Seasonals • Charts • Strategies DAIRY · How to Interpret a Strategy Sheet ... without first...

COMMODITY PRODUCTS

2008 Moore Research Report

Seasonals • Charts • Strategies

DAIRY

Welcome to the

2008 MOORe HISTORICal DaIRY RePORT

this comprehensive report provides historical daily charts, cash and basis charts,

and seasonal strategies to help you trade.

cme Group offers the following Dairy futures and options contracts: Butter, cash-settled Butter,

Dry Whey, class IV milk, class III milk and Nonfat Dry milk. In addition to the moore historical

Report, cme Group offers the following free trading tools for Dairy futures and options:

• www.cmegroup.com/dairyquotes Free real-time price quotes on electronic Dairy futures and options complete with:

– Best bids and offers

– Daily trading activity

– outright and spread markets

• www.DailyDairyReport.com Free one-page daily e-mail commentary on the fundamental drivers of the dairy markets

For more information on cme Group Dairy products, visit www.cmegroup.com/commodities or contact [email protected].

to begin trading Dairy futures and options on the cme Globex electronic trading platform, contact your broker directly.

Page

Preface . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2CME Futures, Options & Spot Call Specifications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3How to Interpret Seasonal Pattern Charts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8

Seasonal Section Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9Seasonal Patterns & Weekly Charts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10Seasonal & Spread Strategy Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .40How to Interpret a Strategy Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .43Strategy Detail Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .43How to Interpret Average Volatility & Bull/Bear Charts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .70Volatility, Bull/Bear, Daily Section Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .71Historical Average Volatility Charts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .72Bull/Bear Charts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .75Historical Daily Futures Charts (Class III Milk) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .79

Basis & Cash Section Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .93Cheese/Milk Basis Averages & Charts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .94Cash Market Seasonal Patterns . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .100Cash Market Weekly Charts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .101Cash Market Monthly Charts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .102

(Charts current through December 2007.)

Basis& CashCharts

For Your Information

Class IIIMilk Futures

Table of Contents

Historical Dairy Report 2008 Edition

The Moore Research Center, Inc. (MRCI), located on 73 secluded acres outside Eugene, Oregon, is sought for its futures market analysis, combining many years of intensive computerized study and the experience of real-time trading. Our hardware and software both areconstantly upgraded, giving MRCI the speed and depth of capability tostudy price movement that we believe are state-of-the-art for the industry.

——————————————————————Copyright ©1989-2008. Moore Research Center, Inc. No part of this publication may bereproduced or transmitted in any form or by any means, electronic or mechanical, includ-ing photocopy, recording, facsimile, or any information storage and retrieval system,without written permission. Retransmission by fax or other means which results in thecreation of an additional copy is unlawful.

NOTE: The CME Milk (Class III) contractreplaced the BFP contract in January 2000.

Knowledge is a foundation essential to making successful decisions. Does a prudent

businessman market product/purchase raw materialwithout first researching profit/cost potential? Does asuccessful futures trader/investor jump at a “hot tip” or astory in The Wall St. Journal? Or would one first seeksome background—some history?

The purpose of this publication is to quantify price history—both cash and futures—in the dairy market,offer it from a variety of relevant perspectives, andpresent it in a format useful to those whose commerce issubstantially affected by fluctuations in prices for dairyproducts. The business executive and investor alike areencouraged to examine the following pages thoroughly,for seasonality can be a primary component of pricemovement in dairy products.

Seasonal Patterns Nearly all markets—real estate, grain, cash butter,

stock index futures—respond to various fundamental forces, many seasonal in nature. Such forces as weather,school calendars, and specific characteristics of futurescontracts tend to recur and to influence, to one degree oranother and in a more or less timely manner, certainmarkets every year. As any market responds to a seriesof these annually recurring factors, seasonal price patterns tend to evolve.

Daily seasonal patterns are derived from and a composite of the historical daily price activity in thespecific futures contract or cash market under consideration. The numerical index to the right of eachseasonal pattern chart reflects the historical tendency forthat market to reach its seasonal high (100) or low (0) ata given time.

Weekly continuation charts, also contract-specific,are intended to illustrate historical relative value, turningpoints, and longer-term trends. Points on futures spread charts are plotted by subtracting the price of the second-named contract from that of the first.

Windows of OpportunityFrom these seasonal patterns, one can derive a

seasonal approach to both cash and futures markets thatis designed to anticipate, enter, and capture recurrentprice trends as they emerge and exit before they are“realized.” Within these patterns may exist certain “windows of opportunity” wherein well-definedseasonal tops, bottoms, and trends tend to appear.

Moore Research Center, Inc. (MRCI) computerprograms have analyzed trends that have recurred in thesame direction during a similar period of time in at least80% of all years studied. The underlying theory assumes that causal fundamental factors specific to thattime period must have existed and may be influentialagain, thus making each strategy of such historicalreliability valid for trading considerations. However,that past performance is not necessarily indicative of future results.

Even though these are potential strategies only andnot recommendations, there is no mystery to them.They are merely presentations of quantified historicalfact. However, if knowledge is essential to decision-making, then historically reliable strategies would seemto offer a starting point from which to take a reasoned approach to the dairy market.

Commercial users/producers, then, may find seasonalanalysis vital to managing cost/profit risks. The consistency implied by seasonality and its more reliablestrategies can afford, to the business strategist planninginto the future, greater confidence in purchasing rawmaterial and/or marketing product.

Price movement affects management decisions.Those with the knowledge to anticipate price movementmore accurately also have the capacity to make successful decisions more consistently.

Preface

Pre

face

NOTE: The CME Milk (Class III) contractreplaced the BFP contract in January 2000.

2 HISTORICAL DAIRY REPORT

CME Dairy Futures, Options and Spot Call

Chicago Mercantile Exchange has offered a variety ofcash-settled dairy futures products since 1996. At present,these products consist of Class III and Class IV Milk, NonfatDry Milk, and Dry Whey futures and options contracts. In2005, CME listed a cash-settled butter futures contract(20,000 lbs) available for trade on Globex; in 2007, CMEmade nearly all its cash-settled dairy futures and options contracts available for 23-hour trading on Globex. CME alsotrades a deliverable butter futures contract. In addition, CMEprovides the location for a spot call (cash) dairy market whereCheese, Butter, and Nonfat Dry Milk are traded.

Cash/Spot Market

The Spot, or Cash, market is used for immediate inventory adjustments. This is a cash market that allowsbuyers and sellers to better manage production schedules andbottom lines with immediate sales or purchases of theproducts listed. Price discovery in this market is also used inconjunction with dairy information published by variousgovernment agencies to provide traders, hedgers, andspeculators with trading possibilities.

Dairy Futures and Options

The futures are structured completely differently fromthe cash markets. All of CME’s dairy futures products, except butter, are cash-settled to the National AgriculturalStatistical Service (NASS) monthly price. Class prices arebased on formulas calculated by United States Department ofAgriculture (USDA).

Federal Order Class Prices

Formulation of the Federal Order Class prices arederived from weighted averages of USDA-surveyed cheese,

butter, nonfat dry milk, and whey prices for the month. Theformulas for Class III and Class IV are as follow:

What do these formulas tell us about the pricing ofClass III and Class IV milk? Price movements in butter,cheese, whey, andnonfat dry milkhave an impact onthe final price. As ageneral rule, a one-cent change in dairyproduct prices has

the following price impact on theclass futures prices for milk.

Monthly government numbers used to settle the Class IIIand Class IV futures are releasedon the Friday before the 5th of thefollowing month. If the 5th falls onFriday, data is then published onthat Friday. Monthly data can befound on the USDA Web site or ona link at www.cmegroup.com.

Examples of actual USDAmonthly releases and last tradingdays for Class III and Class IV futures contracts are shown below.

Contract Specifications: CME Spot Call Dairy Markets

Cheese Butter Nonfat Dry Milk

TradingUnit

40,000-44,000 lbs 40,000-44,000 lbs 42,000-45,000 lbs

ContractMonths

Daily Daily Daily

MinimumFluctuation

$ 0.0025/lb $0.0025/lb $0.0025/lb

MaximumFluctuation

$0.01/lb $0.01/lb $0.01/lb

Trading Hours

10:45AM to between 10:47 and 11:01 AM

11:05AM to between 11:07 and 11:21AM

10:45AM to between 10:47 and 11:01AM

Ticker Symbol

Blocks: KBBarrels: RB

Grade AA Grade A: NMExtra Grade: NX

Grade Blocks: Grade A or betterBarrels: Extra or better

Grade AA Grade A and Extra

Class III Price = (Class III Skim Price x .965) + (Butterfat Price x 3.5) Class III Skim Price = (Protein Price x 3.1) + (Other Solids Price x 5.9)Protein Price = ((Cheese Price - .1682) x 1.383) + ((((Cheese Price - .1682) x 1.572) - Butterfat Price x .9) x 1.17) Other Solids Price = (Dry Whey Price - .1956) x 1.03 Butterfat Price = (Butter Price - .1202) x 1.2

Class IV Price = (Class IV Skim x .965) + (Butterfat Price x 3.5) Class IV Skim = Nonfat Solids Price x 9 Nonfat Solids Price = (Nonfat Price - .1570) x .99 Butterfat Price = (Butter Price - .1202) x 1.2

Class III Class IV

Cheese 9.7¢ n/a

Whey 6.0¢ n/a

Butter 0.5¢ 4.2¢

Nonfat Dry Milk n/a 8.6¢

USDA Release Last Trading Day

January 2/1/08 1/31/08

February 2/29/08 2/28/08

March 4/4/08 4/3/08

April 5/2/08 5/1/08

May 5/30/08 5/29/08

June 7/3/08 7/2/08

July 8/1/08 7/31/08

August 9/5/08 9/4/08

September 10/3/08 10/2/08

October 10/31/08 10/30/08

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MOORE RESEARCH CENTER, INC. 3

Class III Milk Futures

Class III milk futures have been trading at CMEsince 1996 in various forms. CME has adapted its futures contracts over time to keep up with the ever-changing government price support program formilk. Cash settlement was originally based on the Minnesota-Wisconsin (MW) price, then the Basic Formula Price (BFP), and currently the Class III milkprice. Class III milk is also known by the industry as“cheese milk,” the milk used to produce Americancheese.

Class IV Milk Futures

Class IV milk futures began trading in 2000 tocomplement the USDA’s component pricing system.Class IV milk is used to produce butter and nonfat drymilk.

Contract Specifications: CME Class III Milk Futures

Futures Options on Futures

Trading Unit 200,000 pounds Same as futures

Contract Months 24 consecutivecalendar months

Same as futures

Months Listed All All

MinimumFluctuation

$0.01 per cwt. $0.01 per cwt.,�except Cab = $0.005

Price Limits $0.75 per cwt. None

Options Exercise n/a On any day that the option is traded

Strike PriceIntervals

n/a $0.25

Termination of Trading

Business day priorto USDA

Class III Milk Priceannouncement

Same as futures

Trading Hours RTH

9:05 a.m. to 1:10 pm

(9:05 a.m. to 12:10p.m. on

last trading day)

9:05 a.m. to 1:12 p.m.(9:05 a.m. to

12:10 p.m. on last tradingday)

Trading Hours Globex

Trading extendsfrom Monday at9:05 a.m. Central

Time (CT) throughFriday at 1:30 p.m.

with daily hour-long trading halts

at 4:00 p.m.

same as Globex futures

Position Limits: Expiring

contract month

1500 contracts Aggregated with futures on an

equivalent basis

Ticker Symbols RTH / Globex DA / DC

Calls: DA/DCPuts: DA/DC

Contract Specifications: CME Class IV Milk Futures


Trading Unit 200,000 pounds Same as futures

Contract Months 24 consecutivecalendar months

Same as futures

Months Listed All All

MinimumFluctuation

$0.01 per cwt. $0.01 per cwt.,except Cab = $0.005

Price Limits $0.75 per cwt. None

Options Exercise n/a On any day that the option is traded

Strike PriceIntervals

n/a $0.25

Termination ofTrading

Business day prior toUSDA Class IV MilkPrice announcement

Same as futures

Trading Hours

9:05 a.m to 1:10 p.m(9:05 a.m. - 12:10 p.m.

on last trading day)

9:05 a.m. to 1:12 p.m.(9:05 a.m. - 12:10 p.m.


Trading Hours Globex

Trading extends fromMonday at 9:05 a.m.Central Time (CT)

through Friday at 1:30p.m. with daily hour-long trading halts at

4:00 p.m.


Position Limits:Expiring contract

month

1500 contracts Aggregated with futures on

an equivalent basis

Ticker Symbol:RTH/Globex

DK/GDK Calls: DK/GDKPuts: DK/GDK

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Nonfat Dry Milk Futures

Merchandisers, producers, processors, andspeculators can now engage in price discovery andeffectively manage price risk in Nonfat Dry Milk, a by-product derived from manufacturing butter. Thisproduct can be stored, used in various food sources,and/or reconstituted into milk. Futures complementCME Group’s overall dairy product complex, enablingusers both to hedge and to trade milk against its majormilk products.

Butter Futures

Producers, consumers, merchandisers, andspeculators can engage in price discovery and manageprice risk for butter utilizing a physically delivered contract. Futures reflect cash market supply, demand,and cold-storage stocks.

Contract Specifications: CME Nonfat Dry Milk Futures


Trading Unit 44,000 pounds Grade AA or Extra

Same as futures

Contract Months 24 months Same as futures

Months Listed All Same as futures

Minimum Fluctuation $0.00025 per pound $0.00025 per pound,except Cab = $0.000125

Price Limits $0.025 per pound;expandable to $0.05 if

contract nearest to expiration subject to

daily price limit closeson the limit bid or offer

None

Options Exercise n/a Any day option is traded

Strike Price Intervals n/a $0.02


Business day prior toUSDA Nonfat Dry Milk

Price announcement

Same as futures

Trading HoursRTH

9:05 a.m. to 1:10 p.m.(9:05 a.m. - 12:10 p.m.


9:05 a.m. to 1:12 p.m.(9:05 a.m. - 12:10 p.m.


Trading HoursGlobex

Trading extends from9:05 am Monday (CT)through 1:30 pm Friday

with daily hour-longtrading halts at 4:00 pm


Position Limits:Expiring month1st scale down

Other contractmonths

100 during the last 5days of trading

1,000 in any contractmonth

Aggregated with futures on

an equivalent basis

Ticker Symbol RTH / Globex

NF / GNF Calls: NZPuts: NZ

Contract Specifications: CME Butter Futures

Futures (RTH) Options on Futures

Trading Unit 40,000 pounds Grade AA

Same as futures

Contract Months 6 months Same as Futures

Months Listed Mar, May, Jul,Sep, Oct, Dec

Same as futures

Minimum Fluctuation $0.00025 per pound $0.00025 per pound,Cab = $0.000125

Price Limits $0.05 per pound; expandable to $0.10 ifthe contract nearest to

expiration that is subject to daily price

limit closes on the limitbid or offer

None

Options Exercise n/a Any day option traded.

Strike Price Intervals n/a $0.02


The eighth-to-last business day of the

month

First Friday of the month

Trading Hours 9:05 a.m. to 1:10 p.m.(9:05 a.m. - 12:10 p.m.


9:05 a.m. to 1:12 p.m.(9:05 a.m. - 12:10 p.m.


Position Limits:Expiring Contract

month1st scale down

2nd scale down

Other contractmonths

150 at the close of business on the first

business day followingthe first Friday of the

contract month

50 during the last 5 days of trading

1,000 all months combined or 900

in any contact month

Aggregated with futures on

an equivalent basis

Ticker Symbol DB Calls: DBPuts: DB

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Cash-settled Butter

In September 2007, CME Group launched optionson Cash-Settled Butter futures. Contract size at 20,000pounds is half the size of deliverable butter futures.

Dry Whey Futures

Producers, consumers, merchandisers, andspeculators can engage in price discovery and manageprice risk for dry whey, which is a by-product frommanufacturing cheese. Whey is the liquid that separatesfrom milk in the process of cheese making. Dried whey,high in protein and low in fat, is used in a variety offoods such as crackers, breads, cereal, and commercialpastries. It is increasingly used in the popular energyand power bars as well as protein drinks and powders. Italso has use as an animal feed.

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Contract Specs: CME Cash-Settled Butter Futures (Globex Only)

Futures Options

Trading Unit 20,000 lbs Grade AA Butter

same as futures

Contract Listing 24 consecutive calendar months

same as futures

Minimum Fluctuation 1 point = $0.00025/lb = $5.00

same as futures

Price Limits $0.05 per pound, expanded to $0.10 after

one-day limit move

n/a


Business day precedingrelease date for USDA

monthly price in the USfor Butter

same as futures

Trading Hours Trading extends fromMonday at 9:05 a.m.

(CT) through Friday at1:30 p.m. with daily

hour-long trading halts at 4:00 p.m.

same as futures

Options Exercise n/a Any day option traded

Strike Price Intervals n/a $0.02 per pound

Ticker Symbol CB Puts/Calls: CB�

Contract Specs: CME Dry Whey Futures (Globex Only)

Futures Options

Trading Unit 44,000 poundsExtra Grade

same as futures

Contract Listing 24 consecutivecalendar months

same as futures

Minimum Fluctuation 1 point = $0.00025/lb =$11.00

same as futures, but alsoCab $0.000125 = $5.50

Price Limits $0.04 per pound,except no limit in

spot month during last 5 trading days of month

n/a


Business day precedingrelease date for USDA

monthly price in the USfor Butter

same as futures

Trading Hours Trading extends fromMonday at 9:05 a.m.

(CT) through Friday at1:30 p.m. with daily

hour-long trading halts at 4:00 p.m.

same as futures

Options Exercise n/a Any day option traded

Strike Price Intervals n/a $0.02 per pound

Ticker Symbol DY Puts/Calls: DY


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Seasonal Pattern Chart Explanation

Each chart consists of two aspects of a market’s seasonal pattern—the longest (up to 10 years) for which data exists (solid line) and its most recent 5-year (dotted line), December 2007 contracts inclusive. Thus, any evolution

in the pattern may be perceived, as well as trends, tops, and bottoms coincident to both. The numerical index to theright measures the greatest historical tendency for the market to make a seasonal high (100) or low (0) at a given time.

