues alongside further cuts elsewhere is the open question.