Class III Milk(CME) - gpvec

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 commodities@cmegroup.com. 

to begin trading Dairy futures and options on the cme Globex 

electronic trading platform, contact your broker directly.

For Your 

Information 

Class III 

Milk Futures 

Basis 

& Cash 

Charts 

Page 

Preface . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2 

CME Futures, Options & Spot Call Specifications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3 

How to Interpret Seasonal Pattern Charts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8 

Seasonal Section Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9 

Seasonal Patterns & Weekly Charts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10 

Seasonal & Spread Strategy Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .40 

How to Interpret a Strategy Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .43 

Strategy Detail Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .43 

How to Interpret Average Volatility & Bull/Bear Charts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .70 

Volatility, Bull/Bear, Daily Section Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .71 

Historical Average Volatility Charts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .72 

Bull/Bear Charts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .75 

Historical Daily Futures Charts (Class III Milk) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .79 

Basis & Cash Section Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .93 

Cheese/Milk Basis Averages & Charts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .94 

Cash Market Seasonal Patterns . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .100 

Cash Market Weekly Charts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .101 

Cash Market Monthly Charts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .102 

(Charts current through December 2007.) 

Table of Contents 

Historical Dairy Report 2008 Edition 

NOTE: The CME Milk (Class III) contract 

replaced the BFP contract in January 2000. 

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 are 

constantly upgraded, giving MRCI the speed and depth of capability to 

study 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 be 

reproduced or transmitted in any form or by any means, electronic or mechanical, including 

photocopy, recording, facsimile, or any information storage and retrieval system, 

without written permission. Retransmission by fax or other means which results in the 

creation of an additional copy is unlawful.

Preface 

Knowledge is a foundation essential to making 

successful decisions. Does a prudent 

businessman market product/purchase raw material 

without first researching profit/cost potential? Does a 

successful futures trader/investor jump at a “hot tip” or a 

story in The Wall St. Journal? Or would one first seek 

some 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, and 

present it in a format useful to those whose commerce is 

substantially affected by fluctuations in prices for dairy 

products. The business executive and investor alike are 

encouraged to examine the following pages thoroughly, 

for seasonality can be a primary component of price 

movement 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 futures 

contracts tend to recur and to influence, to one degree or 

another and in a more or less timely manner, certain 

markets every year. As any market responds to a series 

of 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 the 

specific futures contract or cash market under 

consideration. The numerical index to the right of each 

seasonal pattern chart reflects the historical tendency for 

that market to reach its seasonal high (100) or low (0) at 

a given time. 

Weekly continuation charts, also contract-specific, 

are intended to illustrate historical relative value, turning 

points, and longer-term trends. Points on futures spread 

charts are plotted by subtracting the price of the secondnamed 

contract from that of the first. 

NOTE: The CME Milk (Class III) contract 

replaced the BFP contract in January 2000. 

Preface 

Windows of Opportunity 

From these seasonal patterns, one can derive a 

seasonal approach to both cash and futures markets that 

is designed to anticipate, enter, and capture recurrent 

price trends as they emerge and exit before they are 

“realized.” Within these patterns may exist certain 

“windows of opportunity” wherein well-defined 

seasonal tops, bottoms, and trends tend to appear. 

Moore Research Center, Inc. (MRCI) computer 

programs have analyzed trends that have recurred in the 

same direction during a similar period of time in at least 

80% of all years studied. The underlying theory 

assumes that causal fundamental factors specific to that 

time period must have existed and may be influential 

again, thus making each strategy of such historical 

reliability valid for trading considerations. However, 

that past performance is not necessarily indicative of 

future results. 

Even though these are potential strategies only and 

not recommendations, there is no mystery to them. 

They are merely presentations of quantified historical 

fact. However, if knowledge is essential to decisionmaking, 

then historically reliable strategies would seem 

to offer a starting point from which to take a reasoned 

approach to the dairy market. 

Commercial users/producers, then, may find seasonal 

analysis vital to managing cost/profit risks. The 

consistency implied by seasonality and its more reliable 

strategies can afford, to the business strategist planning 

into the future, greater confidence in purchasing raw 

material and/or marketing product. 

Price movement affects management decisions. 

Those with the knowledge to anticipate price movement 

more accurately also have the capacity to make 

successful decisions more consistently. 

2 HISTORICAL DAIRY REPORT

Chicago Mercantile Exchange has offered a variety of 

cash-settled dairy futures products since 1996. At present, 

these products consist of Class III and Class IV Milk, Nonfat 

Dry Milk, and Dry Whey futures and options contracts. In 

2005, CME listed a cash-settled butter futures contract 

(20,000 lbs) available for trade on Globex; in 2007, CME 

made nearly all its cash-settled dairy futures and options 

contracts available for 23-hour trading on Globex. CME also 

trades a deliverable butter futures contract. In addition, CME 

provides the location for a spot call (cash) dairy market where 

Cheese, 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 allows 

buyers and sellers to better manage production schedules and 

bottom lines with immediate sales or purchases of the 

products listed. Price discovery in this market is also used in 

conjunction with dairy information published by various 

government agencies to provide traders, hedgers, and 

speculators with trading possibilities. 

Trading 

Unit 

Contract 

Months 

Minimum 

Fluctuation 

Maximum 

Fluctuation 

Trading 

Hours 

Ticker 

Symbol 

Grade 

Dairy Futures and Options 

The futures are structured completely differently from 

the cash markets. All of CME’s dairy futures products, 

except butter, are cash-settled to the National Agricultural 

Statistical Service (NASS) monthly price. Class prices are 

based on formulas calculated by United States Department of 

Agriculture (USDA). 

Federal Order Class Prices 

Formulation of the Federal Order Class prices are 

derived from weighted averages of USDA-surveyed cheese, 

CME Dairy Futures, Options and Spot Call 

Contract Specifications: CME Spot Call Dairy Markets 

Cheese Butter Nonfat Dry Milk 

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

Daily Daily Daily 

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

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

10:45AM to between 

10:47 and 11:01 AM 

Blocks: KB 

Barrels: RB 

Blocks: Grade A or better 

Barrels: Extra or better 


11:07 and 11:21AM 

butter, nonfat dry milk, and whey prices for the month. The 

formulas for Class III and Class IV are as follow: 

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 

What do these formulas tell us about the pricing of 

Class III and Class IV milk? Price movements in butter, 

cheese, whey, and 

Class III Class IV 

nonfat dry milk 

have an impact on Cheese 9.7¢ n/a 

the final price. As a Whey 6.0¢ n/a 

general rule, a one- 

Butter 0.5¢ 4.2¢ 

cent change in dairy 

Nonfat Dry Milk n/a 8.6¢ 

product prices has 


10:47 and 11:01AM 

Grade AA Grade A: NM 

Extra Grade: NX 

Grade AA Grade A and Extra 

the following price impact on the 

class futures prices for milk. 

Monthly government 

numbers used to settle the Class III 

and Class IV futures are released 

on the Friday before the 5th of the 

following month. If the 5th falls on 

Friday, data is then published on 

that Friday. Monthly data can be 

found on the USDA Web site or on 

a link at www.cmegroup.com. 

Examples of actual USDA 

monthly releases and last trading 

days for Class III and Class IV 

futures contracts are shown below. 

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 

MOORE RESEARCH CENTER, INC. 3 

Dairy Futures, Options and Spot Call

Dairy Contract Specifications 

Class III Milk Futures 

Class III milk futures have been trading at CME 

since 1996 in various forms. CME has adapted its 

futures contracts over time to keep up with the 

ever-changing government price support program for 

milk. Cash settlement was originally based on the 

Minnesota-Wisconsin (MW) price, then the Basic 

Formula Price (BFP), and currently the Class III milk 

price. Class III milk is also known by the industry as 

“cheese milk,” the milk used to produce American 

cheese. 

Contract Specifications: CME Class III Milk Futures 

Futures Options 

on Futures 

Trading Unit 200,000 pounds Same as futures 

Contract Months 

24 consecutive 

calendar months 

Same as futures 

Months Listed All All 

Minimum 

Fluctuation 

$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 Price 

Intervals 

Termination 

of Trading 

Trading Hours 

RTH 

Trading Hours 

Globex 

Position Limits: 

Expiring 

contract month 

n/a $0.25 

Business day prior 

to USDA 

Class III Milk Price 

announcement 

9:05 a.m. 

to 1:10 pm 

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

p.m. on 

last trading day) 

Trading extends 

from Monday at 

9:05 a.m. Central 

Time (CT) through 

Friday at 1:30 p.m. 

with daily hourlong 

trading halts 

at 4:00 p.m. 

Ticker Symbols 

RTH / Globex DA / DC 


9:05 a.m. 

to 1:12 p.m. 

(9:05 a.m. to 

12:10 p.m. on last trading 

day) 

same as Globex futures 

1500 contracts Aggregated with 

futures on an 

equivalent basis 

Calls: DA/DC 

Puts: DA/DC 

Class IV Milk Futures 

Class IV milk futures began trading in 2000 to 

complement the USDA’s component pricing system. 

Class IV milk is used to produce butter and nonfat dry 

milk. 

Contract Specifications: CME Class IV Milk Futures 

Futures Options on Futures 

Trading Unit 200,000 pounds Same as futures 

Contract Months 




Months Listed All All 

Minimum 

Fluctuation 

$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 Price 

Intervals 

Termination of 

Trading 

Trading Hours 

Trading Hours 

Globex 


Expiring contract 

month 

Ticker Symbol: 

RTH/Globex 

n/a $0.25 

Business day prior to 

USDA Class IV Milk 

Price announcement 

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

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

on last trading day) 

Trading extends from 

Monday at 9:05 a.m. 