Besides illustrating the more obvious seasonal tops, seasonal bottoms, and seasonal trends, these patterns also suggest certain cause/effect phenomena which may present secondary opportunities. For instance, do smaller but well-defined breaks/rallies typically precede certain events, such as the Super Bowl or expiration of a lead contract? If so, does there exist an implied opportunity?

January Class III Milk(CME) Seasonal Patterns(1999-2007)

Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 0

20

40

60

80

100

9 YearPattern

5 YearPattern

How to Interpret Seasonal Average Charts

Futures markets are designed to enable those involved in the commerce of the underlying commodity to manage theirrisk of price fluctuation. Because commercial hedging is a purchase or sale in futures that temporarily

substitutes for a similar transaction in the cash market, the relationship between cash and futures is of vital importance.Charts in the Basis section portray an averaged difference between a designated cash price and a designated

futures contract price, commonly referred to as “basis.” Per industry standard, the daily futures closing price is subtracted from the underlying cash price to determine chart points and cash quotes of “$1.00 over” or “$0.05 under”futures—the fluctuation of cash around futures. Because futures prices are the reference against which cash quotes aremade, futures prices are represented on the charts by the 0-line. [The chart itself consists of both a longer average (thesolid line) and its most recent 5-year average (the dotted line).] From these charts, one may discern not only the degree to which basis typically widens/narrows at any given time of the year.

Cheddar Cheese Blocks - Jan Class III Milk(CME) 10 Year Average(98-07)

Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

10 YearPattern

5 YearPattern

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PageSEASONAL PATTERNS & WEEKLY CONTINUATIONS

Jan, Feb, Mar, Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

May, Jun, Jul, Aug . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

Sep, Oct, Nov, Dec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

Jan vs: Feb, Mar, Apr, May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

Feb vs: Mar, Apr, May, Jun . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Mar vs: Apr, May, Jun, Jul . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

Apr vs: May, Jun, Jul, Aug . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

May vs: Jun, Jul, Aug, Sep . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

Jun vs: Jul, Aug, Sep, Oct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

Jul vs: Aug, Sep, Oct, Nov . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

Aug vs: Sep, Oct, Nov, Dec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

Sep vs: Oct, Nov, Dec, Jan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32

Oct vs: Nov, Dec, Jan, Feb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34

Nov vs: Dec, Jan, Feb, Mar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36

Dec vs: Jan, Feb, Mar, Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38

STRATEGIESSeasonal Trade & Spreads Strategy Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38

Seasonal Strategy Detail Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41

Cla

ss I

II M

ilk

Class III Milk


February Class III Milk(CME) Seasonal Patterns(1999-2007)

Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 0

20

40

60

80

100

9 YearPattern

5 YearPattern

January Class III Milk(CME) Seasonal Patterns(1999-2007)


20

40

60

80

100

9 YearPattern

5 YearPattern

March Class III Milk(CME) Seasonal Patterns(1999-2007)

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 0

20

40

60

80

100

9 YearPattern

5 YearPattern

Cla

ss I

II M

ilk S

easo

nal P

atte

rns

April Class III Milk(CME) Seasonal Patterns(1999-2007)

Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr 0

20

40

60

80

100

9 YearPattern

5 YearPattern


Weekly Feb Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 20079.00

10.00

11.00

12.00

13.00

14.00

15.00

16.00

17.00

18.00

Weekly Jan Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 20079.00

10.00

11.00

12.00

13.00

14.00

15.00

16.00

17.00

18.00

19.00

Weekly Mar Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 20078.00

9.00

10.00

11.00

12.00

13.00

14.00

15.00

16.00

17.00

18.00

Weekly Apr Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 20078.00

10.00

12.00

14.00

16.00

18.00

20.00 C

lass

III

Milk

Wee

klie

s


June Class III Milk(CME) Seasonal Patterns(1999-2007)

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 0

20

40

60

80

100

9 YearPattern

5 YearPattern

May Class III Milk(CME) Seasonal Patterns(1998-2007)

Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 0

20

40

60

80

100

10 YearPattern

5 YearPattern

Cla

ss I

II M

ilk S

easo

nal P

atte

rns

July Class III Milk(CME) Seasonal Patterns(1999-2007)

Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 0

20

40

60

80

100

9 YearPattern

5 YearPattern

August Class III Milk(CME) Seasonal Patterns(1998-2007)

Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 0

20

40

60

80

100

10 YearPattern

5 YearPattern


Weekly Jun Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 20078.00

10.00

12.00

14.00

16.00

18.00

20.00

22.00

Weekly May Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 20078.00

10.00

12.00

14.00

16.00

18.00

20.00

22.00

Weekly Jul Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 20078.00

10.00

12.00

14.00

16.00

18.00

20.00

22.00

24.00

Weekly Aug Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 20078.00

10.00

12.00

14.00

16.00

18.00

20.00

22.00 C

lass

III

Milk

Wee

klie

s


October Class III Milk(CME) Seasonal Patterns(1997-2007)

Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct 0

20

40

60

80

100

11 YearPattern

5 YearPattern

September Class III Milk(CME) Seasonal Patterns(1998-2007)

Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 0

20

40

60

80

100

10 YearPattern

5 YearPattern

Cla

ss I

II M

ilk S

easo

nal P

atte

rns

November Class III Milk(CME) Seasonal Patterns(1997-2007)

Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 0

20

40

60

80

100

11 YearPattern

5 YearPattern

December Class III Milk(CME) Seasonal Patterns(1997-2007)

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 0

20

40

60

80

100

11 YearPattern

5 YearPattern


Weekly Oct Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 20078.00

10.00

12.00

14.00

16.00

18.00

20.00

22.00

Weekly Sep Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 20078.00

10.00

12.00

14.00

16.00

18.00

20.00

22.00

Weekly Nov Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 20078.00

10.00

12.00

14.00

16.00

18.00

20.00

Weekly Dec Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 20078.00

10.00

12.00

14.00

16.00

18.00

20.00

22.00 C

lass

III

Milk

Wee

klie

s


Jan Class III Milk(CME) - Mar Class III Milk(CME) 10 Year Seasonal(98-07)

Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 0

20

40

60

80

100

10 YearPattern

5 YearPattern

Jan Class III Milk(CME) - Feb Class III Milk(CME) 10 Year Seasonal(98-07)


20

40

60

80

100

10 YearPattern

5 YearPattern

Cla

ss I

II M

ilk S

prea

d Se

ason

al P

atte

rns:

Jan

uary

Jan Class III Milk(CME) - Apr Class III Milk(CME) 10 Year Seasonal(98-07)


20

40

60

80

100

10 YearPattern

5 YearPattern

Jan Class III Milk(CME) - May Class III Milk(CME) 10 Year Seasonal(98-07)


20

40

60

80

100

10 YearPattern

5 YearPattern


Weekly Jan Class III Milk(CME) - Mar Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-6.00

-5.00

-4.00

-3.00

-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

5.00

Weekly Jan Class III Milk(CME) - Feb Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-8.00

-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

Weekly Jan Class III Milk(CME) - Apr Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-6.00

-5.00

-4.00

-3.00

-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

5.00

Weekly Jan Class III Milk(CME) - May Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-6.00

-5.00

-4.00

-3.00

-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

5.00 C

lass

III

Milk

Spr

ead

Wee

klie

s: J

anua

ry


Feb Class III Milk(CME) - Apr Class III Milk(CME) 10 Year Seasonal(98-07)

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 0

20

40

60

80

100

10 YearPattern

5 YearPattern

Feb Class III Milk(CME) - Mar Class III Milk(CME) 10 Year Seasonal(98-07)


20

40

60

80

100

10 YearPattern

5 YearPattern

Feb Class III Milk(CME) - May Class III Milk(CME) 10 Year Seasonal(98-07)


20

40

60

80

100

10 YearPattern

5 YearPattern

Cla

ss I

II M

ilk S

prea

d Se

ason

al P

atte

rns:

Feb

ruar

y

Feb Class III Milk(CME) - Jun Class III Milk(CME) 10 Year Seasonal(98-07)


20

40

60

80

100

10 YearPattern

5 YearPattern


Weekly Feb Class III Milk(CME) - Apr Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-3.00

-2.50

-2.00

-1.50

-1.00

-0.50

0.00

0.50

1.00

1.50

2.00

2.50

Weekly Feb Class III Milk(CME) - Mar Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-2.00

-1.50

-1.00

-0.50

0.00

0.50

1.00

1.50

2.00

Weekly Feb Class III Milk(CME) - May Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-4.00

-3.00

-2.00

-1.00

0.00

1.00

2.00

3.00

Weekly Feb Class III Milk(CME) - Jun Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-4.00

-3.00

-2.00

-1.00

0.00

1.00

2.00

3.00 C

lass

III

Milk

Spr

ead

Wee

klie

s: F

ebru

ary


Mar Class III Milk(CME) - May Class III Milk(CME) 10 Year Seasonal(98-07)

May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 0

20

40

60

80

100

10 YearPattern

5 YearPattern

Mar Class III Milk(CME) - Apr Class III Milk(CME) 10 Year Seasonal(98-07)


20

40

60

80

100

10 YearPattern

5 YearPattern

Mar Class III Milk(CME) - Jun Class III Milk(CME) 10 Year Seasonal(98-07)


20

40

60

80

100

10 YearPattern

5 YearPattern

Cla

ss I

II M

ilk S

prea

d Se

ason

al P

atte

rns:

Mar

ch

Mar Class III Milk(CME) - Jul Class III Milk(CME) 10 Year Seasonal(98-07)


20

40

60

80

100

10 YearPattern

5 YearPattern


Weekly Mar Class III Milk(CME) - May Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-5.00

-4.00

-3.00

-2.00

-1.00

0.00

1.00

2.00

Weekly Mar Class III Milk(CME) - Apr Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-5.00

-4.00

-3.00

-2.00

-1.00

0.00

1.00

2.00

Weekly Mar Class III Milk(CME) - Jun Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-4.00

-3.00

-2.00

-1.00

0.00

1.00

2.00

Weekly Mar Class III Milk(CME) - Jul Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-3.00

-2.50

-2.00

-1.50

-1.00

-0.50

0.00

0.50

1.00

1.50

2.00 C

lass

III

Milk

Spr

ead

Wee

klie

s: M

arch


Apr Class III Milk(CME) - Jun Class III Milk(CME) 10 Year Seasonal(98-07)


20

40

60

80

100

10 YearPattern

5 YearPattern

Apr Class III Milk(CME) - May Class III Milk(CME) 10 Year Seasonal(98-07)


20

40

60

80

100

10 YearPattern

5 YearPattern

Apr Class III Milk(CME) - Jul Class III Milk(CME) 10 Year Seasonal(98-07)


20

40

60

80

100

10 YearPattern

5 YearPattern

Cla

ss I

II M

ilk S

prea

d Se

ason

al P

atte

rns:

Apr

il

Apr Class III Milk(CME) - Aug Class III Milk(CME) 10 Year Seasonal(98-07)


20

40

60

80

100

10 YearPattern

5 YearPattern


Weekly Apr Class III Milk(CME) - Jun Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-3.00

-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

Weekly Apr Class III Milk(CME) - May Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-2.50

-2.00

-1.50

-1.00

-0.50

0.00

0.50

1.00

1.50

Weekly Apr Class III Milk(CME) - Jul Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-3.00

-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

5.00

Weekly Apr Class III Milk(CME) - Aug Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-4.00

-3.00

-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

5.00 C

lass

III

Milk

Spr

ead

Wee

klie

s: A

pril


May Class III Milk(CME) - Jul Class III Milk(CME) 10 Year Seasonal(98-07)

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 0

20

40

60

80

100

10 YearPattern

5 YearPattern

May Class III Milk(CME) - Jun Class III Milk(CME) 10 Year Seasonal(98-07)


20

40

60

80

100

10 YearPattern

5 YearPattern

May Class III Milk(CME) - Aug Class III Milk(CME) 10 Year Seasonal(98-07)


20

40

60

80

100

10 YearPattern

5 YearPattern

Cla

ss I

II M

ilk S

prea

d Se

ason

al P

atte

rns:

May

May Class III Milk(CME) - Sep Class III Milk(CME) 10 Year Seasonal(98-07)


20

40

60

80

100

10 YearPattern

5 YearPattern


Weekly May Class III Milk(CME) - Jul Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-4.00

-3.00

-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

Weekly May Class III Milk(CME) - Jun Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-3.00

-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

5.00

Weekly May Class III Milk(CME) - Aug Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-3.00

-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

Weekly May Class III Milk(CME) - Sep Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-4.00

-3.00

-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00 C

lass

III

Milk

Spr

ead

Wee

klie

s: M

ay


Jun Class III Milk(CME) - Aug Class III Milk(CME) 10 Year Seasonal(98-07)

Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 0

20

40

60

80

100

10 YearPattern

5 YearPattern

Jun Class III Milk(CME) - Jul Class III Milk(CME) 10 Year Seasonal(98-07)


20

40

60

80

100

10 YearPattern

5 YearPattern

Jun Class III Milk(CME) - Sep Class III Milk(CME) 10 Year Seasonal(98-07)


20

40

60

80

100

10 YearPattern

5 YearPattern

Cla

ss I

II M

ilk S

prea

d Se

ason

al P

atte

rns:

Jun

e

Jun Class III Milk(CME) - Oct Class III Milk(CME) 10 Year Seasonal(98-07)


20

40

60

80

100

10 YearPattern

5 YearPattern


Weekly Jun Class III Milk(CME) - Aug Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-3.00

-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

5.00

Weekly Jun Class III Milk(CME) - Jul Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-3.00

-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

Weekly Jun Class III Milk(CME) - Sep Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-4.00

-3.00

-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

5.00

Weekly Jun Class III Milk(CME) - Oct Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-4.00

-3.00

-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

5.00 C

lass

III

Milk

Spr

ead

Wee

klie

s: J

une


Jul Class III Milk(CME) - Sep Class III Milk(CME) 10 Year Seasonal(98-07)

Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 0

20

40

60

80

100

10 YearPattern

5 YearPattern

Jul Class III Milk(CME) - Aug Class III Milk(CME) 10 Year Seasonal(98-07)


20

40

60

80

100

10 YearPattern

5 YearPattern

Jul Class III Milk(CME) - Oct Class III Milk(CME) 10 Year Seasonal(98-07)


20

40

60

80

100

10 YearPattern

5 YearPattern

Cla

ss I

II M

ilk S

prea

d Se

ason

al P

atte

rns:

Jul

y

Jul Class III Milk(CME) - Nov Class III Milk(CME) 10 Year Seasonal(98-07)


20

40

60

80

100

10 YearPattern

5 YearPattern


Weekly Jul Class III Milk(CME) - Sep Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-4.00

-3.00

-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

Weekly Jul Class III Milk(CME) - Aug Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-3.00

-2.00

-1.00

0.00

1.00

2.00

3.00

Weekly Jul Class III Milk(CME) - Oct Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-4.00

-3.00

-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

5.00

Weekly Jul Class III Milk(CME) - Nov Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-3.00

-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

5.00 C

lass

III

Milk

Spr

ead

Wee

klie

s: J

uly


Aug Class III Milk(CME) - Oct Class III Milk(CME) 11 Year Seasonal(97-07)

Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 0

20

40

60

80

100

11 YearPattern

5 YearPattern

Aug Class III Milk(CME) - Sep Class III Milk(CME) 11 Year Seasonal(97-07)


20

40

60

80

100

11 YearPattern

5 YearPattern

Aug Class III Milk(CME) - Nov Class III Milk(CME) 11 Year Seasonal(97-07)


20

40

60

80

100

11 YearPattern

5 YearPattern

Cla

ss I

II M

ilk S

prea

d Se

ason

al P

atte

rns:

Aug

ust

Aug Class III Milk(CME) - Dec Class III Milk(CME) 11 Year Seasonal(97-07)


20

40

60

80

100

11 YearPattern

5 YearPattern


Weekly Aug Class III Milk(CME) - Oct Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-2.00

-1.50

-1.00

-0.50

0.00

0.50

1.00

1.50

2.00

2.50

Weekly Aug Class III Milk(CME) - Sep Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-2.00

-1.50

-1.00

-0.50

0.00

0.50

1.00

1.50

Weekly Aug Class III Milk(CME) - Nov Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-3.00

-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

Weekly Aug Class III Milk(CME) - Dec Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-3.00

-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

5.00 C

lass

III

Milk

Spr

ead

Wee

klie

s: A

ugus

t


Sep Class III Milk(CME) - Nov Class III Milk(CME) 11 Year Seasonal(97-07)

Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 0

20

40

60

80

100

11 YearPattern

5 YearPattern

Sep Class III Milk(CME) - Oct Class III Milk(CME) 11 Year Seasonal(97-07)


20

40

60

80

100

11 YearPattern

5 YearPattern

Sep Class III Milk(CME) - Dec Class III Milk(CME) 11 Year Seasonal(97-07)


20

40

60

80

100

11 YearPattern

5 YearPattern

Cla

ss I

II M

ilk S

prea

d Se

ason

al P

atte

rns:

Sep

tem

ber

Sep Class III Milk(CME) - Jan Class III Milk(CME) 11 Year Seasonal(97/98-07/08)


20

40

60

80

100

11 YearPattern

5 YearPattern


Weekly Sep Class III Milk(CME) - Nov Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-1.50

-1.00

-0.50

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

Weekly Sep Class III Milk(CME) - Oct Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-1.00

-0.50

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

Weekly Sep Class III Milk(CME) - Dec Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

5.00

Weekly Sep Class III Milk(CME) - Jan Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

5.00 C

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Oct Class III Milk(CME) - Dec Class III Milk(CME) 11 Year Seasonal(97-07)

Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct 0

20

40

60

80

100

11 YearPattern

5 YearPattern

Oct Class III Milk(CME) - Nov Class III Milk(CME) 11 Year Seasonal(97-07)


20

40

60

80

100

11 YearPattern

5 YearPattern

Oct Class III Milk(CME) - Jan Class III Milk(CME) 11 Year Seasonal(97/98-07/08)


20

40

60

80

100

11 YearPattern

5 YearPattern

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Oct Class III Milk(CME) - Feb Class III Milk(CME) 11 Year Seasonal(97/98-07/08)


