By Deborah Levine, MarketWatch NEW YORK (MarketWatch) -- Treasury prices edged lower on Wednesday, pushing long-term yields up, before the government sells $21 billion in 10-year notes, the second major auction of the week. Yields on 10-year notes (UST10Y 2.65, +0.05, +1.92%) , which move inversely to prices, rose 3 basis points to 2.63%. A basis point is 0.01%. Two-year yields (UST2YR 0.51, +0.02, +4.08%) were little changed at 0.49%. Also putting pressure on bonds, U.S. stock futures pointed higher and Portugal saw a strong reception to its own bond auction, according to CRT Capital Group. Both indicate a reduction in investors' sense of need for the relative security offered by U.S. government debt. "Given the relative dearth of first-tier data and otherwise lackluster slate of tradable events, both the European and Treasury auctions are of relevance," CRT Strategists David Ader and Ian Lyngen wrote in a note. The Treasury Department will sell $21 billion in 10-year notes, accepting bids until 1 p.m. Eastern time. The sale is a reopening of last month's sale, meaning the securities will carry the same coupon and mature on the same date as the original securities. The 10-year auction follows Tuesday's sale of 3-year notes (UST3YR 0.79, +0.06, +7.61%) at the lowest yield on record. See results of recent auctions. On Thursday, the government will auction 30-year bonds (UST30Y 3.72, +0.06, +1.56%) . Coming up later, the Federal Reserve will release its so-called Beige Book at 2 p.m. Eastern time. The report is a compilation of economic anecdotes used by Fed officials at their upcoming monetary-policy meeting.

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