Central Time (CT) 

through Friday at 1:30 

p.m. with daily hourlong 

trading halts at 

4:00 p.m. 


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

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



1500 contracts Aggregated 

with futures on 

an equivalent basis 

DK/GDK Calls: DK/GDK 

Puts: DK/GDK 


Nonfat Dry Milk Futures 

Merchandisers, producers, processors, and 

speculators can now engage in price discovery and 

effectively manage price risk in Nonfat Dry Milk, a 

by-product derived from manufacturing butter. This 

product can be stored, used in various food sources, 

and/or reconstituted into milk. Futures complement 

CME Group’s overall dairy product complex, enabling 

users both to hedge and to trade milk against its major 

milk products. 

Contract Specifications: CME Nonfat Dry Milk Futures 

Futures Options on Futures 

Trading Unit 44,000 pounds 

Grade AA or Extra 


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 closes 

on the limit bid or offer 

None 

Options Exercise n/a Any day option is traded 

Strike Price Intervals n/a $0.02 


Trading 

Trading Hours 

RTH 

Trading Hours 

Globex 


Expiring month 

1st scale down 

Other contract 

months 

Ticker Symbol 

RTH / Globex 

Business day prior to 

USDA Nonfat Dry Milk 

Price 

announcement 

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

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



9:05 am Monday (CT) 

through 1:30 pm Friday 

with daily hour-long 

trading halts at 4:00 pm 

100 during the last 5 

days of trading 

1,000 in any contract 

month 


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

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



Aggregated 



NF / GNF Calls: NZ 

Puts: NZ 

Butter Futures 

Producers, consumers, merchandisers, and 

speculators can engage in price discovery and manage 

price risk for butter utilizing a physically delivered 

contract. Futures reflect cash market supply, demand, 

and cold-storage stocks. 

Contract Specifications: CME Butter Futures 

Futures (RTH) Options on Futures 

Trading Unit 40,000 pounds 

Grade AA 


Contract Months 6 months Same as Futures 

Months Listed Mar, May, Jul, 

Sep, Oct, Dec 


Minimum Fluctuation $0.00025 per pound $0.00025 per pound, 

Cab = $0.000125 

Price Limits $0.05 per pound; 

expandable to $0.10 if 

the contract nearest to 

expiration that is 

subject to daily price 

limit closes on the limit 

bid or offer 

None 

Options Exercise n/a Any day option traded. 

Strike Price Intervals n/a $0.02 


Trading 

Trading Hours 


Expiring Contract 

month 

1st scale down 

2nd scale down 

Other contract 

months 

The eighth-to-last 

business day of the 

month 

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

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


150 at the close of 

business on the first 

business day following 

the 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 

First Friday 

of the month 

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

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


Aggregated 



Ticker Symbol DB Calls: DB 

Puts: DB 


Dairy Contract Specifications

Dairy Contract Specifications 

Cash-settled Butter 

In September 2007, CME Group launched options 

on Cash-Settled Butter futures. Contract size at 20,000 

pounds is half the size of deliverable butter futures. 

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

Trading Unit 

20,000 lbs 

Grade AA Butter 

Contract Listing 24 consecutive 


Minimum Fluctuation 1 point = $0.00025/lb 

= $5.00 

Price Limits $0.05 per pound, 

expanded to $0.10 after 

one-day limit move 


Trading 

Trading Hours 


Business day preceding 

release date for USDA 

monthly price in the US 

for Butter 



(CT) through Friday at 

1:30 p.m. with daily 

hour-long 

trading halts at 4:00 p.m. 

same as futures 



n/a 



Options Exercise n/a Any day option traded 

Strike Price Intervals n/a $0.02 per pound 

Ticker Symbol CB Puts/Calls: CB 

Dry Whey Futures 

Producers, consumers, merchandisers, and 

speculators can engage in price discovery and manage 

price risk for dry whey, which is a by-product from 

manufacturing cheese. Whey is the liquid that separates 

from milk in the process of cheese making. Dried whey, 

high in protein and low in fat, is used in a variety of 

foods such as crackers, breads, cereal, and commercial 

pastries. It is increasingly used in the popular energy 

and power bars as well as protein drinks and powders. It 

also has use as an animal feed. 

Contract Specs: CME Dry Whey Futures (Globex Only) 

Trading Unit 

Contract Listing 

Minimum Fluctuation 

Price Limits 


Trading 


44,000 pounds 

Extra Grade 



1 point = $0.00025/lb = 

$11.00 

$0.04 per pound, 

except no limit in 

spot month during last 

5 trading days of month 

Business day preceding 

release date for USDA 

monthly price in the US 

for Butter 



same as futures, but also 

Cab $0.000125 = $5.50 

n/a 


Trading Hours Trading extends from 


(CT) through Friday at 

1:30 p.m. with daily 

hour-long 

trading halts at 4:00 p.m. 


Options Exercise n/a Any day option traded 

Strike Price Intervals n/a $0.02 per pound 

Ticker Symbol DY Puts/Calls: DY 



Personal Notes

How to Interpret Seasonal Pattern Charts 

Seasonal Pattern Chart Explanation 

ach chart consists of two aspects of a market’s seasonal pattern—the longest (up to 10 years) for which data 

Eexists (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 the 

right 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? 

9 Year 

Pattern 

5 Year 

Pattern 

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

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

How to Interpret Seasonal Average Charts 

utures markets are designed to enable those involved in the commerce of the underlying commodity to manage their 

Frisk 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 are 

made, futures prices are represented on the charts by the 0-line. [The chart itself consists of both a longer average (the 

solid 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. 

10 Year 

Pattern 

5 Year 

Pattern 

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

Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 

8 HISTORICAL DAIRY REPORT 

100 

80 

60 

40 

20 

0 

3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00

Page 

SEASONAL 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 

STRATEGIES 

Seasonal Trade & Spreads Strategy Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .38 

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

Class III Milk 

Class III Milk 

MOORE RESEARCH CENTER, INC. 9

Class III Milk Seasonal Patterns 

9 Year 

Pattern 

5 Year 

Pattern 

9 Year 

Pattern 

5 Year 

Pattern 

9 Year 

Pattern 

5 Year 

Pattern 

9 Year 

Pattern 

5 Year 

Pattern 

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


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

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

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

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

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

Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr 


100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0

19.00 

18.00 

17.00 

16.00 

15.00 

14.00 

13.00 

12.00 

11.00 

10.00 

9.00 

18.00 

17.00 

16.00 

15.00 

14.00 

13.00 

12.00 

11.00 

10.00 

9.00 

18.00 

17.00 

16.00 

15.00 

14.00 

13.00 

12.00 

11.00 

10.00 

9.00 

8.00 

20.00 

18.00 

16.00 

14.00 

12.00 

10.00 

8.00 

Weekly Jan Class III Milk(CME) 

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

Weekly Feb Class III Milk(CME) 

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

Weekly Mar Class III Milk(CME) 

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

Weekly Apr Class III Milk(CME) 

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 


Class III Milk Weeklies


10 Year 

Pattern 

5 Year 

Pattern 

9 Year 

Pattern 

5 Year 

Pattern 

9 Year 

Pattern 

5 Year 

Pattern 

10 Year 

Pattern 

5 Year 

Pattern 

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

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

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

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

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

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

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

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


100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0

22.00 

20.00 

18.00 

16.00 

14.00 

12.00 

10.00 

8.00 

22.00 

20.00 

18.00 

16.00 

14.00 

12.00 

10.00 

8.00 

24.00 

22.00 

20.00 

18.00 

16.00 

14.00 

12.00 

10.00 

8.00 

22.00 

20.00 

18.00 

16.00 

14.00 

12.00 

10.00 

8.00 

Weekly May Class III Milk(CME) 

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

Weekly Jun Class III Milk(CME) 

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

Weekly Jul Class III Milk(CME) 

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

Weekly Aug Class III Milk(CME) 

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 




10 Year 

Pattern 

5 Year 

Pattern 

11 Year 

Pattern 

5 Year 

Pattern 

11 Year 

Pattern 

5 Year 

Pattern 

11 Year 

Pattern 

5 Year 

Pattern 

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

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

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

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

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

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

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

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


100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0

22.00 

20.00 

18.00 

16.00 

14.00 

12.00 

10.00 

8.00 

22.00 

20.00 

18.00 

16.00 

14.00 

12.00 

10.00 

8.00 

20.00 

18.00 

16.00 

14.00 

12.00 

10.00 

8.00 

22.00 

20.00 

18.00 

16.00 

14.00 

12.00 

10.00 

8.00 

Weekly Sep Class III Milk(CME) 

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

Weekly Oct Class III Milk(CME) 

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

Weekly Nov Class III Milk(CME) 

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

Weekly Dec Class III Milk(CME) 

