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UPDATE 1-U.S. Treasury two-year futures' net shorts smallest since March - CFTC

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(Adds other contracts, context, table) NEW YORK, May 27 (Reuters) - Speculators' bearish bets on U.S. Treasury two-year note futures were trimmed to their lowest level since March in the latest week, Commodity Futures Trading Commission data showed on Friday. Net shorts on U.S. two-year note futures went down to 35,293 contracts in the week ending May 24, from 134,637 contracts a week earlier, CFTC data showed. Net shorts were also trimmed for five-year note futures , to their smallest since February. The amount of speculators' bearish, or short, positions in five-year Treasury futures exceeded bullish, or long, positions by 120,527 contracts against 260,224 in the prior week. Further out in the curve, speculators increased their bearish bets on U.S. 10-year note futures to 225,124 contracts against 160,091 the prior week. U.S. Treasuries have been hammered this year amid concerns over the U.S. Federal Reserve's plans to tighten monetary policy to fight unrelenting inflation. But benchmark 10-year yields have been declining from a 3.2% high on May 9, reflecting a shift in investor concerns from higher interest rates to recessionary risks. On Friday, Treasury yields ended near six-week lows. Below is a table of the speculative positions in Treasury futures on the Chicago Board of Trade and in Eurodollar futures on the Chicago Mercantile Exchange in the latest week: U.S. 2-year T-notes (Contracts of $200,000) 24 May 2022 Prior week week Long 361,614 307,951 Short 396,907 442,588 Net -35,293 -134,637 U.S. 5-year T-notes (Contracts of $100,000) 24 May 2022 Prior week week Long 405,475 298,615 Short 526,002 558,839 Net -120,527 -260,224 U.S. 10-year T-notes (Contracts of $100,000) 24 May 2022 Prior week week Long 273,667 314,613 Short 498,791 474,704 Net -225,124 -160,091 U.S. T-bonds (Contracts of $100,000) 24 May 2022 Prior week week Long 141,452 146,002 Short 112,950 113,995 Net 28,502 32,007 U.S. Ultra T-bonds (Contracts of $100,000) 24 May 2022 Prior week week Long 50,153 48,033 Short 358,048 342,592 Net -307,895 -294,559 Eurodollar (Contracts of $1,000,000) 24 May 2022 Prior week week Long 351,909 336,958 Short 3,184,689 3,211,409 Net -2,832,780 -2,874,451 Fed funds (Contracts of $1,000,000) 24 May 2022 Prior week week Long 119,202 100,043 Short 76,711 51,028 Net 42,491 49,015 (Reporting by Davide Barbuscia; editing by Jonathan Oatis and Diane Craft)