20

40

60

80

100

11 YearPattern

5 YearPattern


Weekly Oct Class III Milk(CME) - Dec Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-1.00

-0.50

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

Weekly Oct Class III Milk(CME) - Nov Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-1.00

-0.50

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

Weekly Oct Class III Milk(CME) - Jan Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

5.00

Weekly Oct Class III Milk(CME) - Feb Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

5.00

6.00 C

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Nov Class III Milk(CME) - Jan Class III Milk(CME) 11 Year Seasonal(97/98-07/08)

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 0

20

40

60

80

100

11 YearPattern

5 YearPattern

Nov Class III Milk(CME) - Dec Class III Milk(CME) 11 Year Seasonal(97-07)


20

40

60

80

100

11 YearPattern

5 YearPattern

Nov Class III Milk(CME) - Feb Class III Milk(CME) 11 Year Seasonal(97/98-07/08)


20

40

60

80

100

11 YearPattern

5 YearPattern

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Nov Class III Milk(CME) - Mar Class III Milk(CME) 11 Year Seasonal(97/98-07/08)


20

40

60

80

100

11 YearPattern

5 YearPattern


Weekly Nov Class III Milk(CME) - Jan Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-1.50

-1.00

-0.50

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

Weekly Nov Class III Milk(CME) - Dec Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-2.50

-2.00

-1.50

-1.00

-0.50

0.00

0.50

1.00

1.50

2.00

Weekly Nov Class III Milk(CME) - Feb Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

5.00

Weekly Nov Class III Milk(CME) - Mar Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

5.00 C

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Dec Class III Milk(CME) - Feb Class III Milk(CME) 10 Year Seasonal(98/99-07/08)


20

40

60

80

100

10 YearPattern

5 YearPattern

Dec Class III Milk(CME) - Jan Class III Milk(CME) 10 Year Seasonal(98/99-07/08)


20

40

60

80

100

10 YearPattern

5 YearPattern

Dec Class III Milk(CME) - Mar Class III Milk(CME) 10 Year Seasonal(98/99-07/08)


20

40

60

80

100

10 YearPattern

5 YearPattern

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Dec Class III Milk(CME) - Apr Class III Milk(CME) 10 Year Seasonal(98/99-07/08)


20

40

60

80

100

10 YearPattern

5 YearPattern


Weekly Dec Class III Milk(CME) - Feb Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

Weekly Dec Class III Milk(CME) - Jan Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-1.50

-1.00

-0.50

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

Weekly Dec Class III Milk(CME) - Mar Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

5.00

Weekly Dec Class III Milk(CME) - Apr Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

5.00 C

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Note: These trade strategies have worked with historical consistency. No representation is being made that they will work this year or in the future. Please check current market fundamentals and technical conditions before considering these trades. This information is not a recommendation to buy or sell at this time, but merely a historical presentation of trade strategies. Past results are not necessarily indicative of future results. No representation is being made that an account will or is likely to achieve profits or incur losses similar to those shown.

SEASONAL TENDENCIES ARE A COMPOSITE OF SOME OF THE MORE CONSISTENT COMMODITY FUTURES SEASONALS THAT HAVE OCCURRED OVER THE PAST 15 YEARS. THERE ARE USUALLY UNDERLYINGFUNDAMENTAL CIRCUMSTANCES THAT OCCUR ANNUALLY THAT TEND TO CAUSE THE FUTURES MARKETS TO REACT IN A SIMILAR DIRECTIONAL MANNER DURING A CERTAIN CALENDAR PERIOD OF THE YEAR. EVENIF A SEASONAL TENDENCY OCCURS IN THE FUTURE, IT MAY NOT RESULT IN A PROFITABLE TRANSACTION AS FEES, AND THE TIMING OF THE ENTRY AND LIQUIDATION MAY IMPACT ON THE RESULTS. NOREPRESENTATION IS BEING MADE THAT ANY ACCOUNT HAS IN THE PAST OR WILL IN THE FUTURE ACHIEVE PROFITS UTILIZING THESE STRATEGIES. NO REPRESENTATION IS BEING MADE THAT PRICE PATTERNS WILLRECUR IN THE FUTURE. HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL ORIS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTSSUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OFHINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUALTRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUALTRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTEDFOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.

Copyright ©1989-2008 Moore Research Center, Inc.

Class III Milk Seasonal & Spread StrategiesSeasonalStrategy

EntryDate

ExitDate

WinPct

WinYears

LossYears

TotalYears

AverageProfit

Ave PftPer Day

PgNo

1 Buy Class III Milk(CME)—May 1/02 1/17 80 8 2 10 438 27/16 41

2 Buy Apr Class III Milk(CME)Sell Jul Class III Milk(CME)

2/04 4/03 90 9 1 10 988 16/60 42

3 Buy Apr Class III Milk(CME)Sell Jun Class III Milk(CME)

2/23 4/06 90 9 1 10 714 16/44 42

4 Buy Apr Class III Milk(CME)Sell Mar Class III Milk(CME)

2/25 3/26 90 9 1 10 1086 35/31 43

5 Sell Class III Milk(CME)—April 2/26 3/05 90 9 1 10 416 46/9 43

6 Buy Class III Milk(CME)—April 3/07 4/07 80 8 2 10 1502 47/32 44

7 Buy May Class III Milk(CME)Sell Jun Class III Milk(CME)

3/10 5/07 90 9 1 10 904 15/59 44

8 Buy Class III Milk(CME)—August 3/17 6/13 90 9 1 10 2084 23/89 45

9 Buy Sep Class III Milk(CME)Sell Dec Class III Milk(CME)

3/17 6/13 90 9 1 10 1312 15/89 45



3/20 4/28 90 9 1 10 782 20/40 46



3/25 4/28 90 9 1 10 826 24/35 47

14 Buy Sep Class III Milk(CME)Sell Jun Class III Milk(CME)

4/15 4/28 80 8 2 10 510 36/14 48

15 Buy Class III Milk(CME)—September 4/26 6/13 90 9 1 10 1512 31/49 48

16 Buy Oct Class III Milk(CME)Sell Jul Class III Milk(CME)

5/04 5/16 90 9 1 10 524 40/13 49

17 Buy Aug Class III Milk(CME)Sell Oct Class III Milk(CME)

5/15 6/09 100 10 0 10 916 35/26 49


5/20 6/13 90 9 1 10 1222 49/25 50

19 Buy Jul Class III Milk(CME)Sell Jun Class III Milk(CME)

5/20 6/19 80 8 2 10 874 28/31 50




Copyright ©1989-2008 Moore Research Center, Inc. Cla

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EntryDate

ExitDate

WinPct

WinYears

LossYears

TotalYears

AverageProfit

Ave PftPer Day

PgNo

20 Buy Jul Class III Milk(CME)Sell Oct Class III Milk(CME)

5/21 5/28 100 10 0 10 698 87/8 51

21 Buy Class III Milk(CME)—July 5/21 5/29 90 9 1 10 1008 112/9 51

22 Buy Jul Class III Milk(CME)Sell Oct Class III Milk(CME)

5/21 6/04 90 9 1 10 1090 73/15 52


24 Buy Class III Milk(CME)—June 5/22 5/30 90 9 1 10 696 77/9 53



6/01 6/13 100 10 0 10 768 59/13 54

27 Buy Sep Class III Milk(CME)Sell Aug Class III Milk(CME)

6/10 8/10 100 10 0 10 904 15/62 54

28 Sell Class III Milk(CME)—October 6/13 6/30 80 8 2 10 838 47/18 55

29 Sell Class III Milk(CME)—August 6/22 6/29 80 8 2 10 674 84/8 55

30 Sell Class III Milk(CME)—September 7/12 7/18 90 9 1 10 486 69/7 56

31 Buy Class III Milk(CME)—November 7/19 7/26 100 10 0 10 900 113/8 56

32 Buy Class III Milk(CME)—November 7/19 8/06 100 10 0 10 1338 70/19 57

33 Buy Oct Class III Milk(CME)Sell Aug Class III Milk(CME)

7/19 8/12 90 9 1 10 846 34/25 57

34 Buy Sep Class III Milk(CME)Sell Aug Class III Milk(CME)

7/20 8/03 90 9 1 10 792 53/15 58

35 Sell Class III Milk(CME)—November 8/10 8/18 100 10 0 10 846 94/9 58

36 Buy Aug Class III Milk(CME)Sell Nov Class III Milk(CME)

8/10 8/20 100 10 0 10 1072 97/11 59

37 Sell Class III Milk(CME)—December 8/10 8/29 90 9 1 10 1192 60/20 59


39 Buy Class III Milk(CME)—December 8/31 9/11 80 8 2 10 412 34/12 60


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Copyright ©1989-2008 Moore Research Center, Inc.


EntryDate

ExitDate

WinPct

WinYears

LossYears

TotalYears

AverageProfit

Ave PftPer Day

PgNo

40 Buy Oct Class III Milk(CME)Sell Nov Class III Milk(CME)

9/15 10/09 90 9 1 10 686 27/25 61


42 Buy Jan Class III Milk(CME)Sell Nov Class III Milk(CME)

9/19 11/19 90 9 1 10 1396 23/62 62

43 Buy Dec Class III Milk(CME)Sell Nov Class III Milk(CME)

10/04 11/29 90 9 1 10 1490 26/57 62

44 Buy Class III Milk(CME)—February 10/10 11/15 100 10 0 10 970 26/37 63


46 Buy Dec Class III Milk(CME)Sell Nov Class III Milk(CME)

10/29 11/29 90 9 1 10 1344 42/32 64

47 Buy Class III Milk(CME)—December 11/05 11/29 90 9 1 10 1514 61/25 64

48 Buy Dec Class III Milk(CME)Sell Feb Class III Milk(CME)

11/08 12/30 100 10 0 10 912 17/53 65

49 Sell Class III Milk(CME)—January 11/28 12/16 90 9 1 10 810 43/19 65

50 Sell Class III Milk(CME)—February 11/28 12/24 80 8 2 10 422 16/27 66

51 Buy Jun Class III Milk(CME)Sell Mar Class III Milk(CME)

12/03 12/27 80 8 2 10 536 21/25 66



For other MRCI products and information: 1-800-927-7259Website: http://www.mrci.com Email: [email protected] (541) 484-7256 - Fax: (541) 484-0243


How

to I

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How to Interpret a Strategy Sheet

Unique MRCI strategy sheets present each historically reliable seasonal trade or spread with a table of its relevanthistorical detail. Traders are encouraged to evaluate each strategy individually; some may be more speculative in

nature than others.To detect a trade, MRCI’s computer system scrutinizes the last several years of historical price data for those

trends recurrent, with a minimum reliability of 80%, during similar time windows. Those strategies are then subjectedto further criteria established for average profit and duration of time window. Once discovered and initially evaluated,a trading strategy is outlined, its crucial data tabulated, and then presented in the format below for closer analysis perspective in the third dimension, if you will.

* Exceptions may be made in special reports in which are presented certain strategies that may have commercialrather than speculative application, for instance, those that duplicate/overlap other strategies or trade a “spot month”contract.

Reading the Table

For each contract year studied, the table lists entry date and price, exit date and price, and the ultimate profit orloss. Entry and exit prices are definitively based on the settlement price of the dates listed, as are profit and lossvalues. If an optimized trade date fell on a weekend or holiday, entry was considered made on the following tradingday while exit on the prior. (To more accurately reflect historical fact and actual market movement, studies on thesestrategy sheets do not utilize the equity protection techniques (STOPS) suggested for real-time trading.) The table encourages further evaluation by providing peak equity/worst drawdown dates and amounts.

The bottom section of the table calculates the strategy’s historical reliability and overall average results. Because past performance is not necessarily indicative of future results, these strategies are not recommendations but rather presentations of quantified historical fact. MRCI urges all traders at all times to employ proper money-management techniques.

Class III Milk(CME)—MayBuy on approximately 01/02 - Exit on approximately 01/17 Contract Size: 200,000 lbs

CONTYEAR

BUYDATE

BUYPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 01/03/07 13.85 01/17/07 14.50 0.65 1300.00 01/17/07 1300.002006 01/03/06 12.65 01/17/06 12.75 0.10 200.00 01/09/06 500.002005 01/03/05 13.59 01/14/05 14.00 0.41 820.00 01/14/05 820.002004 01/02/04 11.60 01/16/04 11.85 0.25 500.00 01/16/04 500.002003 01/02/03 11.58 01/17/03 11.15 -0.43 -860.00 01/16/03 -1060.002002 01/02/02 11.70 01/17/02 12.05 0.35 700.00 01/17/02 700.002001 01/02/01 10.07 01/17/01 10.55 0.48 960.00 01/09/01 1260.002000 01/03/00 11.08 01/14/00 11.25 0.17 340.00 01/14/00 340.001999 01/04/99 12.00 01/15/99 11.91 -0.09 -180.00 01/15/99 -180.001998 01/02/98 11.75 01/16/98 12.05 0.30 600.00 01/16/98 600.00

Percentage Correct 80Average Profit on Winning Trades 0.34 677.50 Winners 8Average Loss on Trades -0.26 -520.00 Losers 2Average Net Profit Per Trade 0.22 438.00 Total trades 10

HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.

The CME Milk (Class III) contract replacedthe BFP contract in January 2000.


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Buy Apr Class III Milk(CME) / Sell Jul Class III Milk(CME)Enter on approximately 02/04 - Exit on approximately 04/03

CONTYEAR

ENTRYDATE

ENTRYPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 02/05/07 -0.79 04/03/07 0.50 1.31 2620.00 04/03/07 2620.00 02/13/07 -160.002006 02/06/06 -0.41 04/03/06 -0.26 0.14 280.00 10/08/03 780.00 03/08/06 -280.002005 02/04/05 -0.33 04/01/05 -0.09 0.24 480.00 10/08/01 2200.00 02/11/05 -880.002004 02/04/04 -1.12 04/02/04 2.08 3.22 6440.00 03/23/04 8560.002003 02/04/03 -1.20 04/03/03 -1.20 0.01 20.00 02/18/03 580.00 04/01/03 -500.002002 02/04/02 -1.44 04/03/02 -1.99 -0.55 -1100.00 02/07/02 20.00 03/20/02 -1400.002001 02/05/01 -1.50 04/03/01 -1.47 0.04 80.00 02/28/01 1080.00 03/16/01 -100.002000 02/04/00 -2.13 04/03/00 -2.08 0.05 100.00 02/18/00 840.00 02/11/00 -260.001999 02/04/99 -0.25 04/01/99 -0.13 0.12 240.00 04/01/99 240.00 02/24/99 -1560.001998 02/04/98 0.03 04/03/98 0.40 0.36 720.00 04/02/98 740.00



Buy Apr Class III Milk(CME) / Sell Jun Class III Milk(CME)Enter on approximately 02/23 - Exit on approximately 04/06

CONTYEAR

ENTRYDATE

ENTRYPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 02/23/07 -0.22 04/05/07 -0.02 0.21 420.00 04/03/07 1500.00 02/26/07 -180.002006 02/23/06 -0.02 04/06/06 0.04 0.07 140.00 03/29/06 280.00 03/17/06 -360.002005 02/23/05 -0.06 04/06/05 0.26 0.34 680.00 10/08/01 2420.00 03/14/05 -640.002004 02/23/04 -0.12 04/06/04 1.58 1.71 3420.00 03/23/04 5300.00 03/08/04 -1020.002003 02/24/03 -0.85 04/04/03 -0.76 0.09 180.00 03/14/03 360.00 04/01/03 -260.002002 02/25/02 -0.81 04/05/02 -1.17 -0.37 -740.00 03/20/02 -1060.002001 02/23/01 -0.61 04/06/01 -0.58 0.04 80.00 03/08/01 280.00 03/28/01 -920.002000 02/23/00 -0.96 04/06/00 -0.20 0.75 1500.00 03/29/00 1780.00 03/23/00 -780.001999 02/23/99 0.04 04/06/99 0.57 0.53 1060.00 04/06/99 1060.00 02/24/99 -200.001998 02/23/98 0.21 04/06/98 0.41 0.20 400.00 04/01/98 520.00 03/05/98 -580.00




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Buy Apr Class III Milk(CME) / Sell Mar Class III Milk(CME)Enter on approximately 02/25 - Exit on approximately 03/26

CONTYEAR

ENTRYDATE

ENTRYPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 02/26/07 0.06 03/26/07 0.76 0.71 1420.00 03/22/07 1500.00 03/05/07 -600.002006 02/27/06 -0.16 03/24/06 -0.13 0.02 40.00 03/08/06 380.00 03/21/06 -280.002005 02/25/05 0.34 03/24/05 0.50 0.15 300.00 02/28/05 720.00 03/17/05 -1060.002004 02/25/04 0.50 03/26/04 4.30 3.80 7600.00 03/26/04 7600.00 02/26/04 -140.002003 02/25/03 0.22 03/26/03 0.31 0.09 180.00 03/04/03 420.002002 02/25/02 0.33 03/26/02 0.18 -0.14 -280.00 03/31/02 660.00 03/21/02 -360.002001 02/26/01 -0.20 03/26/01 0.34 0.56 1120.00 03/23/01 1180.00 03/31/01 -220.002000 02/25/00 0.05 03/24/00 0.05 0.01 20.00 03/02/00 500.001999 02/25/99 -0.33 03/26/99 -0.12 0.21 420.00 03/23/99 480.00 03/03/99 -220.001998 02/25/98 -0.67 03/20/98 -0.66 0.02 40.00 03/31/98 800.00 03/13/98 -120.00



Class III Milk(CME)—AprilSell on approximately 02/26 - Exit on approximately 03/05 Contract Size: 200,000 lbs