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 



Class III Milk Spread Seasonal Patterns: January 

10 Year 

Pattern 

5 Year 

Pattern 

10 Year 

Pattern 

5 Year 

Pattern 

10 Year 

Pattern 

5 Year 

Pattern 

10 Year 

Pattern 

5 Year 

Pattern 

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


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


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


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



100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0

6.00 

4.00 

2.00 

0.00 

-2.00 

-4.00 

-6.00 

-8.00 

5.00 

4.00 

3.00 

2.00 

1.00 

0.00 

-1.00 

-2.00 

-3.00 

-4.00 

-5.00 

-6.00 

5.00 

4.00 

3.00 

2.00 

1.00 

0.00 

-1.00 

-2.00 

-3.00 

-4.00 

-5.00 

-6.00 

5.00 

4.00 

3.00 

2.00 

1.00 

0.00 

-1.00 

-2.00 

-3.00 

-4.00 

-5.00 

-6.00 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 


Class III Milk Spread Weeklies: January

Class III Milk Spread Seasonal Patterns: February 

10 Year 

Pattern 

5 Year 

Pattern 

10 Year 

Pattern 

5 Year 

Pattern 

10 Year 

Pattern 

5 Year 

Pattern 

10 Year 

Pattern 

5 Year 

Pattern 

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

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 

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


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


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



100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0

2.00 

1.50 

1.00 

0.50 

0.00 

-0.50 

-1.00 

-1.50 

-2.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

-0.50 

-1.00 

-1.50 

-2.00 

-2.50 

-3.00 

3.00 

2.00 

1.00 

0.00 

-1.00 

-2.00 

-3.00 

-4.00 

3.00 

2.00 

1.00 

0.00 

-1.00 

-2.00 

-3.00 

-4.00 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 


Class III Milk Spread Weeklies: February

Class III Milk Spread Seasonal Patterns: March 

10 Year 

Pattern 

5 Year 

Pattern 

10 Year 

Pattern 

5 Year 

Pattern 

10 Year 

Pattern 

5 Year 

Pattern 

10 Year 

Pattern 

5 Year 

Pattern 

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

May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 

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


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


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



100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0

2.00 

1.00 

0.00 

-1.00 

-2.00 

-3.00 

-4.00 

-5.00 

2.00 

1.00 

0.00 

-1.00 

-2.00 

-3.00 

-4.00 

-5.00 

2.00 

1.00 

0.00 

-1.00 

-2.00 

-3.00 

-4.00 

2.00 

1.50 

1.00 

0.50 

0.00 

-0.50 

-1.00 

-1.50 

-2.00 

-2.50 

-3.00 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 


Class III Milk Spread Weeklies: March

Class III Milk Spread Seasonal Patterns: April 

10 Year 

Pattern 

5 Year 

Pattern 

10 Year 

Pattern 

5 Year 

Pattern 

10 Year 

Pattern 

5 Year 

Pattern 

10 Year 

Pattern 

5 Year 

Pattern 

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


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


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


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



100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0

1.50 

1.00 

0.50 

0.00 

-0.50 

-1.00 

-1.50 

-2.00 

-2.50 

4.00 

3.00 

2.00 

1.00 

0.00 

-1.00 

-2.00 

-3.00 

5.00 

4.00 

3.00 

2.00 

1.00 

0.00 

-1.00 

-2.00 

-3.00 

5.00 

4.00 

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 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 


Class III Milk Spread Weeklies: April

Class III Milk Spread Seasonal Patterns: May 

10 Year 

Pattern 

5 Year 

Pattern 

10 Year 

Pattern 

5 Year 

Pattern 

10 Year 

Pattern 

5 Year 

Pattern 

10 Year 

Pattern 

5 Year 

Pattern 

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

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 

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


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


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



100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0

5.00 

4.00 

3.00 

2.00 

1.00 

0.00 

-1.00 

-2.00 

-3.00 

7.00 

6.00 

5.00 

4.00 

3.00 

2.00 

1.00 

0.00 

-1.00 

-2.00 

-3.00 

-4.00 

7.00 

6.00 

5.00 

4.00 

3.00 

2.00 

1.00 

0.00 

-1.00 

-2.00 

-3.00 

7.00 

6.00 

5.00 

4.00 

3.00 

2.00 

1.00 

0.00 

-1.00 

-2.00 

-3.00 

-4.00 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 


Class III Milk Spread Weeklies: May

Class III Milk Spread Seasonal Patterns: June 

10 Year 

Pattern 

5 Year 

Pattern 

10 Year 

Pattern 

5 Year 

Pattern 

10 Year 

Pattern 

5 Year 

Pattern 

10 Year 

Pattern 

5 Year 

Pattern 

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

Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 

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


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


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



100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0

4.00 

3.00 

2.00 

1.00 

0.00 

-1.00 

-2.00 

-3.00 

5.00 

4.00 

3.00 

2.00 

1.00 

0.00 

-1.00 

-2.00 

-3.00 

5.00 

4.00 

3.00 

2.00 

1.00 

0.00 

-1.00 

-2.00 

-3.00 

-4.00 

5.00 

4.00 

3.00 

2.00 

1.00 

0.00 

-1.00 

-2.00 

-3.00 

-4.00 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 


Class III Milk Spread Weeklies: June

Class III Milk Spread Seasonal Patterns: July 

10 Year 

Pattern 

5 Year 

Pattern 

10 Year 

Pattern 

5 Year 

Pattern 

10 Year 

Pattern 

5 Year 

Pattern 

10 Year 

Pattern 

5 Year 

Pattern 

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

Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 

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


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


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



100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0

3.00 

2.00 

1.00 

0.00 

-1.00 

-2.00 

-3.00 

4.00 

3.00 

2.00 

1.00 

0.00 

-1.00 

-2.00 

-3.00 

-4.00 

5.00 

4.00 

3.00 

2.00 

1.00 

0.00 

-1.00 

-2.00 

-3.00 

-4.00 

5.00 

4.00 

3.00 

2.00 

1.00 

0.00 

-1.00 

-2.00 

-3.00 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 


Class III Milk Spread Weeklies: July

Class III Milk Spread Seasonal Patterns: August 

11 Year 

Pattern 

5 Year 

Pattern 

11 Year 

Pattern 

5 Year 

Pattern 

11 Year 

Pattern 

5 Year 

Pattern 

11 Year 

Pattern 

5 Year 

Pattern 

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

Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 

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


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


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



100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0

1.50 

1.00 

0.50 

0.00 

-0.50 

-1.00 

-1.50 

-2.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

-0.50 

-1.00 

-1.50 

-2.00 

4.00 

3.00 

2.00 

1.00 

0.00 

-1.00 

-2.00 

-3.00 

5.00 

4.00 

3.00 

2.00 

1.00 

0.00 

-1.00 

-2.00 

-3.00 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 


Class III Milk Spread Weeklies: August

Class III Milk Spread Seasonal Patterns: September 

11 Year 

Pattern 

5 Year 

Pattern 

11 Year 

Pattern 

5 Year 

Pattern 

11 Year 

Pattern 

5 Year 

Pattern 

11 Year 

Pattern 

5 Year 

Pattern 

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

Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 

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


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


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



100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0

3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

-0.50 

-1.00 

4.00 

3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

-0.50 

-1.00 

-1.50 

5.00 

4.00 

3.00 

2.00 

1.00 

0.00 

-1.00 

-2.00 

5.00 

4.00 

3.00 

2.00 

1.00 

0.00 

-1.00 

-2.00 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 


Class III Milk Spread Weeklies: September

Class III Milk Spread Seasonal Patterns: October 

11 Year 

Pattern 

5 Year 

Pattern 

11 Year 

Pattern 

5 Year 

Pattern 

11 Year 

Pattern 

5 Year 

Pattern 

11 Year 

Pattern 

5 Year 

Pattern 

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

Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct 

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


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


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



100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0

4.00 

3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

-0.50 

-1.00 

4.00 

3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

-0.50 

-1.00 

5.00 

4.00 

3.00 

2.00 

1.00 

0.00 

-1.00 

-2.00 

6.00 

5.00 

4.00 

3.00 

2.00 

1.00 

0.00 

-1.00 

-2.00 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 


Class III Milk Spread Weeklies: October

Class III Milk Spread Seasonal Patterns: November 

11 Year 

Pattern 

5 Year 

Pattern 

11 Year 

Pattern 

5 Year 

Pattern 

11 Year 

Pattern 

5 Year 

Pattern 

11 Year 

Pattern 

5 Year 

Pattern 

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

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 

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


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


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



100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0

2.00 

1.50 

1.00 

0.50 

0.00 

-0.50 

-1.00 

-1.50 

-2.00 

-2.50 

3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

-0.50 

-1.00 

-1.50 

5.00 

4.00 

3.00 

2.00 

1.00 

0.00 

-1.00 

-2.00 

5.00 

4.00 

3.00 

2.00 

1.00 

0.00 

-1.00 

-2.00 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 


Class III Milk Spread Weeklies: November

Class III Milk Spread Seasonal Patterns: December 

10 Year 

Pattern 

5 Year 

Pattern 

10 Year 

Pattern 

5 Year 

Pattern 

10 Year 

Pattern 

5 Year 

Pattern 

10 Year 

Pattern 

5 Year 

Pattern 

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


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


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


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



100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0

3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

-0.50 

-1.00 

-1.50 

4.00 

3.00 

2.00 

1.00 

0.00 

-1.00 

-2.00 

5.00 

4.00 

3.00 

2.00 

1.00 

0.00 

-1.00 

-2.00 

5.00 

4.00 

3.00 

2.00 

1.00 

0.00 

-1.00 

-2.00 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 


Class III Milk Spread Weeklies: December

Class III Milk Strategy Summary 

Seasonal 

Strategy 

Class III Milk Seasonal & Spread Strategies 

Entry 

Date 

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. 

Exit 

Date 

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 UNDERLYING 

FUNDAMENTAL 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. EVEN 

IF 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. NO 

REPRESENTATION 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 WILL 

RECUR 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 OR 

IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS 

SUBSEQUENTLY ACHIEVED BY 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, 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 ACTUAL 

TRADING 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 ACCOUNTED 

FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. 

Win 

Pct 

Win 

Years 

Loss 

Years 

Copyright ©1989-2008 Moore Research Center, Inc. 

Total 

Years 

Average 

Profit 

Ave Pft 

Per Day 

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) 


Sell Jun Class III Milk(CME) 


Sell Mar Class III Milk(CME) 

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

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

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) 


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 

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) 

17 Buy Aug Class III Milk(CME) 

Sell Oct Class III Milk(CME) 



19 Buy Jul Class III Milk(CME) 


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

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

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

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


Pg 

No

Seasonal 

Strategy 




Entry 

Date 

Exit 

Date 

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

38 Sell Class III Milk(CME)—November 8/10 10/09 90 9 1 10 1890 31/61 60 

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




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. Strategy 




REPRESENTATION 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 WILL Milk 



SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF III 





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

Win 

Pct 

Win 

Years 

Loss 

Years 

Total 

Years 

Average 

Profit 

Ave Pft 

Per Day 

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 



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 





Sell Aug Class III Milk(CME) 

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

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 





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

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


Pg 

No

Class III Milk Strategy Summary 

Seasonal 

Strategy 




Entry 

Date 




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. 

Exit 

Date 




REPRESENTATION 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 WILL 



SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF 





Win 

Pct 

Win 

Years 

Loss 

Years 

Copyright ©1989-2008 Moore Research Center, Inc. 

Total 

Years 

Average 

Profit 

Ave Pft 

Per Day 

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


42 Buy Jan Class III Milk(CME) 


43 Buy Dec Class III Milk(CME) 


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

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 




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 


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: 1-800-927-7259 

Website: http://www.mrci.com Email: sales@mrci.com 

(541) 484-7256 - Fax: (541) 484-0243 


Pg 

No

How to Interpret a Strategy Sheet 

nique MRCI strategy sheets present each historically reliable seasonal trade or spread with a table of its relevant 

Uhistorical 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 subjected 

to 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 commercial 

rather 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 or 

loss. Entry and exit prices are definitively based on the settlement price of the dates listed, as are profit and loss 

values. If an optimized trade date fell on a weekend or holiday, entry was considered made on the following trading 

day while exit on the prior. (To more accurately reflect historical fact and actual market movement, studies on these 

strategy 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. 

CONT 

YEAR 

BUY 

DATE 

Buy on approximately 01/02 - Exit on approximately 01/17 

BUY 

PRICE 

The CME Milk (Class III) contract replaced 

the BFP contract in January 2000. 

EXIT 

DATE 

Class III Milk(CME)—May 

EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 

Contract Size: 200,000 lbs 

WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 01/03/07 13.85 01/17/07 14.50 0.65 1300.00 01/17/07 1300.00 

2006 01/03/06 12.65 01/17/06 12.75 0.10 200.00 01/09/06 500.00 

2005 01/03/05 13.59 01/14/05 14.00 0.41 820.00 01/14/05 820.00 

2004 01/02/04 11.60 01/16/04 11.85 0.25 500.00 01/16/04 500.00 

2003 01/02/03 11.58 01/17/03 11.15 -0.43 -860.00 01/16/03 -1060.00 

2002 01/02/02 11.70 01/17/02 12.05 0.35 700.00 01/17/02 700.00 

2001 01/02/01 10.07 01/17/01 10.55 0.48 960.00 01/09/01 1260.00 

2000 01/03/00 11.08 01/14/00 11.25 0.17 340.00 01/14/00 340.00 

1999 01/04/99 12.00 01/15/99 11.91 -0.09 -180.00 01/15/99 -180.00 

1998 01/02/98 11.75 01/16/98 12.05 0.30 600.00 01/16/98 600.00 

Percentage Correct 80 

Average Profit on Winning Trades 0.34 677.50 Winners 8 

Average Loss on Trades -0.26 -520.00 Losers 2 

Average 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 ACHIEVE 

PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED 

BY 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, 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 ACTUAL TRADING 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 ACCOUNTED FOR IN THE PREPARATION OF 

HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. 


How to Interpret a Strategy Sheet

Class III Milk Strategy Tables 

CONT 

YEAR 

ENTRY 

DATE 

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

Enter on approximately 02/04 - Exit on approximately 04/03 

ENTRY 

PRICE 

EXIT 

DATE 

EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 

WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 02/05/07 -0.79 04/03/07 0.50 1.31 2620.00 04/03/07 2620.00 02/13/07 -160.00 

2006 02/06/06 -0.41 04/03/06 -0.26 0.14 280.00 10/08/03 780.00 03/08/06 -280.00 

2005 02/04/05 -0.33 04/01/05 -0.09 0.24 480.00 10/08/01 2200.00 02/11/05 -880.00 

2004 02/04/04 -1.12 04/02/04 2.08 3.22 6440.00 03/23/04 8560.00 

2003 02/04/03 -1.20 04/03/03 -1.20 0.01 20.00 02/18/03 580.00 04/01/03 -500.00 

2002 02/04/02 -1.44 04/03/02 -1.99 -0.55 -1100.00 02/07/02 20.00 03/20/02 -1400.00 

2001 02/05/01 -1.50 04/03/01 -1.47 0.04 80.00 02/28/01 1080.00 03/16/01 -100.00 

2000 02/04/00 -2.13 04/03/00 -2.08 0.05 100.00 02/18/00 840.00 02/11/00 -260.00 

1999 02/04/99 -0.25 04/01/99 -0.13 0.12 240.00 04/01/99 240.00 02/24/99 -1560.00 

1998 02/04/98 0.03 04/03/98 0.40 0.36 720.00 04/02/98 740.00 












CONT 

YEAR 

ENTRY 

DATE 

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


ENTRY 

PRICE 

EXIT 

DATE 

EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 

WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 02/23/07 -0.22 04/05/07 -0.02 0.21 420.00 04/03/07 1500.00 02/26/07 -180.00 

2006 02/23/06 -0.02 04/06/06 0.04 0.07 140.00 03/29/06 280.00 03/17/06 -360.00 

2005 02/23/05 -0.06 04/06/05 0.26 0.34 680.00 10/08/01 2420.00 03/14/05 -640.00 

2004 02/23/04 -0.12 04/06/04 1.58 1.71 3420.00 03/23/04 5300.00 03/08/04 -1020.00 

2003 02/24/03 -0.85 04/04/03 -0.76 0.09 180.00 03/14/03 360.00 04/01/03 -260.00 

2002 02/25/02 -0.81 04/05/02 -1.17 -0.37 -740.00 03/20/02 -1060.00 

2001 02/23/01 -0.61 04/06/01 -0.58 0.04 80.00 03/08/01 280.00 03/28/01 -920.00 

2000 02/23/00 -0.96 04/06/00 -0.20 0.75 1500.00 03/29/00 1780.00 03/23/00 -780.00 

1999 02/23/99 0.04 04/06/99 0.57 0.53 1060.00 04/06/99 1060.00 02/24/99 -200.00 

1998 02/23/98 0.21 04/06/98 0.41 0.20 400.00 04/01/98 520.00 03/05/98 -580.00 













CONT 

YEAR 

ENTRY 

DATE 

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


ENTRY 

PRICE 

EXIT 

DATE 

EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 

WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 02/26/07 0.06 03/26/07 0.76 0.71 1420.00 03/22/07 1500.00 03/05/07 -600.00 

2006 02/27/06 -0.16 03/24/06 -0.13 0.02 40.00 03/08/06 380.00 03/21/06 -280.00 

2005 02/25/05 0.34 03/24/05 0.50 0.15 300.00 02/28/05 720.00 03/17/05 -1060.00 

2004 02/25/04 0.50 03/26/04 4.30 3.80 7600.00 03/26/04 7600.00 02/26/04 -140.00 

2003 02/25/03 0.22 03/26/03 0.31 0.09 180.00 03/04/03 420.00 

2002 02/25/02 0.33 03/26/02 0.18 -0.14 -280.00 03/31/02 660.00 03/21/02 -360.00 

2001 02/26/01 -0.20 03/26/01 0.34 0.56 1120.00 03/23/01 1180.00 03/31/01 -220.00 

2000 02/25/00 0.05 03/24/00 0.05 0.01 20.00 03/02/00 500.00 

1999 02/25/99 -0.33 03/26/99 -0.12 0.21 420.00 03/23/99 480.00 03/03/99 -220.00 

1998 02/25/98 -0.67 03/20/98 -0.66 0.02 40.00 03/31/98 800.00 03/13/98 -120.00 












CONT 

YEAR 

SELL 

DATE 

Sell on approximately 02/26 - Exit on approximately 03/05 

SELL 

PRICE 

EXIT 

DATE 

Class III Milk(CME)—April 

EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 


WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 02/26/07 14.56 03/05/07 14.40 0.16 320.00 03/30/07 720.00 