CONTYEAR

SELLDATE

SELLPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 02/26/07 14.56 03/05/07 14.40 0.16 320.00 03/30/07 720.002006 02/27/06 10.93 03/03/06 10.90 0.03 60.00 03/03/06 60.00 03/30/06 -480.002005 02/28/05 15.74 03/04/05 14.21 1.53 3060.00 03/03/05 3180.002004 02/26/04 13.88 03/05/04 14.67 -0.79 -1580.00 03/05/04 -1580.002003 02/26/03 9.55 03/05/03 9.54 0.01 20.00 02/28/03 260.002002 02/26/02 11.21 03/05/02 11.00 0.21 420.00 03/05/02 420.002001 02/26/01 11.16 03/05/01 11.15 0.01 20.00 03/02/01 220.002000 02/28/00 9.99 03/03/00 9.91 0.08 160.00 03/03/00 160.00 03/01/00 -320.001999 02/26/99 11.35 03/05/99 10.90 0.45 900.00 03/03/99 1080.001998 02/26/98 12.24 03/05/98 11.85 0.39 780.00 03/04/98 780.00




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Class III Milk(CME)—AprilBuy on approximately 03/07 - Exit on approximately 04/07 Contract Size: 200,000 lbs

CONTYEAR

BUYDATE

BUYPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 03/07/07 14.60 04/05/07 15.87 1.27 2540.00 04/05/07 2540.002006 03/07/06 10.90 04/07/06 10.92 0.02 40.00 03/08/06 600.00 03/21/06 -100.002005 03/07/05 14.05 04/07/05 14.51 0.46 920.00 03/30/05 1320.00 03/17/05 -300.002004 03/08/04 14.63 04/07/04 19.39 4.76 9520.00 04/07/04 9520.002003 03/07/03 9.45 04/07/03 9.50 0.05 100.00 03/11/03 100.00 03/31/03 -300.002002 03/07/02 11.19 04/05/02 10.92 -0.27 -540.00 03/08/02 140.00 03/21/02 -880.002001 03/07/01 11.00 04/06/01 11.87 0.87 1740.00 03/30/01 2100.002000 03/07/00 9.95 04/07/00 9.56 -0.39 -780.00 03/08/00 100.00 04/07/00 -780.001999 03/08/99 10.95 04/07/99 11.48 0.53 1060.00 04/07/99 1060.001998 03/09/98 12.03 04/07/98 12.24 0.21 420.00 04/06/98 480.00 03/11/98 -260.00



Buy May Class III Milk(CME) / Sell Jun Class III Milk(CME)Enter on approximately 03/10 - Exit on approximately 05/07

CONTYEAR

ENTRYDATE

ENTRYPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 03/12/07 0.03 05/07/07 -0.70 -0.73 -1460.00 04/05/07 300.00 05/02/07 -2800.002006 03/10/06 -0.08 05/05/06 -0.08 0.01 20.00 04/10/06 280.00 03/17/06 -220.002005 03/10/05 -0.08 05/06/05 0.24 0.33 660.00 03/30/05 880.00 04/11/05 -20.002004 03/10/04 0.12 05/07/04 3.12 3.00 6000.00 05/06/04 6960.002003 03/10/03 -0.48 05/07/03 -0.42 0.05 100.00 04/10/03 380.00 03/24/03 -420.002002 03/11/02 -0.62 05/07/02 -0.29 0.34 680.00 05/07/02 680.00 03/26/02 -580.002001 03/12/01 -0.53 05/07/01 -0.52 0.01 20.00 04/30/01 1040.00 03/28/01 -880.002000 03/10/00 -0.79 05/05/00 0.08 0.87 1740.00 03/29/00 2120.00 03/27/00 -420.001999 03/10/99 -0.16 05/07/99 0.38 0.54 1080.00 05/07/99 1080.001998 03/10/98 0.00 05/07/98 0.08 0.10 200.00 04/28/98 280.00 03/24/98 -60.00




Class III Milk(CME)—AugustBuy on approximately 03/17 - Exit on approximately 06/13 Contract Size: 200,000 lbs

CONTYEAR

BUYDATE

BUYPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 03/19/07 16.08 06/13/07 20.83 4.75 9500.00 06/13/07 9500.00 04/03/07 -980.002006 03/17/06 12.07 06/13/06 12.35 0.28 560.00 05/30/06 960.00 05/08/06 -1240.002005 03/17/05 14.53 06/13/05 14.64 0.11 220.00 03/22/05 740.00 05/23/05 -1340.002004 03/17/04 15.15 06/10/04 16.21 1.06 2120.00 04/13/04 4000.00 05/21/04 -2060.002003 03/17/03 10.76 06/13/03 11.89 1.13 2260.00 06/13/03 2260.00 03/18/03 -120.002002 03/18/02 13.05 06/13/02 11.40 -1.65 -3300.00 04/04/02 700.00 06/12/02 -3320.002001 03/19/01 12.77 06/13/01 14.70 1.93 3860.00 05/31/01 5760.002000 03/17/00 12.20 06/13/00 12.40 0.20 400.00 05/05/00 740.00 04/19/00 -500.001999 03/17/99 12.36 06/11/99 13.75 1.39 2780.00 06/10/99 2880.00 04/05/99 -420.001998 03/17/98 12.45 06/12/98 13.67 1.22 2440.00 06/10/98 3060.00 04/29/98 -1300.00



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Buy Sep Class III Milk(CME) / Sell Dec Class III Milk(CME)Enter on approximately 03/17 - Exit on approximately 06/13

CONTYEAR

ENTRYDATE

ENTRYPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 03/19/07 0.91 06/13/07 2.89 1.97 3940.00 06/13/07 3940.00 04/04/07 -380.002006 03/17/06 0.15 06/13/06 0.34 0.20 400.00 06/12/06 520.00 03/22/06 -260.002005 03/17/05 1.33 06/13/05 1.47 0.14 280.00 03/28/05 680.00 05/19/05 -840.002004 03/17/04 2.73 06/10/04 3.66 0.94 1880.00 03/31/04 2080.00 05/20/04 -1180.002003 03/17/03 0.12 06/13/03 0.43 0.32 640.00 05/01/03 1220.00 04/04/03 -320.002002 03/18/02 1.08 06/13/02 0.69 -0.39 -780.00 04/30/02 280.00 06/04/02 -1140.002001 03/19/01 1.00 06/13/01 2.70 1.70 3400.00 06/13/01 3400.00 03/20/01 -100.002000 03/17/00 0.70 06/13/00 0.83 0.13 260.00 04/24/00 740.00 06/09/00 -300.001999 03/17/99 0.07 06/11/99 0.90 0.83 1660.00 06/10/99 1660.00 04/06/99 -240.001998 03/17/98 0.16 06/12/98 0.89 0.72 1440.00 05/26/98 2780.00 04/14/98 -460.00





CONTYEAR

BUYDATE

BUYPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 03/19/07 15.62 04/09/07 15.97 0.35 700.00 04/09/07 700.00 03/27/07 -40.002006 03/20/06 10.88 04/07/06 10.92 0.04 80.00 04/03/06 260.00 03/21/06 -60.002005 03/18/05 14.01 04/08/05 14.54 0.53 1060.00 03/30/05 1400.00 03/21/05 -40.002004 03/18/04 17.74 04/08/04 19.36 1.62 3240.00 04/07/04 3300.002003 03/18/03 9.38 04/09/03 9.45 0.07 140.00 04/07/03 240.00 03/31/03 -160.002002 03/18/02 10.82 04/09/02 10.90 0.08 160.00 03/27/02 260.00 03/21/02 -140.002001 03/19/01 11.38 04/09/01 11.88 0.50 1000.00 03/30/01 1340.002000 03/20/00 9.60 04/07/00 9.56 -0.04 -80.00 03/30/00 60.00 04/07/00 -80.001999 03/18/99 11.06 04/09/99 11.55 0.49 980.00 04/09/99 980.001998 03/18/98 12.17 04/09/98 12.20 0.03 60.00 04/06/98 200.00 03/27/98 -340.00



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CONTYEAR

ENTRYDATE

ENTRYPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 03/20/07 0.00 04/27/07 -0.60 -0.61 -1220.00 04/05/07 360.00 04/27/07 -1220.002006 03/20/06 -0.16 04/28/06 -0.06 0.11 220.00 04/10/06 440.00 03/21/06 -60.002005 03/21/05 -0.06 04/28/05 0.23 0.30 600.00 03/30/05 820.00 04/11/05 -80.002004 03/22/04 1.15 04/28/04 3.32 2.17 4340.00 04/28/04 4340.00 03/26/04 -600.002003 03/20/03 -0.51 04/28/03 -0.50 0.01 20.00 04/10/03 460.00 03/24/03 -340.002002 03/20/02 -0.79 04/26/02 -0.57 0.23 460.00 04/26/02 460.00 03/26/02 -240.002001 03/20/01 -0.91 04/27/01 -0.40 0.52 1040.00 04/23/01 1340.00 03/28/01 -120.002000 03/20/00 -0.94 04/28/00 -0.03 0.91 1820.00 03/29/00 2440.00 03/27/00 -100.001999 03/22/99 0.02 04/28/99 0.23 0.20 400.00 04/23/99 480.00 03/23/99 -360.001998 03/20/98 0.06 04/28/98 0.13 0.07 140.00 04/28/98 140.00 03/24/98 -200.00





CONTYEAR

BUYDATE

BUYPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 03/21/07 15.62 04/05/07 15.87 0.25 500.00 04/05/07 500.00 03/27/07 -40.002006 03/21/06 10.85 04/05/06 10.95 0.10 200.00 04/03/06 320.002005 03/21/05 13.99 04/05/05 14.54 0.55 1100.00 03/30/05 1440.002004 03/22/04 17.92 04/05/04 19.04 1.12 2240.00 04/02/04 2240.002003 03/21/03 9.40 04/04/03 9.46 0.06 120.00 04/04/03 120.00 03/31/03 -200.002002 03/21/02 10.75 04/05/02 10.92 0.17 340.00 03/27/02 400.002001 03/21/01 11.47 04/05/01 11.82 0.35 700.00 03/30/01 1160.002000 03/21/00 9.60 04/05/00 9.62 0.02 40.00 03/30/00 60.001999 03/22/99 11.22 04/05/99 11.38 0.16 320.00 04/05/99 320.00 03/25/99 -120.001998 03/23/98 12.20 04/03/98 12.26 0.06 120.00 04/03/98 120.00 03/27/98 -400.00

Percentage Correct 100Average Profit on Winning Trades 0.28 568.00 Winners 10Average Loss on Trades Losers 0Average Net Profit Per Trade 0.28 568.00 Total trades 10


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CONTYEAR

ENTRYDATE

ENTRYPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 03/26/07 0.01 04/27/07 -0.60 -0.63 -1260.00 04/05/07 320.00 04/27/07 -1260.002006 03/27/06 -0.12 04/28/06 -0.06 0.07 140.00 04/10/06 360.00 03/28/06 -20.002005 03/28/05 0.20 04/28/05 0.23 0.04 80.00 03/30/05 300.00 04/11/05 -600.002004 03/25/04 0.92 04/28/04 3.32 2.40 4800.00 04/28/04 4800.00 03/26/04 -140.002003 03/25/03 -0.62 04/28/03 -0.50 0.12 240.00 04/10/03 680.002002 03/25/02 -0.83 04/26/02 -0.57 0.26 520.00 04/26/02 520.00 03/26/02 -180.002001 03/26/01 -0.90 04/27/01 -0.40 0.50 1000.00 04/23/01 1300.00 03/28/01 -160.002000 03/27/00 -1.00 04/28/00 -0.03 0.96 1920.00 03/29/00 2540.001999 03/25/99 -0.03 04/28/99 0.23 0.27 540.00 04/23/99 620.001998 03/25/98 0.00 04/28/98 0.13 0.14 280.00 04/28/98 280.00 03/27/98 -40.00




Buy Sep Class III Milk(CME) / Sell Jun Class III Milk(CME)Enter on approximately 04/15 - Exit on approximately 04/28

CONTYEAR

ENTRYDATE

ENTRYPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 04/16/07 0.20 04/27/07 0.16 -0.05 -100.00 04/19/07 680.00 04/27/07 -100.002006 04/17/06 0.91 04/28/06 0.98 0.07 140.00 04/20/06 200.00 04/25/06 -20.002005 04/15/05 0.61 04/28/05 1.04 0.44 880.00 04/27/05 920.00 04/18/05 -100.002004 04/15/04 -2.59 04/28/04 -1.28 1.32 2640.00 04/28/04 2640.002003 04/15/03 1.58 04/28/03 1.75 0.18 360.00 04/23/03 420.002002 04/15/02 1.48 04/26/02 1.53 0.06 120.00 04/26/02 120.00 04/23/02 -140.002001 04/16/01 0.72 04/27/01 0.08 -0.64 -1280.00 04/17/01 20.00 04/27/01 -1280.002000 04/17/00 2.52 04/28/00 2.61 0.08 160.00 04/24/00 420.00 04/19/00 -180.001999 04/15/99 1.41 04/28/99 1.63 0.22 440.00 04/26/99 560.00 04/16/99 -80.001998 04/15/98 0.82 04/28/98 1.68 0.87 1740.00 04/28/98 1740.00



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Class III Milk(CME)—SeptemberBuy on approximately 04/26 - Exit on approximately 06/13 Contract Size: 200,000 lbs

CONTYEAR

BUYDATE

BUYPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 04/26/07 17.95 06/13/07 20.60 2.65 5300.00 06/13/07 5300.002006 04/26/06 12.00 06/13/06 12.79 0.79 1580.00 06/13/06 1580.00 05/08/06 -400.002005 04/26/05 14.32 06/13/05 14.75 0.43 860.00 06/06/05 1020.00 05/19/05 -620.002004 04/26/04 14.95 06/10/04 15.78 0.83 1660.00 06/09/04 1680.00 05/26/04 -1680.002003 04/28/03 11.98 06/13/03 12.52 0.54 1080.00 06/13/03 1080.00 05/14/03 -700.002002 04/26/02 13.17 06/13/02 12.10 -1.07 -2140.00 05/01/02 60.00 06/12/02 -2200.002001 04/26/01 14.06 06/13/01 14.65 0.59 1180.00 05/31/01 3180.00 06/12/01 -580.002000 04/26/00 12.24 06/13/00 12.66 0.42 840.00 05/05/00 1000.001999 04/26/99 12.60 06/11/99 14.00 1.40 2800.00 06/10/99 2800.001998 04/27/98 12.51 06/12/98 13.49 0.98 1960.00 05/26/98 3980.00




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Buy Oct Class III Milk(CME) / Sell Jul Class III Milk(CME)Enter on approximately 05/04 - Exit on approximately 05/16

CONTYEAR

ENTRYDATE

ENTRYPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 05/04/07 -0.42 05/16/07 -0.33 0.10 200.00 05/08/07 460.00 05/14/07 -320.002006 05/04/06 0.57 05/16/06 0.63 0.06 120.00 05/11/06 320.002005 05/04/05 -0.16 05/16/05 -0.46 -0.30 -600.00 05/11/05 600.00 05/16/05 -600.002004 05/04/04 -1.59 05/14/04 -0.21 1.38 2760.00 05/14/04 2760.002003 05/05/03 1.04 05/16/03 1.12 0.08 160.00 05/14/03 240.00 05/09/03 -680.002002 05/06/02 0.41 05/16/02 1.15 0.74 1480.00 05/16/02 1480.002001 05/04/01 -0.75 05/16/01 -0.72 0.04 80.00 05/10/01 120.002000 05/04/00 0.76 05/16/00 1.07 0.30 600.00 05/16/00 600.00 05/08/00 -440.001999 05/04/99 1.37 05/14/99 1.54 0.18 360.00 05/11/99 400.001998 05/04/98 1.48 05/15/98 1.52 0.04 80.00 05/15/98 80.00 05/14/98 -420.00



Buy Aug Class III Milk(CME) / Sell Oct Class III Milk(CME)Enter on approximately 05/15 - Exit on approximately 06/09

CONTYEAR

ENTRYDATE

ENTRYPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 05/15/07 0.32 06/08/07 1.33 1.01 2020.00 06/04/07 2760.00 05/16/07 -80.002006 05/15/06 -0.43 06/09/06 -0.37 0.05 100.00 05/30/06 660.00 05/18/06 -100.002005 05/16/05 0.51 06/09/05 0.54 0.02 40.00 06/06/05 600.00 05/23/05 -620.002004 05/17/04 0.50 06/09/04 1.88 1.39 2780.00 06/09/04 2780.00 05/21/04 -660.002003 05/15/03 -0.66 06/09/03 -0.64 0.03 60.00 05/20/03 220.00 05/27/03 -300.002002 05/15/02 -0.21 06/07/02 -0.14 0.07 140.00 06/03/02 460.00 05/21/02 -160.002001 05/15/01 0.72 06/08/01 1.00 0.27 540.00 05/30/01 840.00 05/18/01 -120.002000 05/15/00 -0.40 06/09/00 -0.39 0.01 20.00 05/17/00 360.00 06/06/00 -200.001999 05/17/99 -0.58 06/09/99 -0.29 0.30 600.00 05/25/99 980.001998 05/15/98 -0.83 06/09/98 0.59 1.43 2860.00 06/09/98 2860.00




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CONTYEAR

ENTRYDATE

ENTRYPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 05/21/07 1.41 06/13/07 2.89 1.47 2940.00 06/13/07 2940.002006 05/22/06 0.19 06/13/06 0.34 0.16 320.00 06/12/06 440.00 05/23/06 -20.002005 05/20/05 0.94 06/13/05 1.47 0.52 1040.00 06/06/05 1240.00 05/23/05 -20.002004 05/20/04 2.14 06/10/04 3.66 1.53 3060.00 06/10/04 3060.002003 05/20/03 0.09 06/13/03 0.43 0.34 680.00 06/13/03 680.00 05/30/03 -100.002002 05/20/02 0.99 06/13/02 0.69 -0.29 -580.00 06/04/02 -940.002001 05/21/01 1.80 06/13/01 2.70 0.90 1800.00 06/13/01 1800.00 05/22/01 -100.002000 05/22/00 0.69 06/13/00 0.83 0.13 260.00 06/13/00 260.00 06/09/00 -300.001999 05/20/99 0.30 06/11/99 0.90 0.60 1200.00 06/10/99 1200.001998 05/20/98 0.14 06/12/98 0.89 0.75 1500.00 05/26/98 2840.00 05/22/98 -20.00



Buy Jul Class III Milk(CME) / Sell Jun Class III Milk(CME)Enter on approximately 05/20 - Exit on approximately 06/19