2006 02/27/06 10.93 03/03/06 10.90 0.03 60.00 03/03/06 60.00 03/30/06 -480.00 

2005 02/28/05 15.74 03/04/05 14.21 1.53 3060.00 03/03/05 3180.00 

2004 02/26/04 13.88 03/05/04 14.67 -0.79 -1580.00 03/05/04 -1580.00 

2003 02/26/03 9.55 03/05/03 9.54 0.01 20.00 02/28/03 260.00 

2002 02/26/02 11.21 03/05/02 11.00 0.21 420.00 03/05/02 420.00 

2001 02/26/01 11.16 03/05/01 11.15 0.01 20.00 03/02/01 220.00 

2000 02/28/00 9.99 03/03/00 9.91 0.08 160.00 03/03/00 160.00 03/01/00 -320.00 

1999 02/26/99 11.35 03/05/99 10.90 0.45 900.00 03/03/99 1080.00 

1998 02/26/98 12.24 03/05/98 11.85 0.39 780.00 03/04/98 780.00 













Class III Milk Strategy Tables


CONT 

YEAR 

BUY 

DATE 


BUY 

PRICE 

EXIT 

DATE 


EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 


WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 03/07/07 14.60 04/05/07 15.87 1.27 2540.00 04/05/07 2540.00 

2006 03/07/06 10.90 04/07/06 10.92 0.02 40.00 03/08/06 600.00 03/21/06 -100.00 

2005 03/07/05 14.05 04/07/05 14.51 0.46 920.00 03/30/05 1320.00 03/17/05 -300.00 

2004 03/08/04 14.63 04/07/04 19.39 4.76 9520.00 04/07/04 9520.00 

2003 03/07/03 9.45 04/07/03 9.50 0.05 100.00 03/11/03 100.00 03/31/03 -300.00 

2002 03/07/02 11.19 04/05/02 10.92 -0.27 -540.00 03/08/02 140.00 03/21/02 -880.00 

2001 03/07/01 11.00 04/06/01 11.87 0.87 1740.00 03/30/01 2100.00 

2000 03/07/00 9.95 04/07/00 9.56 -0.39 -780.00 03/08/00 100.00 04/07/00 -780.00 

1999 03/08/99 10.95 04/07/99 11.48 0.53 1060.00 04/07/99 1060.00 

1998 03/09/98 12.03 04/07/98 12.24 0.21 420.00 04/06/98 480.00 03/11/98 -260.00 












CONT 

YEAR 

ENTRY 

DATE 

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


ENTRY 

PRICE 

EXIT 

DATE 

EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 

WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 03/12/07 0.03 05/07/07 -0.70 -0.73 -1460.00 04/05/07 300.00 05/02/07 -2800.00 

2006 03/10/06 -0.08 05/05/06 -0.08 0.01 20.00 04/10/06 280.00 03/17/06 -220.00 

2005 03/10/05 -0.08 05/06/05 0.24 0.33 660.00 03/30/05 880.00 04/11/05 -20.00 

2004 03/10/04 0.12 05/07/04 3.12 3.00 6000.00 05/06/04 6960.00 

2003 03/10/03 -0.48 05/07/03 -0.42 0.05 100.00 04/10/03 380.00 03/24/03 -420.00 

2002 03/11/02 -0.62 05/07/02 -0.29 0.34 680.00 05/07/02 680.00 03/26/02 -580.00 

2001 03/12/01 -0.53 05/07/01 -0.52 0.01 20.00 04/30/01 1040.00 03/28/01 -880.00 

2000 03/10/00 -0.79 05/05/00 0.08 0.87 1740.00 03/29/00 2120.00 03/27/00 -420.00 

1999 03/10/99 -0.16 05/07/99 0.38 0.54 1080.00 05/07/99 1080.00 

1998 03/10/98 0.00 05/07/98 0.08 0.10 200.00 04/28/98 280.00 03/24/98 -60.00 













CONT 

YEAR 

BUY 

DATE 


BUY 

PRICE 

EXIT 

DATE 

Class III Milk(CME)—August 

EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 


WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 03/19/07 16.08 06/13/07 20.83 4.75 9500.00 06/13/07 9500.00 04/03/07 -980.00 

2006 03/17/06 12.07 06/13/06 12.35 0.28 560.00 05/30/06 960.00 05/08/06 -1240.00 

2005 03/17/05 14.53 06/13/05 14.64 0.11 220.00 03/22/05 740.00 05/23/05 -1340.00 

2004 03/17/04 15.15 06/10/04 16.21 1.06 2120.00 04/13/04 4000.00 05/21/04 -2060.00 

2003 03/17/03 10.76 06/13/03 11.89 1.13 2260.00 06/13/03 2260.00 03/18/03 -120.00 

2002 03/18/02 13.05 06/13/02 11.40 -1.65 -3300.00 04/04/02 700.00 06/12/02 -3320.00 

2001 03/19/01 12.77 06/13/01 14.70 1.93 3860.00 05/31/01 5760.00 

2000 03/17/00 12.20 06/13/00 12.40 0.20 400.00 05/05/00 740.00 04/19/00 -500.00 

1999 03/17/99 12.36 06/11/99 13.75 1.39 2780.00 06/10/99 2880.00 04/05/99 -420.00 

1998 03/17/98 12.45 06/12/98 13.67 1.22 2440.00 06/10/98 3060.00 04/29/98 -1300.00 












CONT 

YEAR 

ENTRY 

DATE 

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


ENTRY 

PRICE 

EXIT 

DATE 

EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 

WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 03/19/07 0.91 06/13/07 2.89 1.97 3940.00 06/13/07 3940.00 04/04/07 -380.00 

2006 03/17/06 0.15 06/13/06 0.34 0.20 400.00 06/12/06 520.00 03/22/06 -260.00 

2005 03/17/05 1.33 06/13/05 1.47 0.14 280.00 03/28/05 680.00 05/19/05 -840.00 

2004 03/17/04 2.73 06/10/04 3.66 0.94 1880.00 03/31/04 2080.00 05/20/04 -1180.00 

2003 03/17/03 0.12 06/13/03 0.43 0.32 640.00 05/01/03 1220.00 04/04/03 -320.00 

2002 03/18/02 1.08 06/13/02 0.69 -0.39 -780.00 04/30/02 280.00 06/04/02 -1140.00 

2001 03/19/01 1.00 06/13/01 2.70 1.70 3400.00 06/13/01 3400.00 03/20/01 -100.00 

2000 03/17/00 0.70 06/13/00 0.83 0.13 260.00 04/24/00 740.00 06/09/00 -300.00 

1999 03/17/99 0.07 06/11/99 0.90 0.83 1660.00 06/10/99 1660.00 04/06/99 -240.00 

1998 03/17/98 0.16 06/12/98 0.89 0.72 1440.00 05/26/98 2780.00 04/14/98 -460.00 















CONT 

YEAR 

BUY 

DATE 


BUY 

PRICE 

EXIT 

DATE 


EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 


WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 03/19/07 15.62 04/09/07 15.97 0.35 700.00 04/09/07 700.00 03/27/07 -40.00 

2006 03/20/06 10.88 04/07/06 10.92 0.04 80.00 04/03/06 260.00 03/21/06 -60.00 

2005 03/18/05 14.01 04/08/05 14.54 0.53 1060.00 03/30/05 1400.00 03/21/05 -40.00 

2004 03/18/04 17.74 04/08/04 19.36 1.62 3240.00 04/07/04 3300.00 

2003 03/18/03 9.38 04/09/03 9.45 0.07 140.00 04/07/03 240.00 03/31/03 -160.00 

2002 03/18/02 10.82 04/09/02 10.90 0.08 160.00 03/27/02 260.00 03/21/02 -140.00 

2001 03/19/01 11.38 04/09/01 11.88 0.50 1000.00 03/30/01 1340.00 

2000 03/20/00 9.60 04/07/00 9.56 -0.04 -80.00 03/30/00 60.00 04/07/00 -80.00 

1999 03/18/99 11.06 04/09/99 11.55 0.49 980.00 04/09/99 980.00 

1998 03/18/98 12.17 04/09/98 12.20 0.03 60.00 04/06/98 200.00 03/27/98 -340.00 












CONT 

YEAR 

ENTRY 

DATE 



ENTRY 

PRICE 

EXIT 

DATE 

EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 

WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 03/20/07 0.00 04/27/07 -0.60 -0.61 -1220.00 04/05/07 360.00 04/27/07 -1220.00 

2006 03/20/06 -0.16 04/28/06 -0.06 0.11 220.00 04/10/06 440.00 03/21/06 -60.00 

2005 03/21/05 -0.06 04/28/05 0.23 0.30 600.00 03/30/05 820.00 04/11/05 -80.00 

2004 03/22/04 1.15 04/28/04 3.32 2.17 4340.00 04/28/04 4340.00 03/26/04 -600.00 

2003 03/20/03 -0.51 04/28/03 -0.50 0.01 20.00 04/10/03 460.00 03/24/03 -340.00 

2002 03/20/02 -0.79 04/26/02 -0.57 0.23 460.00 04/26/02 460.00 03/26/02 -240.00 

2001 03/20/01 -0.91 04/27/01 -0.40 0.52 1040.00 04/23/01 1340.00 03/28/01 -120.00 

2000 03/20/00 -0.94 04/28/00 -0.03 0.91 1820.00 03/29/00 2440.00 03/27/00 -100.00 

1999 03/22/99 0.02 04/28/99 0.23 0.20 400.00 04/23/99 480.00 03/23/99 -360.00 

1998 03/20/98 0.06 04/28/98 0.13 0.07 140.00 04/28/98 140.00 03/24/98 -200.00 













CONT 

YEAR 

BUY 

DATE 


BUY 

PRICE 

EXIT 

DATE 


EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 


WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 03/21/07 15.62 04/05/07 15.87 0.25 500.00 04/05/07 500.00 03/27/07 -40.00 

2006 03/21/06 10.85 04/05/06 10.95 0.10 200.00 04/03/06 320.00 

2005 03/21/05 13.99 04/05/05 14.54 0.55 1100.00 03/30/05 1440.00 

2004 03/22/04 17.92 04/05/04 19.04 1.12 2240.00 04/02/04 2240.00 

2003 03/21/03 9.40 04/04/03 9.46 0.06 120.00 04/04/03 120.00 03/31/03 -200.00 

2002 03/21/02 10.75 04/05/02 10.92 0.17 340.00 03/27/02 400.00 

2001 03/21/01 11.47 04/05/01 11.82 0.35 700.00 03/30/01 1160.00 

2000 03/21/00 9.60 04/05/00 9.62 0.02 40.00 03/30/00 60.00 

1999 03/22/99 11.22 04/05/99 11.38 0.16 320.00 04/05/99 320.00 03/25/99 -120.00 

1998 03/23/98 12.20 04/03/98 12.26 0.06 120.00 04/03/98 120.00 03/27/98 -400.00 



Average Loss on Trades Losers 0 









CONT 

YEAR 

ENTRY 

DATE 



ENTRY 

PRICE 

EXIT 

DATE 

EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 

WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 03/26/07 0.01 04/27/07 -0.60 -0.63 -1260.00 04/05/07 320.00 04/27/07 -1260.00 

2006 03/27/06 -0.12 04/28/06 -0.06 0.07 140.00 04/10/06 360.00 03/28/06 -20.00 

2005 03/28/05 0.20 04/28/05 0.23 0.04 80.00 03/30/05 300.00 04/11/05 -600.00 

2004 03/25/04 0.92 04/28/04 3.32 2.40 4800.00 04/28/04 4800.00 03/26/04 -140.00 

2003 03/25/03 -0.62 04/28/03 -0.50 0.12 240.00 04/10/03 680.00 

2002 03/25/02 -0.83 04/26/02 -0.57 0.26 520.00 04/26/02 520.00 03/26/02 -180.00 

2001 03/26/01 -0.90 04/27/01 -0.40 0.50 1000.00 04/23/01 1300.00 03/28/01 -160.00 

2000 03/27/00 -1.00 04/28/00 -0.03 0.96 1920.00 03/29/00 2540.00 

1999 03/25/99 -0.03 04/28/99 0.23 0.27 540.00 04/23/99 620.00 

1998 03/25/98 0.00 04/28/98 0.13 0.14 280.00 04/28/98 280.00 03/27/98 -40.00 















CONT 

YEAR 

ENTRY 

DATE 

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


ENTRY 

PRICE 

EXIT 

DATE 

EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 

WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 04/16/07 0.20 04/27/07 0.16 -0.05 -100.00 04/19/07 680.00 04/27/07 -100.00 

2006 04/17/06 0.91 04/28/06 0.98 0.07 140.00 04/20/06 200.00 04/25/06 -20.00 

2005 04/15/05 0.61 04/28/05 1.04 0.44 880.00 04/27/05 920.00 04/18/05 -100.00 

2004 04/15/04 -2.59 04/28/04 -1.28 1.32 2640.00 04/28/04 2640.00 

2003 04/15/03 1.58 04/28/03 1.75 0.18 360.00 04/23/03 420.00 

2002 04/15/02 1.48 04/26/02 1.53 0.06 120.00 04/26/02 120.00 04/23/02 -140.00 

2001 04/16/01 0.72 04/27/01 0.08 -0.64 -1280.00 04/17/01 20.00 04/27/01 -1280.00 

2000 04/17/00 2.52 04/28/00 2.61 0.08 160.00 04/24/00 420.00 04/19/00 -180.00 

1999 04/15/99 1.41 04/28/99 1.63 0.22 440.00 04/26/99 560.00 04/16/99 -80.00 

1998 04/15/98 0.82 04/28/98 1.68 0.87 1740.00 04/28/98 1740.00 












CONT 

YEAR 

BUY 

DATE 


BUY 

PRICE 

EXIT 

DATE 

Class III Milk(CME)—September 

EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 


WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 04/26/07 17.95 06/13/07 20.60 2.65 5300.00 06/13/07 5300.00 

2006 04/26/06 12.00 06/13/06 12.79 0.79 1580.00 06/13/06 1580.00 05/08/06 -400.00 

2005 04/26/05 14.32 06/13/05 14.75 0.43 860.00 06/06/05 1020.00 05/19/05 -620.00 

2004 04/26/04 14.95 06/10/04 15.78 0.83 1660.00 06/09/04 1680.00 05/26/04 -1680.00 

2003 04/28/03 11.98 06/13/03 12.52 0.54 1080.00 06/13/03 1080.00 05/14/03 -700.00 

2002 04/26/02 13.17 06/13/02 12.10 -1.07 -2140.00 05/01/02 60.00 06/12/02 -2200.00 

2001 04/26/01 14.06 06/13/01 14.65 0.59 1180.00 05/31/01 3180.00 06/12/01 -580.00 

2000 04/26/00 12.24 06/13/00 12.66 0.42 840.00 05/05/00 1000.00 

1999 04/26/99 12.60 06/11/99 14.00 1.40 2800.00 06/10/99 2800.00 

1998 04/27/98 12.51 06/12/98 13.49 0.98 1960.00 05/26/98 3980.00 













CONT 

YEAR 

ENTRY 

DATE 

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


ENTRY 

PRICE 

EXIT 

DATE 

EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 

WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 05/04/07 -0.42 05/16/07 -0.33 0.10 200.00 05/08/07 460.00 05/14/07 -320.00 

2006 05/04/06 0.57 05/16/06 0.63 0.06 120.00 05/11/06 320.00 

2005 05/04/05 -0.16 05/16/05 -0.46 -0.30 -600.00 05/11/05 600.00 05/16/05 -600.00 

2004 05/04/04 -1.59 05/14/04 -0.21 1.38 2760.00 05/14/04 2760.00 

2003 05/05/03 1.04 05/16/03 1.12 0.08 160.00 05/14/03 240.00 05/09/03 -680.00 

2002 05/06/02 0.41 05/16/02 1.15 0.74 1480.00 05/16/02 1480.00 

2001 05/04/01 -0.75 05/16/01 -0.72 0.04 80.00 05/10/01 120.00 

2000 05/04/00 0.76 05/16/00 1.07 0.30 600.00 05/16/00 600.00 05/08/00 -440.00 

1999 05/04/99 1.37 05/14/99 1.54 0.18 360.00 05/11/99 400.00 

1998 05/04/98 1.48 05/15/98 1.52 0.04 80.00 05/15/98 80.00 05/14/98 -420.00 












CONT 

YEAR 

ENTRY 

DATE 

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


ENTRY 

PRICE 

EXIT 

DATE 

EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 

WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 05/15/07 0.32 06/08/07 1.33 1.01 2020.00 06/04/07 2760.00 05/16/07 -80.00 

2006 05/15/06 -0.43 06/09/06 -0.37 0.05 100.00 05/30/06 660.00 05/18/06 -100.00 

2005 05/16/05 0.51 06/09/05 0.54 0.02 40.00 06/06/05 600.00 05/23/05 -620.00 

2004 05/17/04 0.50 06/09/04 1.88 1.39 2780.00 06/09/04 2780.00 05/21/04 -660.00 

2003 05/15/03 -0.66 06/09/03 -0.64 0.03 60.00 05/20/03 220.00 05/27/03 -300.00 

2002 05/15/02 -0.21 06/07/02 -0.14 0.07 140.00 06/03/02 460.00 05/21/02 -160.00 

2001 05/15/01 0.72 06/08/01 1.00 0.27 540.00 05/30/01 840.00 05/18/01 -120.00 

2000 05/15/00 -0.40 06/09/00 -0.39 0.01 20.00 05/17/00 360.00 06/06/00 -200.00 

1999 05/17/99 -0.58 06/09/99 -0.29 0.30 600.00 05/25/99 980.00 

1998 05/15/98 -0.83 06/09/98 0.59 1.43 2860.00 06/09/98 2860.00 















CONT 

YEAR 

ENTRY 

DATE 



ENTRY 

PRICE 

EXIT 

DATE 

EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 

WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 05/21/07 1.41 06/13/07 2.89 1.47 2940.00 06/13/07 2940.00 

2006 05/22/06 0.19 06/13/06 0.34 0.16 320.00 06/12/06 440.00 05/23/06 -20.00 

2005 05/20/05 0.94 06/13/05 1.47 0.52 1040.00 06/06/05 1240.00 05/23/05 -20.00 

2004 05/20/04 2.14 06/10/04 3.66 1.53 3060.00 06/10/04 3060.00 

2003 05/20/03 0.09 06/13/03 0.43 0.34 680.00 06/13/03 680.00 05/30/03 -100.00 

2002 05/20/02 0.99 06/13/02 0.69 -0.29 -580.00 06/04/02 -940.00 

2001 05/21/01 1.80 06/13/01 2.70 0.90 1800.00 06/13/01 1800.00 05/22/01 -100.00 

2000 05/22/00 0.69 06/13/00 0.83 0.13 260.00 06/13/00 260.00 06/09/00 -300.00 

1999 05/20/99 0.30 06/11/99 0.90 0.60 1200.00 06/10/99 1200.00 

1998 05/20/98 0.14 06/12/98 0.89 0.75 1500.00 05/26/98 2840.00 05/22/98 -20.00 












CONT 

YEAR 

ENTRY 

DATE 

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


ENTRY 

PRICE 

EXIT 

DATE 

EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 

WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 05/21/07 -0.23 06/19/07 1.69 1.93 3860.00 06/19/07 3860.00 05/22/07 -280.00 