CONTYEAR

ENTRYDATE

ENTRYPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 05/21/07 -0.23 06/19/07 1.69 1.93 3860.00 06/19/07 3860.00 05/22/07 -280.002006 05/22/06 0.35 06/19/06 0.10 -0.25 -500.00 05/30/06 680.00 06/19/06 -500.002005 05/20/05 -0.08 06/17/05 -0.07 0.02 40.00 06/06/05 1080.002004 05/20/04 -2.11 06/18/04 -1.39 0.71 1420.00 06/08/04 2040.00 06/03/04 -460.002003 05/20/03 0.94 06/19/03 1.34 0.40 800.00 06/19/03 800.00 06/02/03 -520.002002 05/20/02 0.69 06/19/02 -0.06 -0.76 -1520.00 05/23/02 40.00 06/19/02 -1520.002001 05/21/01 0.06 06/19/01 0.07 0.01 20.00 05/30/01 1080.00 06/12/01 -2100.002000 05/22/00 1.83 06/19/00 1.84 0.02 40.00 06/02/00 320.00 06/08/00 -500.001999 05/20/99 0.61 06/18/99 2.08 1.46 2920.00 06/16/99 3160.001998 05/20/98 0.13 06/19/98 0.96 0.83 1660.00 06/19/98 1660.00 05/26/98 -260.00




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Buy Jul Class III Milk(CME) / Sell Oct Class III Milk(CME)Enter on approximately 05/21 - Exit on approximately 05/28

CONTYEAR

ENTRYDATE

ENTRYPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 05/21/07 0.74 05/25/07 1.60 0.86 1720.00 05/24/07 1820.002006 05/22/06 -0.64 05/26/06 -0.50 0.13 260.00 05/26/06 260.002005 05/23/05 -0.15 05/27/05 0.27 0.43 860.00 05/27/05 860.002004 05/21/04 0.16 05/28/04 0.79 0.64 1280.00 05/28/04 1280.002003 05/21/03 -1.21 05/28/03 -1.20 0.01 20.00 05/28/03 20.00 05/22/03 -80.002002 05/21/02 -1.00 05/28/02 -0.83 0.17 340.00 05/28/02 340.002001 05/21/01 0.74 05/25/01 1.00 0.26 520.00 05/25/01 520.00 05/22/01 -100.002000 05/22/00 -1.08 05/26/00 -1.06 0.01 20.00 05/25/00 80.00 05/24/00 -40.001999 05/21/99 -1.09 05/28/99 -0.37 0.72 1440.00 05/28/99 1440.001998 05/21/98 -1.16 05/28/98 -0.91 0.26 520.00 05/28/98 520.00 05/26/98 -880.00



Class III Milk(CME)—JulyBuy on approximately 05/21 - Exit on approximately 05/29 Contract Size: 200,000 lbs

CONTYEAR

BUYDATE

BUYPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 05/21/07 18.64 05/29/07 19.64 1.00 2000.00 05/24/07 2020.002006 05/22/06 11.50 05/26/06 11.99 0.49 980.00 05/26/06 980.002005 05/23/05 13.50 05/27/05 14.08 0.58 1160.00 05/27/05 1160.002004 05/21/04 14.11 05/28/04 14.60 0.49 980.00 05/25/04 1480.002003 05/21/03 10.70 05/29/03 10.75 0.05 100.00 05/27/03 120.00 05/22/03 -80.002002 05/21/02 11.32 05/29/02 11.07 -0.25 -500.00 05/23/02 100.00 05/29/02 -500.002001 05/21/01 14.50 05/29/01 15.35 0.85 1700.00 05/29/01 1700.00 05/22/01 -200.002000 05/22/00 11.42 05/26/00 11.47 0.05 100.00 05/23/00 160.001999 05/21/99 12.10 05/28/99 13.05 0.95 1900.00 05/28/99 1900.001998 05/21/98 11.92 05/29/98 12.75 0.83 1660.00 05/29/98 1660.00 05/26/98 -40.00




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Buy Jul Class III Milk(CME) / Sell Oct Class III Milk(CME)Enter on approximately 05/21 - Exit on approximately 06/04

CONTYEAR

ENTRYDATE

ENTRYPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 05/21/07 0.74 06/04/07 2.69 1.96 3920.00 06/04/07 3920.002006 05/22/06 -0.64 06/02/06 -0.62 0.02 40.00 05/30/06 280.002005 05/23/05 -0.15 06/03/05 0.37 0.52 1040.00 06/03/05 1040.002004 05/21/04 0.16 06/04/04 1.23 1.07 2140.00 06/04/04 2140.002003 05/21/03 -1.21 06/04/03 -1.54 -0.34 -680.00 05/28/03 20.00 06/02/03 -780.002002 05/21/02 -1.00 06/04/02 -0.86 0.13 260.00 05/30/02 700.002001 05/21/01 0.74 06/04/01 0.84 0.11 220.00 05/30/01 820.00 05/22/01 -100.002000 05/22/00 -1.08 06/02/00 -0.73 0.34 680.00 06/02/00 680.00 05/24/00 -40.001999 05/21/99 -1.09 06/04/99 -0.85 0.25 500.00 05/28/99 1440.001998 05/21/98 -1.16 06/04/98 0.22 1.39 2780.00 06/04/98 2780.00 05/26/98 -880.00




CONTYEAR

BUYDATE

BUYPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 05/21/07 18.64 06/13/07 21.55 2.91 5820.00 06/13/07 5820.002006 05/22/06 11.50 06/13/06 11.70 0.20 400.00 05/30/06 1300.002005 05/23/05 13.50 06/13/05 14.00 0.50 1000.00 06/06/05 1800.002004 05/21/04 14.11 06/10/04 16.30 2.19 4380.00 06/09/04 4700.002003 05/21/03 10.70 06/13/03 10.86 0.16 320.00 06/13/03 320.00 06/02/03 -400.002002 05/21/02 11.32 06/13/02 10.43 -0.89 -1780.00 05/23/02 100.00 06/12/02 -1940.002001 05/21/01 14.50 06/13/01 14.70 0.20 400.00 05/31/01 2300.00 06/12/01 -1380.002000 05/22/00 11.42 06/13/00 11.60 0.18 360.00 06/02/00 580.00 06/08/00 -220.001999 05/21/99 12.10 06/11/99 13.40 1.30 2600.00 06/10/99 2800.001998 05/21/98 11.92 06/12/98 13.72 1.80 3600.00 06/05/98 4080.00 05/26/98 -40.00




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Class III Milk(CME)—JuneBuy on approximately 05/22 - Exit on approximately 05/30 Contract Size: 200,000 lbs

CONTYEAR

BUYDATE

BUYPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 05/22/07 19.08 05/30/07 19.96 0.88 1760.00 05/30/07 1760.002006 05/22/06 11.14 05/30/06 11.45 0.31 620.00 05/26/06 620.002005 05/23/05 13.55 05/27/05 13.76 0.21 420.00 05/27/05 420.002004 05/24/04 16.61 05/28/04 16.77 0.16 320.00 05/25/04 340.00 05/27/04 -580.002003 05/22/03 9.81 05/30/03 9.82 0.01 20.00 05/27/03 180.002002 05/22/02 10.67 05/30/02 10.55 -0.12 -240.00 05/29/02 -340.002001 05/22/01 14.40 05/30/01 15.00 0.60 1200.00 05/30/01 1200.002000 05/22/00 9.59 05/30/00 9.61 0.02 40.00 05/26/00 80.001999 05/24/99 11.49 05/28/99 12.10 0.61 1220.00 05/28/99 1220.001998 05/22/98 11.81 05/29/98 12.61 0.80 1600.00 05/29/98 1600.00




CONTYEAR

BUYDATE

BUYPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 05/22/07 18.71 06/05/07 20.89 2.18 4360.00 06/04/07 4980.002006 05/22/06 11.50 06/05/06 11.91 0.41 820.00 05/30/06 1300.002005 05/23/05 13.50 06/03/05 14.30 0.80 1600.00 06/03/05 1600.002004 05/24/04 14.83 06/04/04 14.98 0.15 300.00 06/04/04 300.00 05/26/04 -960.002003 05/22/03 10.66 06/05/03 10.70 0.04 80.00 05/27/03 200.00 06/02/03 -320.002002 05/22/02 11.33 06/05/02 10.90 -0.43 -860.00 05/23/02 80.00 06/05/02 -860.002001 05/22/01 14.40 06/05/01 15.61 1.21 2420.00 05/31/01 2500.002000 05/22/00 11.42 06/05/00 11.53 0.11 220.00 06/02/00 580.001999 05/24/99 12.27 06/04/99 12.45 0.18 360.00 05/28/99 1560.001998 05/22/98 11.95 06/05/98 13.96 2.01 4020.00 06/05/98 4020.00 05/26/98 -100.00




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CONTYEAR

ENTRYDATE

ENTRYPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 06/01/07 1.84 06/13/07 2.89 1.04 2080.00 06/13/07 2080.002006 06/01/06 0.19 06/13/06 0.34 0.15 300.00 06/12/06 420.002005 06/01/05 1.45 06/13/05 1.47 0.02 40.00 06/06/05 240.00 06/10/05 -500.002004 06/01/04 2.23 06/10/04 3.66 1.44 2880.00 06/10/04 2880.002003 06/02/03 0.16 06/13/03 0.43 0.27 540.00 06/13/03 540.00 06/04/03 -20.002002 06/03/02 0.55 06/13/02 0.69 0.15 300.00 06/11/02 320.00 06/04/02 -60.002001 06/01/01 2.52 06/13/01 2.70 0.17 340.00 06/13/01 340.00 06/12/01 -1140.002000 06/01/00 0.66 06/13/00 0.83 0.16 320.00 06/13/00 320.00 06/09/00 -240.001999 06/01/99 0.74 06/11/99 0.90 0.16 320.00 06/10/99 320.00 06/03/99 -480.001998 06/01/98 0.60 06/12/98 0.89 0.28 560.00 06/03/98 920.00



Buy Sep Class III Milk(CME) / Sell Aug Class III Milk(CME)Enter on approximately 06/10 - Exit on approximately 08/10

CONTYEAR

ENTRYDATE

ENTRYPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 06/11/07 -0.37 08/10/07 -0.14 0.22 440.00 07/06/07 840.00 07/20/07 -1860.002006 06/12/06 0.50 08/10/06 0.82 0.31 620.00 07/31/06 1540.00 06/16/06 -220.002005 06/10/05 0.13 08/10/05 0.45 0.32 640.00 08/05/05 1560.00 06/28/05 -300.002004 06/10/04 -0.43 08/10/04 0.55 0.99 1980.00 08/02/04 4360.00 06/15/04 -500.002003 06/10/03 0.61 08/08/03 0.79 0.18 360.00 08/08/03 360.00 07/16/03 -920.002002 06/10/02 0.57 08/09/02 1.05 0.48 960.00 07/31/02 2160.002001 06/11/01 0.00 08/10/01 0.25 0.24 480.00 08/10/01 480.00 08/08/01 -1020.002000 06/12/00 0.33 08/10/00 0.76 0.43 860.00 07/13/00 1240.00 07/31/00 -560.001999 06/10/99 0.19 08/10/99 1.45 1.26 2520.00 08/10/99 2520.00 07/02/99 -560.001998 06/10/98 -0.49 08/10/98 -0.40 0.09 180.00 07/27/98 1000.00 07/09/98 -80.00




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Class III Milk(CME)—OctoberSell on approximately 06/13 - Exit on approximately 06/30 Contract Size: 200,000 lbs

CONTYEAR

SELLDATE

SELLPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 06/13/07 19.57 06/29/07 17.60 1.97 3940.00 06/29/07 3940.00 06/25/07 -760.002006 06/13/06 12.80 06/30/06 12.20 0.60 1200.00 06/30/06 1200.002005 06/13/05 14.08 06/30/05 14.00 0.08 160.00 06/17/05 460.00 06/27/05 -60.002004 06/14/04 14.35 06/30/04 13.40 0.95 1900.00 06/25/04 3080.002003 06/13/03 12.49 06/30/03 12.83 -0.34 -680.00 06/19/03 -1040.002002 06/13/02 11.68 06/28/02 11.60 0.08 160.00 06/21/02 1360.002001 06/13/01 13.64 06/29/01 13.35 0.29 580.00 06/18/01 1720.00 06/21/01 -620.002000 06/13/00 12.70 06/30/00 12.66 0.04 80.00 06/14/00 620.001999 06/14/99 14.15 06/30/99 13.53 0.62 1240.00 06/30/99 1240.00 06/18/99 -500.001998 06/15/98 13.15 06/30/98 13.25 -0.10 -200.00 06/16/98 80.00 06/24/98 -220.00



Class III Milk(CME)—AugustSell on approximately 06/22 - Exit on approximately 06/29 Contract Size: 200,000 lbs

CONTYEAR

SELLDATE

SELLPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 06/22/07 21.04 06/29/07 18.88 2.16 4320.00 06/29/07 4320.00 06/25/07 -720.002006 06/22/06 11.67 06/29/06 11.61 0.06 120.00 06/29/06 120.00 06/23/06 -140.002005 06/22/05 14.90 06/29/05 14.77 0.13 260.00 06/23/05 560.00 06/27/05 -300.002004 06/22/04 15.05 06/29/04 14.20 0.85 1700.00 06/25/04 3900.002003 06/23/03 11.90 06/27/03 12.32 -0.42 -840.00 06/27/03 -840.002002 06/24/02 10.65 06/28/02 10.53 0.12 240.00 06/27/02 380.00 06/26/02 -320.002001 06/22/01 14.84 06/29/01 14.43 0.41 820.00 06/27/01 880.002000 06/22/00 12.19 06/29/00 12.10 0.09 180.00 06/28/00 180.001999 06/22/99 13.92 06/29/99 13.79 0.13 260.00 06/29/99 260.00 06/24/99 -180.001998 06/22/98 13.53 06/29/98 13.69 -0.16 -320.00 06/26/98 -320.00




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Class III Milk(CME)—SeptemberSell on approximately 07/12 - Exit on approximately 07/18 Contract Size: 200,000 lbs

CONTYEAR

SELLDATE

SELLPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 07/12/07 18.93 07/18/07 18.30 0.63 1260.00 07/18/07 1260.002006 07/12/06 11.94 07/18/06 11.92 0.02 40.00 07/14/06 220.002005 07/12/05 15.08 07/18/05 14.75 0.33 660.00 07/18/05 660.00 07/14/05 -120.002004 07/12/04 14.65 07/16/04 14.55 0.10 200.00 07/16/04 200.00 07/14/04 -1500.002003 07/14/03 13.64 07/18/03 13.33 0.31 620.00 07/16/03 860.002002 07/12/02 11.95 07/18/02 11.63 0.32 640.00 07/18/02 640.002001 07/12/01 14.90 07/18/01 14.80 0.10 200.00 07/16/01 300.002000 07/12/00 12.35 07/18/00 11.50 0.85 1700.00 07/18/00 1700.001999 07/12/99 14.70 07/16/99 14.53 0.17 340.00 07/15/99 740.001998 07/13/98 13.89 07/17/98 14.29 -0.40 -800.00 07/16/98 -1180.00



Class III Milk(CME)—NovemberBuy on approximately 07/19 - Exit on approximately 07/26 Contract Size: 200,000 lbs

CONTYEAR

BUYDATE

BUYPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 07/19/07 16.45 07/26/07 17.02 0.57 1140.00 07/25/07 1540.002006 07/19/06 12.20 07/26/06 12.60 0.40 800.00 07/26/06 800.002005 07/19/05 13.38 07/26/05 13.88 0.50 1000.00 07/25/05 1200.002004 07/19/04 12.91 07/26/04 13.09 0.18 360.00 07/26/04 360.00 07/23/04 -20.002003 07/21/03 12.70 07/25/03 12.74 0.04 80.00 07/25/03 80.002002 07/19/02 11.55 07/26/02 11.69 0.14 280.00 07/26/02 280.00 07/24/02 -600.002001 07/19/01 13.07 07/26/01 13.75 0.68 1360.00 07/26/01 1360.002000 07/19/00 11.00 07/26/00 11.06 0.06 120.00 07/24/00 800.001999 07/19/99 13.45 07/26/99 15.00 1.55 3100.00 07/26/99 3100.001998 07/20/98 12.47 07/24/98 12.85 0.38 760.00 07/24/98 760.00




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Class III Milk(CME)—NovemberBuy on approximately 07/19 - Exit on approximately 08/06 Contract Size: 200,000 lbs

CONTYEAR

BUYDATE

BUYPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 07/19/07 16.45 08/06/07 17.85 1.40 2800.00 08/06/07 2800.002006 07/19/06 12.20 08/04/06 12.64 0.44 880.00 07/28/06 1200.002005 07/19/05 13.38 08/05/05 13.50 0.12 240.00 07/25/05 1200.002004 07/19/04 12.91 08/06/04 13.10 0.19 380.00 08/02/04 1080.00 07/23/04 -20.002003 07/21/03 12.70 08/06/03 12.94 0.24 480.00 08/01/03 480.00 07/29/03 -60.002002 07/19/02 11.55 08/06/02 11.61 0.06 120.00 07/31/02 540.00 07/24/02 -600.002001 07/19/01 13.07 08/06/01 13.50 0.43 860.00 08/01/01 1460.002000 07/19/00 11.00 08/04/00 11.08 0.08 160.00 07/24/00 800.00 08/03/00 -580.001999 07/19/99 13.45 08/06/99 16.40 2.95 5900.00 08/06/99 5900.001998 07/20/98 12.47 08/06/98 13.25 0.78 1560.00 08/06/98 1560.00



Buy Oct Class III Milk(CME) / Sell Aug Class III Milk(CME)Enter on approximately 07/19 - Exit on approximately 08/12