2006 05/22/06 0.35 06/19/06 0.10 -0.25 -500.00 05/30/06 680.00 06/19/06 -500.00 

2005 05/20/05 -0.08 06/17/05 -0.07 0.02 40.00 06/06/05 1080.00 

2004 05/20/04 -2.11 06/18/04 -1.39 0.71 1420.00 06/08/04 2040.00 06/03/04 -460.00 

2003 05/20/03 0.94 06/19/03 1.34 0.40 800.00 06/19/03 800.00 06/02/03 -520.00 

2002 05/20/02 0.69 06/19/02 -0.06 -0.76 -1520.00 05/23/02 40.00 06/19/02 -1520.00 

2001 05/21/01 0.06 06/19/01 0.07 0.01 20.00 05/30/01 1080.00 06/12/01 -2100.00 

2000 05/22/00 1.83 06/19/00 1.84 0.02 40.00 06/02/00 320.00 06/08/00 -500.00 

1999 05/20/99 0.61 06/18/99 2.08 1.46 2920.00 06/16/99 3160.00 

1998 05/20/98 0.13 06/19/98 0.96 0.83 1660.00 06/19/98 1660.00 05/26/98 -260.00 













CONT 

YEAR 

ENTRY 

DATE 

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


ENTRY 

PRICE 

EXIT 

DATE 

EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 

WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 05/21/07 0.74 05/25/07 1.60 0.86 1720.00 05/24/07 1820.00 

2006 05/22/06 -0.64 05/26/06 -0.50 0.13 260.00 05/26/06 260.00 

2005 05/23/05 -0.15 05/27/05 0.27 0.43 860.00 05/27/05 860.00 

2004 05/21/04 0.16 05/28/04 0.79 0.64 1280.00 05/28/04 1280.00 

2003 05/21/03 -1.21 05/28/03 -1.20 0.01 20.00 05/28/03 20.00 05/22/03 -80.00 

2002 05/21/02 -1.00 05/28/02 -0.83 0.17 340.00 05/28/02 340.00 

2001 05/21/01 0.74 05/25/01 1.00 0.26 520.00 05/25/01 520.00 05/22/01 -100.00 

2000 05/22/00 -1.08 05/26/00 -1.06 0.01 20.00 05/25/00 80.00 05/24/00 -40.00 

1999 05/21/99 -1.09 05/28/99 -0.37 0.72 1440.00 05/28/99 1440.00 

1998 05/21/98 -1.16 05/28/98 -0.91 0.26 520.00 05/28/98 520.00 05/26/98 -880.00 












CONT 

YEAR 

BUY 

DATE 


BUY 

PRICE 

EXIT 

DATE 

Class III Milk(CME)—July 

EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 


WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 05/21/07 18.64 05/29/07 19.64 1.00 2000.00 05/24/07 2020.00 

2006 05/22/06 11.50 05/26/06 11.99 0.49 980.00 05/26/06 980.00 

2005 05/23/05 13.50 05/27/05 14.08 0.58 1160.00 05/27/05 1160.00 

2004 05/21/04 14.11 05/28/04 14.60 0.49 980.00 05/25/04 1480.00 

2003 05/21/03 10.70 05/29/03 10.75 0.05 100.00 05/27/03 120.00 05/22/03 -80.00 

2002 05/21/02 11.32 05/29/02 11.07 -0.25 -500.00 05/23/02 100.00 05/29/02 -500.00 

2001 05/21/01 14.50 05/29/01 15.35 0.85 1700.00 05/29/01 1700.00 05/22/01 -200.00 

2000 05/22/00 11.42 05/26/00 11.47 0.05 100.00 05/23/00 160.00 

1999 05/21/99 12.10 05/28/99 13.05 0.95 1900.00 05/28/99 1900.00 

1998 05/21/98 11.92 05/29/98 12.75 0.83 1660.00 05/29/98 1660.00 05/26/98 -40.00 















CONT 

YEAR 

ENTRY 

DATE 

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


ENTRY 

PRICE 

EXIT 

DATE 

EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 

WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 05/21/07 0.74 06/04/07 2.69 1.96 3920.00 06/04/07 3920.00 

2006 05/22/06 -0.64 06/02/06 -0.62 0.02 40.00 05/30/06 280.00 

2005 05/23/05 -0.15 06/03/05 0.37 0.52 1040.00 06/03/05 1040.00 

2004 05/21/04 0.16 06/04/04 1.23 1.07 2140.00 06/04/04 2140.00 

2003 05/21/03 -1.21 06/04/03 -1.54 -0.34 -680.00 05/28/03 20.00 06/02/03 -780.00 

2002 05/21/02 -1.00 06/04/02 -0.86 0.13 260.00 05/30/02 700.00 

2001 05/21/01 0.74 06/04/01 0.84 0.11 220.00 05/30/01 820.00 05/22/01 -100.00 

2000 05/22/00 -1.08 06/02/00 -0.73 0.34 680.00 06/02/00 680.00 05/24/00 -40.00 

1999 05/21/99 -1.09 06/04/99 -0.85 0.25 500.00 05/28/99 1440.00 

1998 05/21/98 -1.16 06/04/98 0.22 1.39 2780.00 06/04/98 2780.00 05/26/98 -880.00 












CONT 

YEAR 

BUY 

DATE 


BUY 

PRICE 

EXIT 

DATE 


EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 


WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 05/21/07 18.64 06/13/07 21.55 2.91 5820.00 06/13/07 5820.00 

2006 05/22/06 11.50 06/13/06 11.70 0.20 400.00 05/30/06 1300.00 

2005 05/23/05 13.50 06/13/05 14.00 0.50 1000.00 06/06/05 1800.00 

2004 05/21/04 14.11 06/10/04 16.30 2.19 4380.00 06/09/04 4700.00 

2003 05/21/03 10.70 06/13/03 10.86 0.16 320.00 06/13/03 320.00 06/02/03 -400.00 

2002 05/21/02 11.32 06/13/02 10.43 -0.89 -1780.00 05/23/02 100.00 06/12/02 -1940.00 

2001 05/21/01 14.50 06/13/01 14.70 0.20 400.00 05/31/01 2300.00 06/12/01 -1380.00 

2000 05/22/00 11.42 06/13/00 11.60 0.18 360.00 06/02/00 580.00 06/08/00 -220.00 

1999 05/21/99 12.10 06/11/99 13.40 1.30 2600.00 06/10/99 2800.00 

1998 05/21/98 11.92 06/12/98 13.72 1.80 3600.00 06/05/98 4080.00 05/26/98 -40.00 













CONT 

YEAR 

BUY 

DATE 


BUY 

PRICE 

EXIT 

DATE 

Class III Milk(CME)—June 

EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 


WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 05/22/07 19.08 05/30/07 19.96 0.88 1760.00 05/30/07 1760.00 

2006 05/22/06 11.14 05/30/06 11.45 0.31 620.00 05/26/06 620.00 

2005 05/23/05 13.55 05/27/05 13.76 0.21 420.00 05/27/05 420.00 

2004 05/24/04 16.61 05/28/04 16.77 0.16 320.00 05/25/04 340.00 05/27/04 -580.00 

2003 05/22/03 9.81 05/30/03 9.82 0.01 20.00 05/27/03 180.00 

2002 05/22/02 10.67 05/30/02 10.55 -0.12 -240.00 05/29/02 -340.00 

2001 05/22/01 14.40 05/30/01 15.00 0.60 1200.00 05/30/01 1200.00 

2000 05/22/00 9.59 05/30/00 9.61 0.02 40.00 05/26/00 80.00 

1999 05/24/99 11.49 05/28/99 12.10 0.61 1220.00 05/28/99 1220.00 

1998 05/22/98 11.81 05/29/98 12.61 0.80 1600.00 05/29/98 1600.00 












CONT 

YEAR 

BUY 

DATE 


BUY 

PRICE 

EXIT 

DATE 


EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 


WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 05/22/07 18.71 06/05/07 20.89 2.18 4360.00 06/04/07 4980.00 

2006 05/22/06 11.50 06/05/06 11.91 0.41 820.00 05/30/06 1300.00 

2005 05/23/05 13.50 06/03/05 14.30 0.80 1600.00 06/03/05 1600.00 

2004 05/24/04 14.83 06/04/04 14.98 0.15 300.00 06/04/04 300.00 05/26/04 -960.00 

2003 05/22/03 10.66 06/05/03 10.70 0.04 80.00 05/27/03 200.00 06/02/03 -320.00 

2002 05/22/02 11.33 06/05/02 10.90 -0.43 -860.00 05/23/02 80.00 06/05/02 -860.00 

2001 05/22/01 14.40 06/05/01 15.61 1.21 2420.00 05/31/01 2500.00 

2000 05/22/00 11.42 06/05/00 11.53 0.11 220.00 06/02/00 580.00 

1999 05/24/99 12.27 06/04/99 12.45 0.18 360.00 05/28/99 1560.00 

1998 05/22/98 11.95 06/05/98 13.96 2.01 4020.00 06/05/98 4020.00 05/26/98 -100.00 