CONTYEAR

ENTRYDATE

ENTRYPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 07/19/07 -1.89 08/10/07 -1.21 0.68 1360.00 08/07/07 1500.002006 07/19/06 1.05 08/11/06 1.58 0.54 1080.00 07/31/06 1460.002005 07/19/05 -0.10 08/12/05 0.42 0.52 1040.00 08/03/05 1860.002004 07/19/04 -0.01 08/12/04 0.27 0.30 600.00 08/02/04 1800.00 07/22/04 -460.002003 07/21/03 0.04 08/12/03 0.15 0.10 200.00 08/08/03 200.00 07/30/03 -600.002002 07/19/02 1.51 08/12/02 1.68 0.18 360.00 07/23/02 900.00 08/01/02 -560.002001 07/19/01 -1.21 08/10/01 -0.59 0.62 1240.00 08/01/01 1340.00 08/08/01 -360.002000 07/19/00 0.67 08/11/00 0.74 0.06 120.00 08/10/00 960.00 07/26/00 -260.001999 07/19/99 -0.36 08/12/99 1.42 1.80 3600.00 08/11/99 3660.00 07/20/99 -200.001998 07/20/98 -1.01 08/12/98 -1.58 -0.57 -1140.00 07/28/98 420.00 08/12/98 -1140.00




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Buy Sep Class III Milk(CME) / Sell Aug Class III Milk(CME)Enter on approximately 07/20 - Exit on approximately 08/03

CONTYEAR

ENTRYDATE

ENTRYPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 07/20/07 -1.30 08/03/07 -0.58 0.71 1420.00 08/03/07 1420.002006 07/20/06 0.69 08/03/06 1.00 0.30 600.00 07/31/06 1160.00 07/21/06 -80.002005 07/20/05 0.21 08/03/05 0.90 0.68 1360.00 08/03/05 1360.002004 07/20/04 0.86 08/03/04 1.63 0.77 1540.00 08/02/04 1760.002003 07/21/03 0.27 08/01/03 0.63 0.36 720.00 08/01/03 720.002002 07/22/02 1.21 08/02/02 1.58 0.37 740.00 07/31/02 880.00 07/24/02 -720.002001 07/20/01 -0.19 08/03/01 -0.05 0.15 300.00 07/25/01 560.002000 07/20/00 0.61 08/03/00 0.33 -0.27 -540.00 07/25/00 400.00 07/31/00 -1120.001999 07/20/99 0.05 08/03/99 0.67 0.63 1260.00 08/03/99 1260.00 07/21/99 -40.001998 07/20/98 -0.28 08/03/98 -0.01 0.26 520.00 07/27/98 580.00



Class III Milk(CME)—NovemberSell on approximately 08/10 - Exit on approximately 08/18 Contract Size: 200,000 lbs

CONTYEAR

SELLDATE

SELLPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 08/10/07 17.68 08/17/07 17.41 0.27 540.00 08/16/07 1080.002006 08/10/06 12.71 08/18/06 12.70 0.01 20.00 08/16/06 160.00 08/17/06 -120.002005 08/10/05 13.65 08/18/05 13.32 0.33 660.00 08/18/05 660.00 08/11/05 -40.002004 08/10/04 12.97 08/18/04 12.85 0.12 240.00 08/17/04 240.002003 08/11/03 12.93 08/18/03 12.28 0.65 1300.00 08/18/03 1300.00 08/15/03 -140.002002 08/12/02 11.60 08/16/02 10.85 0.75 1500.00 08/16/02 1500.002001 08/10/01 13.80 08/17/01 13.53 0.27 540.00 08/17/01 540.00 08/15/01 -380.002000 08/10/00 11.00 08/18/00 10.65 0.35 700.00 08/18/00 700.00 08/15/00 -100.001999 08/10/99 16.76 08/18/99 15.40 1.36 2720.00 08/18/99 2720.00 08/11/99 -60.001998 08/10/98 12.75 08/18/98 12.63 0.12 240.00 08/12/98 600.00




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Buy Aug Class III Milk(CME) / Sell Nov Class III Milk(CME)Enter on approximately 08/10 - Exit on approximately 08/20

CONTYEAR

ENTRYDATE

ENTRYPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 08/10/07 2.14 08/20/07 2.53 0.39 780.00 08/16/07 860.002006 08/10/06 -1.77 08/18/06 -1.64 0.12 240.00 08/16/06 320.002005 08/10/05 -0.20 08/19/05 0.17 0.38 760.00 08/18/05 960.002004 08/10/04 1.00 08/20/04 1.49 0.48 960.00 08/20/04 960.002003 08/11/03 0.91 08/20/03 1.10 0.19 380.00 08/18/03 1120.00 08/15/03 -180.002002 08/12/02 -2.09 08/20/02 -1.34 0.75 1500.00 08/19/02 1600.002001 08/10/01 1.69 08/20/01 1.71 0.01 20.00 08/17/01 640.00 08/15/01 -380.002000 08/10/00 -0.96 08/18/00 -0.63 0.33 660.00 08/17/00 680.001999 08/10/99 -0.58 08/20/99 1.88 2.48 4960.00 08/20/99 4960.00 08/11/99 -100.001998 08/10/98 2.55 08/20/98 2.78 0.23 460.00 08/12/98 600.00



Class III Milk(CME)—DecemberSell on approximately 08/10 - Exit on approximately 08/29 Contract Size: 200,000 lbs

CONTYEAR

SELLDATE

SELLPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 08/10/07 17.24 08/29/07 17.72 -0.48 -960.00 08/20/07 660.00 08/29/07 -960.002006 08/10/06 12.73 08/29/06 12.58 0.15 300.00 08/22/06 300.00 08/11/06 -140.002005 08/10/05 13.47 08/29/05 13.18 0.29 580.00 08/24/05 780.00 08/11/05 -60.002004 08/10/04 12.25 08/27/04 11.98 0.27 540.00 08/26/04 540.00 08/12/04 -100.002003 08/11/03 12.45 08/29/03 11.93 0.52 1040.00 08/18/03 1100.00 08/12/03 -40.002002 08/12/02 11.68 08/29/02 10.77 0.91 1820.00 08/29/02 1820.002001 08/10/01 13.40 08/29/01 12.67 0.73 1460.00 08/29/01 1460.002000 08/10/00 10.95 08/29/00 10.77 0.18 360.00 08/21/00 780.001999 08/10/99 15.90 08/27/99 12.61 3.29 6580.00 08/26/99 6600.001998 08/10/98 12.70 08/28/98 12.60 0.10 200.00 08/13/98 480.00




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CONTYEAR

SELLDATE

SELLPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 08/10/07 17.68 10/09/07 17.04 0.64 1280.00 10/08/07 1720.00 09/04/07 -2980.002006 08/10/06 12.71 10/09/06 12.32 0.39 780.00 09/11/06 920.00 08/25/06 -320.002005 08/10/05 13.65 10/07/05 13.48 0.17 340.00 08/24/05 840.00 09/09/05 -320.002004 08/10/04 12.97 10/08/04 12.57 0.40 800.00 08/27/04 1620.00 09/29/04 -640.002003 08/11/03 12.93 10/09/03 12.78 0.15 300.00 08/18/03 1300.00 08/15/03 -140.002002 08/12/02 11.60 10/09/02 10.40 1.20 2400.00 09/06/02 2940.002001 08/10/01 13.80 10/09/01 11.56 2.24 4480.00 10/09/01 4480.00 09/19/01 -1500.002000 08/10/00 11.00 10/09/00 9.40 1.60 3200.00 10/09/00 3200.00 08/15/00 -100.001999 08/10/99 16.76 10/08/99 11.31 5.45 10900.00 10/08/99 10900.00 08/11/99 -60.001998 08/10/98 12.75 10/09/98 15.54 -2.79 -5580.00 08/12/98 600.00 10/08/98 -5640.00



Class III Milk(CME)—DecemberBuy on approximately 08/31 - Exit on approximately 09/11 Contract Size: 200,000 lbs

CONTYEAR

BUYDATE

BUYPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 08/31/07 17.90 09/11/07 18.32 0.42 840.00 09/11/07 840.00 09/10/07 -420.002006 08/31/06 12.65 09/11/06 12.33 -0.32 -640.00 09/11/06 -640.002005 08/31/05 13.24 09/09/05 13.51 0.27 540.00 09/09/05 540.002004 08/31/04 12.05 09/10/04 12.15 0.10 200.00 09/08/04 380.002003 09/02/03 11.89 09/11/03 12.20 0.31 620.00 09/11/03 620.002002 09/03/02 10.51 09/11/02 10.40 -0.11 -220.00 09/06/02 -820.002001 08/31/01 12.75 09/10/01 13.25 0.50 1000.00 09/07/01 1080.002000 08/31/00 10.55 09/11/00 10.69 0.14 280.00 09/08/00 400.001999 08/31/99 12.60 09/10/99 12.68 0.08 160.00 09/08/99 300.00 09/02/99 -1000.001998 08/31/98 12.69 09/11/98 13.36 0.67 1340.00 09/10/98 1560.00 09/01/98 -280.00




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Buy Oct Class III Milk(CME) / Sell Nov Class III Milk(CME)Enter on approximately 09/15 - Exit on approximately 10/09

CONTYEAR

ENTRYDATE

ENTRYPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 09/17/07 0.75 10/09/07 1.28 0.53 1060.00 10/08/07 1100.00 09/18/07 -220.002006 09/15/06 -0.10 10/09/06 -0.03 0.07 140.00 09/22/06 400.002005 09/15/05 0.65 10/07/05 0.84 0.20 400.00 10/05/05 420.002004 09/15/04 0.95 10/08/04 1.28 0.34 680.00 10/07/04 1000.00 09/17/04 -200.002003 09/15/03 1.08 10/09/03 1.41 0.34 680.00 09/30/03 860.00 09/18/03 -140.002002 09/16/02 -0.78 10/09/02 0.25 1.04 2080.00 10/08/02 2140.002001 09/17/01 0.80 10/09/01 2.19 1.40 2800.00 10/09/01 2800.002000 09/15/00 0.40 10/09/00 0.59 0.20 400.00 09/28/00 500.00 10/04/00 -160.001999 09/15/99 0.59 10/08/99 0.78 0.19 380.00 10/08/99 380.00 09/29/99 -740.001998 09/15/98 1.37 10/09/98 0.49 -0.88 -1760.00 10/08/98 -1900.00




CONTYEAR

SELLDATE

SELLPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 09/19/07 18.30 10/09/07 17.04 1.26 2520.00 10/08/07 2960.002006 09/19/06 12.40 10/09/06 12.32 0.08 160.00 10/09/06 160.00 09/22/06 -400.002005 09/19/05 13.70 10/07/05 13.48 0.22 440.00 10/06/05 520.00 09/20/05 -140.002004 09/20/04 12.67 10/08/04 12.57 0.10 200.00 10/07/04 700.00 09/29/04 -1240.002003 09/19/03 12.85 10/09/03 12.78 0.07 140.00 09/25/03 700.00 10/08/03 -200.002002 09/19/02 10.65 10/09/02 10.40 0.25 500.00 09/30/02 720.00 09/20/02 -40.002001 09/19/01 14.55 10/09/01 11.56 2.99 5980.00 10/09/01 5980.002000 09/19/00 10.30 10/09/00 9.40 0.90 1800.00 10/09/00 1800.001999 09/20/99 12.80 10/08/99 11.31 1.49 2980.00 10/08/99 2980.00 09/22/99 -100.001998 09/21/98 14.65 10/09/98 15.54 -0.89 -1780.00 10/02/98 200.00 10/08/98 -1840.00




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Buy Jan Class III Milk(CME) / Sell Nov Class III Milk(CME)Enter on approximately 09/19 - Exit on approximately 11/19

CONTYEAR

ENTRYDATE

ENTRYPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2008 09/19/07 -1.44 11/19/07 -0.90 0.55 1100.00 11/16/07 1540.00 11/05/07 -1580.002007 09/19/06 0.00 11/17/06 0.91 0.92 1840.00 11/10/06 2540.00 09/29/06 -220.002006 09/19/05 -0.86 11/18/05 -0.68 0.18 360.00 11/03/05 840.00 09/20/05 -100.002005 09/20/04 -0.63 11/19/04 -0.51 0.11 220.00 10/07/04 420.00 11/03/04 -2400.002004 09/19/03 -1.06 11/19/03 -1.83 -0.77 -1540.00 10/03/03 100.00 11/18/03 -1680.002003 09/19/02 0.08 11/19/02 0.48 0.40 800.00 11/12/02 1180.00 10/15/02 -540.002002 09/19/01 -2.00 11/19/01 0.39 2.39 4780.00 10/24/01 5700.00 09/21/01 -60.002001 09/19/00 -0.05 11/17/00 1.16 1.21 2420.00 11/17/00 2420.002000 09/20/99 -0.60 11/19/99 0.94 1.55 3100.00 11/05/99 3400.00 09/22/99 -100.001999 09/21/98 -1.64 11/19/98 -1.19 0.44 880.00 11/19/98 880.00 11/03/98 -2840.00



Buy Dec Class III Milk(CME) / Sell Nov Class III Milk(CME)Enter on approximately 10/04 - Exit on approximately 11/29

CONTYEAR

ENTRYDATE

ENTRYPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 10/04/07 -0.66 11/29/07 0.41 1.07 2140.00 11/27/07 3200.00 11/05/07 -960.002006 10/04/06 0.03 11/29/06 0.74 0.71 1420.00 11/14/06 2200.00 10/05/06 -60.002005 10/04/05 -0.18 11/29/05 -0.17 0.01 20.00 10/05/05 240.00 11/17/05 -560.002004 10/04/04 -0.66 11/29/04 1.97 2.64 5280.00 11/29/04 5280.00 11/01/04 -1040.002003 10/06/03 -0.90 11/28/03 -1.93 -1.04 -2080.00 10/14/03 100.00 11/18/03 -2120.002002 10/04/02 -0.11 11/27/02 0.16 0.28 560.00 11/21/02 680.00 10/15/02 -260.002001 10/04/01 -0.75 11/29/01 0.66 1.41 2820.00 11/29/01 2820.002000 10/04/00 0.00 11/29/00 0.78 0.78 1560.00 11/17/00 1700.001999 10/04/99 -0.15 11/29/99 0.25 0.40 800.00 11/05/99 1860.001998 10/05/98 -1.16 11/27/98 0.01 1.19 2380.00 11/24/98 2380.00 11/03/98 -880.00




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Class III Milk(CME)—FebruaryBuy on approximately 10/10 - Exit on approximately 11/15 Contract Size: 200,000 lbs

CONTYEAR

BUYDATE

BUYPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2008 10/10/07 15.73 11/15/07 16.99 1.26 2520.00 11/15/07 2520.00 10/11/07 -20.002007 10/10/06 12.28 11/15/06 13.74 1.46 2920.00 11/10/06 3480.00 10/11/06 -160.002006 10/10/05 12.51 11/15/05 12.62 0.11 220.00 10/20/05 440.002005 10/11/04 11.90 11/15/04 12.85 0.95 1900.00 11/11/04 1900.002004 10/10/03 11.27 11/14/03 11.32 0.05 100.00 10/21/03 460.00 10/14/03 -100.002003 10/10/02 10.55 11/15/02 10.65 0.10 200.00 11/15/02 200.00 11/04/02 -380.002002 10/10/01 11.45 11/15/01 11.80 0.35 700.00 10/29/01 800.002001 10/10/00 9.80 11/15/00 9.81 0.01 20.00 10/12/00 600.00 11/06/00 -500.002000 10/11/99 11.34 11/15/99 11.40 0.06 120.00 10/14/99 980.00 11/10/99 -120.001999 10/12/98 12.70 11/13/98 13.20 0.50 1000.00 11/11/98 1560.00 10/30/98 -300.00




CONTYEAR

BUYDATE

BUYPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 10/16/06 13.43 01/05/07 14.45 1.02 2040.00 11/10/06 2340.002006 10/17/05 13.10 01/05/06 13.20 0.10 200.00 11/23/05 260.002005 10/18/04 12.75 01/05/05 13.77 1.02 2040.00 12/28/04 2100.00 10/28/04 -200.002004 10/16/03 12.29 01/05/04 12.80 0.51 1020.00 01/05/04 1020.002003 10/16/02 12.40 01/03/03 12.76 0.36 720.00 12/03/02 800.00 10/18/02 -200.002002 10/16/01 12.60 01/04/02 13.20 0.60 1200.00 12/20/01 1300.002001 10/16/00 10.81 01/05/01 11.45 0.64 1280.00 01/05/01 1280.00 10/25/00 -220.002000 10/18/99 12.37 01/05/00 12.60 0.23 460.00 12/17/99 460.00 12/15/99 -20.001999 10/16/98 12.35 01/05/99 12.40 0.05 100.00 10/20/98 300.00 11/03/98 -200.001998 10/16/97 11.63 01/05/98 12.25 0.62 1240.00 01/05/98 1240.00




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Buy Dec Class III Milk(CME) / Sell Nov Class III Milk(CME)Enter on approximately 10/29 - Exit on approximately 11/29

CONTYEAR

ENTRYDATE

ENTRYPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 10/29/07 -0.95 11/29/07 0.41 1.36 2720.00 11/27/07 3780.00 11/05/07 -380.002006 10/30/06 0.37 11/29/06 0.74 0.37 740.00 11/14/06 1520.00 10/31/06 -40.002005 10/31/05 -0.25 11/29/05 -0.17 0.08 160.00 11/29/05 160.00 11/17/05 -420.002004 10/29/04 -1.04 11/29/04 1.97 3.03 6060.00 11/29/04 6060.00 11/01/04 -260.002003 10/29/03 -1.25 11/28/03 -1.93 -0.69 -1380.00 10/30/03 60.00 11/18/03 -1420.002002 10/29/02 0.14 11/27/02 0.16 0.03 60.00 11/21/02 180.00 11/04/02 -380.002001 10/29/01 0.18 11/29/01 0.66 0.47 940.00 11/29/01 940.00 11/08/01 -140.002000 10/30/00 0.38 11/29/00 0.78 0.40 800.00 11/17/00 940.00 11/02/00 -120.001999 10/29/99 0.06 11/29/99 0.25 0.19 380.00 11/05/99 1440.001998 10/29/98 -1.46 11/27/98 0.01 1.48 2960.00 11/24/98 2960.00 11/03/98 -300.00



Class III Milk(CME)—DecemberBuy on approximately 11/05 - Exit on approximately 11/29 Contract Size: 200,000 lbs

CONTYEAR

BUYDATE

BUYPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 11/05/07 17.58 11/29/07 19.65 2.07 4140.00 11/27/07 5220.002006 11/06/06 13.04 11/29/06 13.59 0.55 1100.00 11/13/06 1740.002005 11/07/05 13.14 11/29/05 13.17 0.03 60.00 11/29/05 60.00 11/17/05 -520.002004 11/05/04 13.60 11/29/04 16.95 3.35 6700.00 11/29/04 6700.002003 11/05/03 11.46 11/28/03 11.55 0.09 180.00 11/06/03 480.00 11/18/03 -20.002002 11/05/02 9.70 11/29/02 9.97 0.27 540.00 11/21/02 660.002001 11/05/01 11.33 11/29/01 12.00 0.67 1340.00 11/23/01 1340.00 11/08/01 -20.002000 11/06/00 9.05 11/29/00 9.36 0.31 620.00 11/17/00 1140.001999 11/05/99 11.28 11/29/99 10.35 -0.93 -1860.00 11/22/99 -1860.001998 11/05/98 15.53 11/27/98 16.69 1.16 2320.00 11/20/98 2340.00




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Buy Dec Class III Milk(CME) / Sell Feb Class III Milk(CME)Enter on approximately 11/08 - Exit on approximately 12/30

CONTYEAR

ENTRYDATE

ENTRYPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2006 11/08/06 -0.17 12/29/06 0.14 0.32 640.00 12/04/06 1060.00 11/09/06 -180.002005 11/08/05 0.40 12/30/05 0.45 0.06 120.00 12/14/05 1000.00 11/09/05 -100.002004 11/08/04 1.50 12/30/04 2.33 0.84 1680.00 12/13/04 4420.002003 11/10/03 0.33 12/30/03 0.41 0.08 160.00 12/24/03 460.00 12/02/03 -460.002002 11/08/02 -0.78 12/30/02 -0.70 0.08 160.00 12/17/02 420.00 12/03/02 -220.002001 11/08/01 -0.42 12/28/01 0.31 0.74 1480.00 12/28/01 1480.002000 11/08/00 -0.49 12/29/00 -0.43 0.05 100.00 11/15/00 500.00 12/19/00 -300.001999 11/08/99 -0.30 12/30/99 0.75 1.05 2100.00 12/30/99 2100.00 12/10/99 -1880.001998 11/09/98 2.84 12/30/98 3.48 0.63 1260.00 12/15/98 1900.00 12/02/98 -1680.001997 11/10/97 0.26 12/22/97 0.98 0.71 1420.00 12/19/97 1460.00



Class III Milk(CME)—JanuarySell on approximately 11/28 - Exit on approximately 12/16 Contract Size: 200,000 lbs

CONTYEAR

SELLDATE

SELLPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2008 11/28/07 18.38 12/14/07 18.17 0.21 420.00 11/29/07 640.00 12/03/07 -740.002007 11/28/06 13.53 12/15/06 13.15 0.38 760.00 12/04/06 1140.002006 11/28/05 12.80 12/16/05 13.15 -0.35 -700.00 11/30/05 40.00 12/15/05 -760.002005 11/29/04 15.07 12/16/04 13.50 1.57 3140.00 12/13/04 3840.002004 11/28/03 11.67 12/16/03 11.62 0.05 100.00 12/01/03 340.00 12/04/03 -180.002003 11/29/02 10.42 12/16/02 10.08 0.34 680.00 12/11/02 760.00 12/03/02 -460.002002 11/28/01 12.02 12/14/01 11.48 0.54 1080.00 12/11/01 1540.00 11/29/01 -60.002001 11/28/00 9.80 12/15/00 9.75 0.05 100.00 12/07/00 320.002000 11/29/99 10.89 12/16/99 10.38 0.51 1020.00 12/16/99 1020.00 12/09/99 -260.001999 11/30/98 16.17 12/16/98 15.42 0.75 1500.00 12/16/98 1500.00 12/10/98 -520.00




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Class III Milk(CME)—FebruarySell on approximately 11/28 - Exit on approximately 12/24 Contract Size: 200,000 lbs

CONTYEAR

SELLDATE

SELLPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2008 11/28/07 17.35 12/24/07 17.35 0.00 0.00 12/18/07 780.00 12/03/07 -760.002007 11/28/06 13.48 12/22/06 13.17 0.31 620.00 12/04/06 960.002006 11/28/05 12.55 12/23/05 12.82 -0.27 -540.00 12/01/05 140.00 12/19/05 -820.002005 11/29/04 14.00 12/23/04 13.70 0.30 600.00 12/13/04 2620.00 11/30/04 -120.002004 11/28/03 11.43 12/24/03 11.23 0.20 400.00 12/24/03 400.00 12/19/03 -420.002003 11/29/02 10.70 12/23/02 10.50 0.20 400.00 12/17/02 740.00 12/03/02 -380.002002 11/28/01 12.06 12/24/01 11.85 0.21 420.00 12/11/01 1520.00 11/29/01 -80.002001 11/28/00 9.82 12/22/00 9.81 0.01 20.00 12/07/00 540.00 12/19/00 -80.002000 11/29/99 10.85 12/23/99 10.50 0.35 700.00 12/23/99 700.00 12/10/99 -660.001999 11/30/98 14.35 12/24/98 13.55 0.80 1600.00 12/15/98 1900.00 12/02/98 -1440.00



Buy Jun Class III Milk(CME) / Sell Mar Class III Milk(CME)Enter on approximately 12/03 - Exit on approximately 12/27

CONTYEAR

ENTRYDATE

ENTRYPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2008 12/03/07 -0.75 12/27/07 -0.84 -0.09 -180.00 12/18/07 600.00 12/26/07 -200.002007 12/04/06 0.57 12/27/06 0.69 0.13 260.00 12/26/06 280.00 12/06/06 -60.002006 12/05/05 0.08 12/27/05 0.06 -0.03 -60.00 12/13/05 140.00 12/19/05 -300.002005 12/03/04 -0.32 12/27/04 0.16 0.49 980.00 12/20/04 1280.002004 12/03/03 0.56 12/24/03 0.67 0.12 240.00 12/11/03 260.00 12/04/03 -60.002003 12/03/02 0.94 12/27/02 1.19 0.25 500.00 12/17/02 960.002002 12/03/01 0.33 12/27/01 0.79 0.47 940.00 12/11/01 1040.002001 12/04/00 0.63 12/27/00 0.65 0.02 40.00 12/07/00 40.00 12/19/00 -220.002000 12/03/99 0.59 12/27/99 1.05 0.45 900.00 12/15/99 1200.001999 12/03/98 -1.59 12/24/98 -0.73 0.87 1740.00 12/22/98 1920.00




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CONTYEAR

BUYDATE

BUYPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 12/15/06 14.31 01/05/07 14.45 0.14 280.00 12/29/06 280.00 12/19/06 -60.002006 12/15/05 13.18 01/05/06 13.20 0.02 40.00 01/05/06 40.00 12/19/05 -80.002005 12/15/04 12.93 01/05/05 13.77 0.84 1680.00 12/28/04 1740.002004 12/15/03 12.53 01/05/04 12.80 0.27 540.00 01/05/04 540.002003 12/16/02 12.76 01/03/03 12.76 0.00 0.00 12/19/02 -380.002002 12/17/01 13.15 01/04/02 13.20 0.05 100.00 12/20/01 200.00 12/31/01 -180.002001 12/15/00 11.00 01/05/01 11.45 0.45 900.00 01/05/01 900.002000 12/15/99 12.36 01/05/00 12.60 0.24 480.00 12/17/99 480.001999 12/15/98 12.36 01/05/99 12.40 0.04 80.00 12/31/98 100.00 12/16/98 -20.001998 12/15/97 12.15 01/05/98 12.25 0.10 200.00 01/05/98 200.00 12/22/97 -20.00

Percentage Correct 90Average Profit on Winning Trades 0.24 477.78 Winners 9Average Loss on Trades 0.00 0.00 Losers 1Average Net Profit Per Trade 0.21 430.00 Total trades 10



CONTYEAR

BUYDATE

BUYPRICE

EXITDATE

EXITPRICE PROFIT

PROFITAMOUNT

BESTEQUITYDATE

BESTEQUITY

AMOUNT

WORSTEQUITYDATE

WORSTEQUITY

AMOUNT

2007 01/03/07 13.56 01/17/07 14.05 0.49 980.00 01/17/07 980.002006 12/30/05 12.65 01/17/06 12.75 0.10 200.00 01/05/06 600.002005 12/30/04 13.60 01/14/05 15.00 1.40 2800.00 01/14/05 2800.002004 12/30/03 11.65 01/16/04 11.66 0.01 20.00 01/06/04 180.00 01/13/04 -120.002003 12/30/02 11.24 01/17/03 10.60 -0.64 -1280.00 01/16/03 -1400.002002 12/31/01 11.65 01/17/02 12.05 0.40 800.00 01/17/02 800.002001 01/02/01 10.02 01/17/01 10.30 0.28 560.00 01/09/01 1100.002000 12/30/99 10.75 01/14/00 10.81 0.06 120.00 01/05/00 500.00 01/11/00 -80.001999 12/30/98 12.43 01/15/99 12.33 -0.10 -200.00 01/04/99 20.00 01/12/99 -200.001998 12/30/97 11.65 01/16/98 12.04 0.39 780.00 01/14/98 800.00




How to Interpret Volatility Charts

Both futures and options traders can make use of patterns both in price direction and in volatility, a standardizedmeasure of risk. Also an important component of option pricing, volatility can make premiums cheap or

expensive. Just as insurance companies use actuarial tables, option traders wanting to know the risk of an “event” happening can determine the “normal” by referring to a chart of average historical volatility, a diagram plotting the average, or “normal,” volatility throughout the life of the contract.

By way of explanation, the center line in these charts represents a multi-year average of volatility in futures. Atany given point on this line, volatility has been above half the time, below the other half. The top line is +1 standarddeviation (STD), the bottom line at -1 STD. The area between these two may be considered a “probability” range,wherein volatility has remained 68% of the time. During the remaining 32% of the time, volatility was outside thatrange (16% above +1 STD, 16% below -1 STD). By comparing current implied volatility to average historicalvolatility, option traders may better determine whether option premiums are cheap or expensive historically. !

Jan Class III Milk(CME) 10 Year Ave Volatility(98-07)

Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 0%

5%

10%

15%

20%

25%

30%

+1 STDAbove

CentralTendency

-1 STDBelow

How to Interpret Bull/Bear Charts

Each bull/bear chart consists of one composite pattern for bull years (solid line) and one for bear years (dotted line),with component contract years for each indicated in the box (“99” denotes 1999) for reference. Rather than

chronologically, the order of contract years listed is determined by the degree of inclination/declination of the line bestdescribing its scatterplot. In other words, the most bullish (as defined by comparing slopes) of the bull years is listedfirst, but the most bearish of the bear years is listed last.

That neither bull nor bear pattern reaches either 0 or 100 reflects a conscious decision made to better reproducethe vigor of dynamic trends. When MRCI constructs a multi-year pattern, averaged raw percentage values for eachcalendar day typically lie between 35 and 65—and are then normalized to between 0 and 100 to reflect greatest tendency. That final step is not taken when constructing these bull/bear patterns, and thus each better represents theextent of the typical bull or bear move. !

January Class III Milk(CME) Bull/Bear Patterns(1999-2007)


20

40

60

80

100

BearPattern

BullPattern

Bull years: 99 07 05Bear years: 00 01 03

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Dairy Industry and Futures Charts

PageClass III Milk Historical Volatility Charts

Jan, Feb, Mar, Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72

May, Jun, Jul, Aug . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73

Sep, Oct, Nov, Dec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74

Class III Milk Bull/Bear ChartsJan, Feb, Mar, Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75

May, Jun, Jul, Aug . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76

Sep, Oct, Nov, Dec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77


His

tori

cal V

olat

ility

Cha

rts

Mar Class III Milk(CME) 10 Year Ave Volatility(98-07)

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 0%

5%

10%

15%

20%

25%

30%

+1 STDAbove

CentralTendency

-1 STDBelow

Feb Class III Milk(CME) 10 Year Ave Volatility(98-07)

Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb -5%

0%

5%

10%

15%

20%

25%

30%

35%

+1 STDAbove

CentralTendency

-1 STDBelow

Apr Class III Milk(CME) 10 Year Ave Volatility(98-07)

May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr 0%

5%

10%

15%

20%

25%

30%

+1 STDAbove

CentralTendency

-1 STDBelow

Jan Class III Milk(CME) 10 Year Ave Volatility(98-07)

Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 0%

5%

10%

15%

20%

25%

30%

+1 STDAbove

CentralTendency

-1 STDBelow


His

tori

cal V

olat

ility

Cha

rts

Jul Class III Milk(CME) 10 Year Ave Volatility(98-07)

Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 0%

5%

10%

15%

20%

25%

30%

35%

+1 STDAbove

CentralTendency

-1 STDBelow

Jun Class III Milk(CME) 10 Year Ave Volatility(98-07)

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 0%

5%

10%

15%

20%

25%

30%

35%

+1 STDAbove

CentralTendency

-1 STDBelow

Aug Class III Milk(CME) 10 Year Ave Volatility(98-07)

Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 0%

5%

10%

15%

20%

25%

30%

35%

40%

+1 STDAbove

CentralTendency

-1 STDBelow

May Class III Milk(CME) 10 Year Ave Volatility(98-07)

Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 0%

5%

10%

15%

20%

25%

30%

+1 STDAbove

CentralTendency

-1 STDBelow


His

tori

cal V

olat

ility

Cha

rts

Nov Class III Milk(CME) 10 Year Ave Volatility(98-07)

Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 0%

5%

10%

15%

20%

25%

30%

35%

+1 STDAbove

CentralTendency

-1 STDBelow

Oct Class III Milk(CME) 10 Year Ave Volatility(98-07)

Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct 0%

5%

10%

15%

20%

25%

30%

35%

40%

+1 STDAbove

CentralTendency

-1 STDBelow

Dec Class III Milk(CME) 10 Year Ave Volatility(98-07)

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 0%

5%

10%

15%

20%

25%

30%

+1 STDAbove

CentralTendency

-1 STDBelow

Sep Class III Milk(CME) 10 Year Ave Volatility(98-07)

Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 0%

10%

20%

30%

40%

50%

+1 STDAbove

CentralTendency

-1 STDBelow


March Class III Milk(CME) Bull/Bear Patterns(1999-2007)

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 0

20

40

60

80

100

BearPattern

BullPattern

February Class III Milk(CME) Bull/Bear Patterns(1999-2007)

Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 0

20

40

60

80

100

BearPattern

BullPattern

April Class III Milk(CME) Bull/Bear Patterns(1999-2007)


20

40

60

80

100

BearPattern

BullPattern

January Class III Milk(CME) Bull/Bear Patterns(1999-2007)


20

40

60

80

100

BearPattern

BullPattern


Bull years: 07 05Bear years: 06 01 00 03


Bull years: 07 05 04 01Bear years: 02 99 00 06 03

Bul

l/Bea

r C

hart

s


July Class III Milk(CME) Bull/Bear Patterns(1999-2007)

Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 0

20

40

60

80

100

BearPattern

BullPattern

June Class III Milk(CME) Bull/Bear Patterns(1999-2007)

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 0

20

40

60

80

100

BearPattern

BullPattern

August Class III Milk(CME) Bull/Bear Patterns(1998-2007)

Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 0

20

40

60

80

100

BearPattern

BullPattern

May Class III Milk(CME) Bull/Bear Patterns(1998-2007)

Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 0

20

40

60

80

100

BearPattern

BullPattern

Bull years: 07 04 05 01Bear years: 98 02 99 00 03 06

Bull years: 07 04 01 05Bear years: 02 99 00 03 06

Bull years: 01 07 04 05Bear years: 02 00 03 06

Bull years: 01 07 98 99 04 05Bear years: 00 02 06

Bul

l/Bea

r C

hart

s


November Class III Milk(CME) Bull/Bear Patterns(1997-2007)

Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 0

20

40

60

80

100

BearPattern

BullPattern

October Class III Milk(CME) Bull/Bear Patterns(1997-2007)

Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct 0

20

40

60

80

100

BearPattern

BullPattern

December Class III Milk(CME) Bull/Bear Patterns(1997-2007)


20

40

60

80

100

BearPattern

BullPattern

September Class III Milk(CME) Bull/Bear Patterns(1998-2007)

Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 0

20

40

60

80

100

BearPattern

BullPattern



Bull years: 98 07 97 03 05 04Bear years: 00 02

Bull years: 98 07 97 06 04 05Bear years: 00 02

Bul

l/Bea

r C

hart

s


Per

sona

l Not

es


PageJanuary

2000 - 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80

February2000 - 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81

March2000 - 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82

April2000 - 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83

May2000 - 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84

June2000 - 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85

July2000 - 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86

August2000 - 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87

September2000 - 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88

October2000 - 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89

November2000 - 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90

December2000 - 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91

Historical Daily Futures Charts (Class III Milk)

Dai

ly C

hart

s


Jan07 Class III Milk(CME)

F M A M J J A S O N D J11.00

11.50

12.00

12.50

13.00

13.50

14.00

14.50Jan06 Class III Milk(CME)


12.60

12.70

12.80

12.90

13.00

13.10

13.20

13.30

13.40

13.50

13.60

13.70



12.00

12.50

13.00

13.50

14.00

14.50

15.00



11.10

11.20

11.30

11.40

11.50

11.60

11.70

11.80

11.90

12.00

12.10

12.20


F M A M J J A S O N D J 9.60

9.80

10.00

10.20

10.40

10.60

10.80

11.00

11.20

11.40

11.60

11.80



11.20

11.40

11.60

11.80

12.00

12.20

12.40

12.60

12.80



9.50

10.00

10.50

11.00

11.50

12.00



10.00

10.50

11.00

11.50

12.00

12.50

13.00

13.50

14.00

14.50

Dai

ly C

hart

s: J

anua

ry


Feb07 Class III Milk(CME)

M A M J J A S O N D J F11.50

12.00

12.50

13.00

13.50

14.00

14.50Feb06 Class III Milk(CME)


12.10

12.20

12.30

12.40

12.50

12.60

12.70

12.80

12.90

13.00

13.10

13.20

13.30



12.00

12.50

13.00

13.50

14.00

14.50

15.00

15.50

16.00



11.00

11.10

11.20

11.30

11.40

11.50

11.60

11.70

11.80

11.90


M A M J J A S O N D J F 9.40

9.60

9.80

10.00

10.20

10.40

10.60

10.80

11.00

11.20

11.40

11.60

11.80



11.00

11.20

11.40

11.60

11.80

12.00

12.20

12.40



9.60

9.80

10.00

10.20

10.40

10.60

10.80

11.00

11.20

11.40

11.60

11.80



10.00

10.50

11.00

11.50

12.00

12.50

13.00

13.50

Dai

ly C

hart

s: F

ebru

ary


Mar07 Class III Milk(CME)

A M J J A S O N D J F M11.50

12.00

12.50

13.00

13.50

14.00

14.50

15.00

15.50Mar06 Class III Milk(CME)


11.00

11.20

11.40

11.60

11.80

12.00

12.20

12.40

12.60

12.80

13.00

13.20

13.40



12.00

12.50

13.00

13.50

14.00

14.50

15.00

15.50

16.00



11.50

12.00

12.50

13.00

13.50

14.00

14.50


A M J J A S O N D J F M 8.50

9.00

9.50

10.00

10.50

11.00

11.50



10.60

10.80

11.00

11.20

11.40

11.60

11.80

12.00

12.20

12.40



9.80

10.00

10.20

10.40

10.60

10.80

11.00

11.20

11.40



10.00

10.50

11.00

11.50

12.00

12.50

13.00

Dai

ly C

hart

s: M

arch


Apr07 Class III Milk(CME)

M J J A S O N D J F M A11.50

12.00

12.50

13.00

13.50

14.00

14.50

15.00

15.50

16.00

16.50Apr06 Class III Milk(CME)


11.00

11.20

11.40

11.60

11.80

12.00

12.20

12.40

12.60

12.80

13.00

13.20



12.00

12.50

13.00

13.50

14.00

14.50

15.00

15.50



12.00

13.00

14.00

15.00

16.00

17.00

18.00

19.00

20.00


M J J A S O N D J F M A 9.20

9.40

9.60

9.80

10.00

10.20

10.40

10.60

10.80

11.00

11.20

11.40

11.60

11.80



10.80

11.00

11.20

11.40

11.60

11.80

12.00

12.20



9.80

10.00

10.20

10.40

10.60

10.80

11.00

11.20

11.40

11.60

11.80

12.00



9.50

10.00

10.50

11.00

11.50

12.00

12.50

13.00

13.50

Dai

ly C

hart

s: A

pril


May07 Class III Milk(CME)

J J A S O N D J F M A M12.00

12.50

13.00

13.50

14.00

14.50

15.00

15.50

16.00

16.50

17.00

17.50

18.00May06 Class III Milk(CME)


10.80

11.00

11.20

11.40

11.60

11.80

12.00

12.20

12.40

12.60

12.80

13.00



12.00

12.50

13.00

13.50

14.00

14.50

15.00



12.00

13.00

14.00

15.00

16.00

17.00

18.00

19.00

20.00

21.00


J J A S O N D J F M A M 9.40

9.60

9.80

10.00

10.20

10.40

10.60

10.80

11.00

11.20

11.40

11.60

11.80



10.80

11.00

11.20

11.40

11.60

11.80

12.00

12.20

12.40



10.00

10.50

11.00

11.50

12.00

12.50

13.00

13.50

14.00



9.50

10.00

10.50

11.00

11.50

12.00

12.50

Dai

ly C

hart

s: M

ay


Jun07 Class III Milk(CME)

J A S O N D J F M A M J12.00

13.00

14.00

15.00

16.00

17.00

18.00

19.00

20.00

21.00Jun06 Class III Milk(CME)


10.80

11.00

11.20

11.40

11.60

11.80

12.00

12.20

12.40

12.60

12.80

13.00

13.20



12.50

13.00

13.50

14.00

14.50

15.00



12.00

13.00

14.00

15.00

16.00

17.00

18.00

19.00

20.00


J A S O N D J F M A M J 9.60

9.80

10.00

10.20

10.40

10.60

10.80

11.00

11.20

11.40

11.60

11.80

12.00

12.20



10.20

10.40

10.60

10.80

11.00

11.20

11.40

11.60

11.80

12.00

12.20

12.40

12.60

12.80



10.50

11.00

11.50

12.00

12.50

13.00

13.50

14.00

14.50

15.00


J A S O N D J F M A M J 9.00

9.50

10.00

10.50

11.00

11.50

12.00

12.50

13.00

Dai

ly C

hart

s: J

une


Jul07 Class III Milk(CME)

A S O N D J F M A M J J13.00

14.00

15.00

16.00

17.00

18.00

19.00

20.00

21.00

22.00

23.00Jul06 Class III Milk(CME)


11.00

11.20

11.40

11.60

11.80

12.00

12.20

12.40

12.60

12.80

13.00

13.20

13.40



13.00

13.50

14.00

14.50

15.00



12.00

12.50

13.00

13.50

14.00

14.50

15.00

15.50

16.00

16.50

17.00

17.50

18.00



10.40

10.60

10.80

11.00

11.20

11.40

11.60

11.80

12.00

12.20

12.40

12.60

12.80


A S O N D J F M A M J J 9.00

9.50

10.00

10.50

11.00

11.50

12.00

12.50

13.00

13.50



11.00

11.50

12.00

12.50

13.00

13.50

14.00

14.50

15.00

15.50



10.40

10.60

10.80

11.00

11.20

11.40

11.60

11.80

12.00

12.20

12.40

12.60

12.80

Dai

ly C

hart

s: J

uly


Aug07 Class III Milk(CME)

S O N D J F M A M J J A13.00

14.00

15.00

16.00

17.00

18.00

19.00

20.00

21.00

22.00Aug06 Class III Milk(CME)


11.00

11.20

11.40

11.60

11.80

12.00

12.20

12.40

12.60

12.80

13.00

13.20

13.40

13.60



13.00

13.20

13.40

13.60

13.80

14.00

14.20

14.40

14.60

14.80

15.00

15.20



12.50

13.00

13.50

14.00

14.50

15.00

15.50

16.00

16.50

17.00

17.50



11.00

11.50

12.00

12.50

13.00

13.50


S O N D J F M A M J J A 9.00

9.50

10.00

10.50

11.00

11.50

12.00

12.50

13.00

13.50



11.00

11.50

12.00

12.50

13.00

13.50

14.00

14.50

15.00

15.50


S O N D J F M A M J J A 9.50

10.00

10.50

11.00

11.50

12.00

12.50

13.00

Dai

ly C

hart

s: A

ugus

t


Sep07 Class III Milk(CME)

O N D J F M A M J J A S13.00

14.00

15.00

16.00

17.00

18.00

19.00

20.00

21.00

22.00Sep06 Class III Milk(CME)


11.60

11.80

12.00

12.20

12.40

12.60

12.80

13.00

13.20

13.40

13.60

13.80

14.00



13.40

13.60

13.80

14.00

14.20

14.40

14.60

14.80

15.00

15.20

15.40



13.50

14.00

14.50

15.00

15.50

16.00

16.50

17.00



11.50

12.00

12.50

13.00

13.50

14.00

14.50


O N D J F M A M J J A S 9.50

10.00

10.50

11.00

11.50

12.00

12.50

13.00

13.50

14.00



11.00

11.50

12.00

12.50

13.00

13.50

14.00

14.50

15.00

15.50



10.50

11.00

11.50

12.00

12.50

13.00

13.50

Dai

ly C

hart

s: S

epte

mbe

r


Oct07 Class III Milk(CME)

N D J F M A M J J A S O13.00

14.00

15.00

16.00

17.00

18.00

19.00

20.00

21.00Oct06 Class III Milk(CME)


11.60

11.80

12.00

12.20

12.40

12.60

12.80

13.00

13.20

13.40



12.80

13.00

13.20

13.40

13.60

13.80

14.00

14.20

14.40

14.60

14.80

15.00



13.00

13.50

14.00

14.50

15.00

15.50



11.00

11.50

12.00

12.50

13.00

13.50

14.00


N D J F M A M J J A S O 9.50

10.00

10.50

11.00

11.50

12.00

12.50

13.00

13.50



11.50

12.00

12.50

13.00

13.50

14.00

14.50

15.00



10.50

11.00

11.50

12.00

12.50

13.00

13.50

Dai

ly C

hart

s: O

ctob

er


Nov07 Class III Milk(CME)

D J F M A M J J A S O N13.50

14.00

14.50

15.00

15.50

16.00

16.50

17.00

17.50

18.00

18.50

19.00

19.50Nov06 Class III Milk(CME)


11.60

11.80

12.00

12.20

12.40

12.60

12.80

13.00



12.20

12.40

12.60

12.80

13.00

13.20

13.40

13.60

13.80

14.00



12.00

12.50

13.00

13.50

14.00

14.50

15.00



11.20

11.40

11.60

11.80

12.00

12.20

12.40

12.60

12.80

13.00

13.20

13.40


D J F M A M J J A S O N 9.50

10.00

10.50

11.00

11.50

12.00

12.50

13.00



11.00

11.50

12.00

12.50

13.00

13.50

14.00

14.50


D J F M A M J J A S O N 8.50

9.00

9.50

10.00

10.50

11.00

11.50

12.00

12.50

13.00

Dai

ly C

hart

s: N

ovem

ber


Dec07 Class III Milk(CME)

J F M A M J J A S O N D13.00

14.00

15.00

16.00

17.00

18.00

19.00

20.00

21.00Dec06 Class III Milk(CME)


11.50

12.00

12.50

13.00

13.50

14.00

14.50



12.50

12.60

12.70

12.80

12.90

13.00

13.10

13.20

13.30

13.40

13.50

13.60



12.00

12.50

13.00

13.50

14.00

14.50

15.00

15.50

16.00

16.50

17.00

17.50

18.00



11.00

11.20

11.40

11.60

11.80

12.00

12.20

12.40


J F M A M J J A S O N D 9.50

10.00

10.50

11.00

11.50

12.00

12.50



11.00

11.20

11.40

11.60

11.80

12.00

12.20

12.40

12.60

12.80

13.00

13.20

13.40


J F M A M J J A S O N D 8.50

9.00

9.50

10.00

10.50

11.00

11.50

12.00

12.50

13.00

Dai

ly C

hart

s: D

ecem

ber


Per

sona

l Not

es


Bas

is &

Cas

h

Basis & Cash Charts

PageBlock Cheese/Class III Milk Futures Basis Seasonal Averages

Jan, Feb, Mar, Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94

May, Jun, Jul, Aug . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96

Sep, Oct, Nov, Dec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98

Block Cheese/Class III Milk Futures Basis Weekly ChartsJan, Feb, Mar, Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95

May, Jun, Jul, Aug . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97

Sep, Oct, Nov, Dec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99

Cash Seasonal PatternsClass III Milk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100

Butter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100

Block Cheddar Cheese . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100

Barrel Cheddar Cheese . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100

Weekly Cash ChartsClass III Milk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101

Butter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101



Monthly Cash ChartsClass III Milk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102

Butter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102




Che

ese/

Milk

Bas

is A

vera

ges

Cheddar Cheese Blocks - Mar Class III Milk(CME) 10 Year Average(98-07)

May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

10 YearPattern

5 YearPattern

Cheddar Cheese Blocks - Feb Class III Milk(CME) 10 Year Average(98-07)

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

10 YearPattern

5 YearPattern

Cheddar Cheese Blocks - Apr Class III Milk(CME) 10 Year Average(98-07)

Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr 0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

10 YearPattern

5 YearPattern

Cheddar Cheese Blocks - Jan Class III Milk(CME) 10 Year Average(98-07)

Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

10 YearPattern

5 YearPattern


Che

ese/

Milk

Bas

is W

eekl

y C

hart

s

Weekly Cheddar Cheese Blocks minus Mar Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-2.00

0.00

2.00

4.00

6.00

8.00

10.00

Weekly Cheddar Cheese Blocks minus Feb Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-2.00

0.00

2.00

4.00

6.00

8.00

10.00

12.00

Weekly Cheddar Cheese Blocks minus Apr Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

Weekly Cheddar Cheese Blocks minus Jan Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

12.00


Che

ese/

Milk

Bas

is A

vera

ges

Cheddar Cheese Blocks - Jul Class III Milk(CME) 10 Year Average(98-07)

Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul -1.00

-0.50

0.00

0.50

1.00

1.50

2.00

2.50

3.00

10 YearPattern

5 YearPattern

Cheddar Cheese Blocks - Jun Class III Milk(CME) 10 Year Average(98-07)

Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun -0.50

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

10 YearPattern

5 YearPattern

Cheddar Cheese Blocks - Aug Class III Milk(CME) 11 Year Average(97-07)

Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug -1.00

-0.50

0.00

0.50

1.00

1.50

2.00

11 YearPattern

5 YearPattern

Cheddar Cheese Blocks - May Class III Milk(CME) 10 Year Average(98-07)

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May -1.00

0.00

1.00

2.00

3.00

4.00

10 YearPattern

5 YearPattern


Weekly Cheddar Cheese Blocks minus Jul Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-3.00

-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

Weekly Cheddar Cheese Blocks minus Jun Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

Weekly Cheddar Cheese Blocks minus Aug Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-3.00

-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

Weekly Cheddar Cheese Blocks minus May Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

Che

ese/

Milk

Bas

is W

eekl

y C

hart

s


Che

ese/

Milk

Bas

is A

vera

ges

Cheddar Cheese Blocks - Nov Class III Milk(CME) 11 Year Average(97-07)

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov -0.50

0.00

0.50

1.00

1.50

2.00

2.50

3.00

11 YearPattern

5 YearPattern

Cheddar Cheese Blocks - Oct Class III Milk(CME) 11 Year Average(97-07)

Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct -1.00

-0.50

0.00

0.50

1.00

1.50

2.00

11 YearPattern

5 YearPattern

Cheddar Cheese Blocks - Dec Class III Milk(CME) 10 Year Average(98-07)

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec -0.50

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

10 YearPattern

5 YearPattern

Cheddar Cheese Blocks - Sep Class III Milk(CME) 11 Year Average(97-07)

Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep -1.50

-1.00

-0.50

0.00

0.50

1.00

1.50

11 YearPattern

5 YearPattern


Weekly Cheddar Cheese Blocks minus Nov Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

Weekly Cheddar Cheese Blocks minus Oct Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

Weekly Cheddar Cheese Blocks minus Dec Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

Weekly Cheddar Cheese Blocks minus Sep Class III Milk(CME)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

Che

ese/

Milk

Bas

is W

eekl

y C

hart

s


Cas

h M

arke

t Sea

sona

l Pat

tern

s

Cheddar Cheese Blocks 15 Year Seasonal(1993-2007)


20

40

60

80

100

15 YearPattern

5 YearPattern

Butter, AA 15 Year Seasonal(1993-2007)


20

40

60

80

100

15 YearPattern

5 YearPattern

Cheddar Cheese Barrels 15 Year Seasonal(1993-2007)


20

40

60

80

100

15 YearPattern

5 YearPattern

Class III Milk 15 Year Seasonal(1993-2007)


20

40

60

80

100

15 YearPattern

5 YearPattern


Weekly Cheddar Cheese Blocks

2002 2003 2004 2005 2006 2007 90.00

100.00

110.00

120.00

130.00

140.00

150.00

160.00

170.00

180.00

190.00

200.00

210.00

220.00

230.00

Weekly Butter, AA

2002 2003 2004 2005 2006 2007 80.00

100.00

120.00

140.00

160.00

180.00

200.00

220.00

240.00

Weekly Cheddar Cheese Barrels

2002 2003 2004 2005 2006 2007100.00

110.00

120.00

130.00

140.00

150.00

160.00

170.00

180.00

190.00

200.00

210.00

220.00

Weekly Class III Milk

2002 2003 2004 2005 2006 2007 9.00

10.00

11.00

12.00

13.00

14.00

15.00

16.00

17.00

18.00

19.00

20.00

21.00

22.00

Cas

h M

arke

t Wee

kly

Cha

rts


Cas

h M

arke

t Mon

thly

Cha

rts

Monthly Cheddar Cheese Blocks

91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 90.00

100.00

110.00

120.00

130.00

140.00

150.00

160.00

170.00

180.00

190.00

200.00

210.00

220.00

230.00

Monthly Butter, AA

91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 60.00

80.00

100.00

120.00

140.00

160.00

180.00

200.00

220.00

240.00

260.00

280.00

300.00

Monthly Cheddar Cheese Barrels

91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 90.00

100.00

110.00

120.00

130.00

140.00

150.00

160.00

170.00

180.00

190.00

200.00

210.00

220.00

Monthly Class III Milk

91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 8.00

9.00

10.00

11.00

12.00

13.00

14.00

15.00

16.00

17.00

18.00

19.00

20.00

21.00

22.00


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Futures trading is not suitable for all investors, and involves the risk of loss. Futures are a leveraged investment, and because only a percentage of a contract’s value is required to trade, it is possible to lose more than the amount of money deposited for a futures position. therefore, traders should only use funds that they can afford to lose without affecting their lifestyles. And only a portion of those funds should be devoted to any one trade because they cannot expect to profit on every trade.

All references to options refer to options on futures.

the Globe logo, cme®, chicago mercantile exchange®, cme Group™, Globex® and cme eoS trader™ are trademarks of chicago mercantile exchange Inc. the information within this document has been compiled by cme Group for general purposes only. Although every attempt has been made to ensure the accuracy of the information within this document, cme Group assumes no responsibility for any errors or omissions. Additionally, any examples in this document are hypothetical situations, used for explanation purposes only, and should not be considered investment advice or the results of actual market experience.

All matters pertaining to rules and specifications herein are made subject to and are superseded by official cme, cBot and cme Group rules. current rules should be consulted in all cases concerning contract specifications.

copyright © 2008 cme Group. All rights reserved.

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