CONT 

YEAR 

ENTRY 

DATE 



ENTRY 

PRICE 

EXIT 

DATE 

EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 

WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 06/01/07 1.84 06/13/07 2.89 1.04 2080.00 06/13/07 2080.00 

2006 06/01/06 0.19 06/13/06 0.34 0.15 300.00 06/12/06 420.00 

2005 06/01/05 1.45 06/13/05 1.47 0.02 40.00 06/06/05 240.00 06/10/05 -500.00 

2004 06/01/04 2.23 06/10/04 3.66 1.44 2880.00 06/10/04 2880.00 

2003 06/02/03 0.16 06/13/03 0.43 0.27 540.00 06/13/03 540.00 06/04/03 -20.00 

2002 06/03/02 0.55 06/13/02 0.69 0.15 300.00 06/11/02 320.00 06/04/02 -60.00 

2001 06/01/01 2.52 06/13/01 2.70 0.17 340.00 06/13/01 340.00 06/12/01 -1140.00 

2000 06/01/00 0.66 06/13/00 0.83 0.16 320.00 06/13/00 320.00 06/09/00 -240.00 

1999 06/01/99 0.74 06/11/99 0.90 0.16 320.00 06/10/99 320.00 06/03/99 -480.00 

1998 06/01/98 0.60 06/12/98 0.89 0.28 560.00 06/03/98 920.00 












CONT 

YEAR 

ENTRY 

DATE 

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


ENTRY 

PRICE 

EXIT 

DATE 

EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 

WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 06/11/07 -0.37 08/10/07 -0.14 0.22 440.00 07/06/07 840.00 07/20/07 -1860.00 

2006 06/12/06 0.50 08/10/06 0.82 0.31 620.00 07/31/06 1540.00 06/16/06 -220.00 

2005 06/10/05 0.13 08/10/05 0.45 0.32 640.00 08/05/05 1560.00 06/28/05 -300.00 

2004 06/10/04 -0.43 08/10/04 0.55 0.99 1980.00 08/02/04 4360.00 06/15/04 -500.00 

2003 06/10/03 0.61 08/08/03 0.79 0.18 360.00 08/08/03 360.00 07/16/03 -920.00 

2002 06/10/02 0.57 08/09/02 1.05 0.48 960.00 07/31/02 2160.00 

2001 06/11/01 0.00 08/10/01 0.25 0.24 480.00 08/10/01 480.00 08/08/01 -1020.00 

2000 06/12/00 0.33 08/10/00 0.76 0.43 860.00 07/13/00 1240.00 07/31/00 -560.00 

1999 06/10/99 0.19 08/10/99 1.45 1.26 2520.00 08/10/99 2520.00 07/02/99 -560.00 

1998 06/10/98 -0.49 08/10/98 -0.40 0.09 180.00 07/27/98 1000.00 07/09/98 -80.00 













CONT 

YEAR 

SELL 

DATE 


SELL 

PRICE 

EXIT 

DATE 

Class III Milk(CME)—October 

EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 


WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 06/13/07 19.57 06/29/07 17.60 1.97 3940.00 06/29/07 3940.00 06/25/07 -760.00 

2006 06/13/06 12.80 06/30/06 12.20 0.60 1200.00 06/30/06 1200.00 

2005 06/13/05 14.08 06/30/05 14.00 0.08 160.00 06/17/05 460.00 06/27/05 -60.00 

2004 06/14/04 14.35 06/30/04 13.40 0.95 1900.00 06/25/04 3080.00 

2003 06/13/03 12.49 06/30/03 12.83 -0.34 -680.00 06/19/03 -1040.00 

2002 06/13/02 11.68 06/28/02 11.60 0.08 160.00 06/21/02 1360.00 

2001 06/13/01 13.64 06/29/01 13.35 0.29 580.00 06/18/01 1720.00 06/21/01 -620.00 

2000 06/13/00 12.70 06/30/00 12.66 0.04 80.00 06/14/00 620.00 

1999 06/14/99 14.15 06/30/99 13.53 0.62 1240.00 06/30/99 1240.00 06/18/99 -500.00 

1998 06/15/98 13.15 06/30/98 13.25 -0.10 -200.00 06/16/98 80.00 06/24/98 -220.00 












CONT 

YEAR 

SELL 

DATE 


SELL 

PRICE 

EXIT 

DATE 

Class III Milk(CME)—August 

EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 


WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 06/22/07 21.04 06/29/07 18.88 2.16 4320.00 06/29/07 4320.00 06/25/07 -720.00 

2006 06/22/06 11.67 06/29/06 11.61 0.06 120.00 06/29/06 120.00 06/23/06 -140.00 

2005 06/22/05 14.90 06/29/05 14.77 0.13 260.00 06/23/05 560.00 06/27/05 -300.00 

2004 06/22/04 15.05 06/29/04 14.20 0.85 1700.00 06/25/04 3900.00 

2003 06/23/03 11.90 06/27/03 12.32 -0.42 -840.00 06/27/03 -840.00 

2002 06/24/02 10.65 06/28/02 10.53 0.12 240.00 06/27/02 380.00 06/26/02 -320.00 

2001 06/22/01 14.84 06/29/01 14.43 0.41 820.00 06/27/01 880.00 

2000 06/22/00 12.19 06/29/00 12.10 0.09 180.00 06/28/00 180.00 

1999 06/22/99 13.92 06/29/99 13.79 0.13 260.00 06/29/99 260.00 06/24/99 -180.00 

1998 06/22/98 13.53 06/29/98 13.69 -0.16 -320.00 06/26/98 -320.00 















CONT 

YEAR 

SELL 

DATE 


SELL 

PRICE 

EXIT 

DATE 

Class III Milk(CME)—September 

EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 


WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 07/12/07 18.93 07/18/07 18.30 0.63 1260.00 07/18/07 1260.00 

2006 07/12/06 11.94 07/18/06 11.92 0.02 40.00 07/14/06 220.00 

2005 07/12/05 15.08 07/18/05 14.75 0.33 660.00 07/18/05 660.00 07/14/05 -120.00 

2004 07/12/04 14.65 07/16/04 14.55 0.10 200.00 07/16/04 200.00 07/14/04 -1500.00 

2003 07/14/03 13.64 07/18/03 13.33 0.31 620.00 07/16/03 860.00 

2002 07/12/02 11.95 07/18/02 11.63 0.32 640.00 07/18/02 640.00 

2001 07/12/01 14.90 07/18/01 14.80 0.10 200.00 07/16/01 300.00 

2000 07/12/00 12.35 07/18/00 11.50 0.85 1700.00 07/18/00 1700.00 

1999 07/12/99 14.70 07/16/99 14.53 0.17 340.00 07/15/99 740.00 

1998 07/13/98 13.89 07/17/98 14.29 -0.40 -800.00 07/16/98 -1180.00 












CONT 

YEAR 

BUY 

DATE 


BUY 

PRICE 

EXIT 

DATE 

Class III Milk(CME)—November 

EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 


WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 07/19/07 16.45 07/26/07 17.02 0.57 1140.00 07/25/07 1540.00 

2006 07/19/06 12.20 07/26/06 12.60 0.40 800.00 07/26/06 800.00 

2005 07/19/05 13.38 07/26/05 13.88 0.50 1000.00 07/25/05 1200.00 

2004 07/19/04 12.91 07/26/04 13.09 0.18 360.00 07/26/04 360.00 07/23/04 -20.00 

2003 07/21/03 12.70 07/25/03 12.74 0.04 80.00 07/25/03 80.00 

2002 07/19/02 11.55 07/26/02 11.69 0.14 280.00 07/26/02 280.00 07/24/02 -600.00 

2001 07/19/01 13.07 07/26/01 13.75 0.68 1360.00 07/26/01 1360.00 

2000 07/19/00 11.00 07/26/00 11.06 0.06 120.00 07/24/00 800.00 

1999 07/19/99 13.45 07/26/99 15.00 1.55 3100.00 07/26/99 3100.00 

1998 07/20/98 12.47 07/24/98 12.85 0.38 760.00 07/24/98 760.00 













CONT 

YEAR 

BUY 

DATE 


BUY 

PRICE 

EXIT 

DATE 


EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 


WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 07/19/07 16.45 08/06/07 17.85 1.40 2800.00 08/06/07 2800.00 

2006 07/19/06 12.20 08/04/06 12.64 0.44 880.00 07/28/06 1200.00 

2005 07/19/05 13.38 08/05/05 13.50 0.12 240.00 07/25/05 1200.00 

2004 07/19/04 12.91 08/06/04 13.10 0.19 380.00 08/02/04 1080.00 07/23/04 -20.00 

2003 07/21/03 12.70 08/06/03 12.94 0.24 480.00 08/01/03 480.00 07/29/03 -60.00 

2002 07/19/02 11.55 08/06/02 11.61 0.06 120.00 07/31/02 540.00 07/24/02 -600.00 

2001 07/19/01 13.07 08/06/01 13.50 0.43 860.00 08/01/01 1460.00 

2000 07/19/00 11.00 08/04/00 11.08 0.08 160.00 07/24/00 800.00 08/03/00 -580.00 

1999 07/19/99 13.45 08/06/99 16.40 2.95 5900.00 08/06/99 5900.00 

1998 07/20/98 12.47 08/06/98 13.25 0.78 1560.00 08/06/98 1560.00 












CONT 

YEAR 

ENTRY 

DATE 

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


ENTRY 

PRICE 

EXIT 

DATE 

EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 

WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 07/19/07 -1.89 08/10/07 -1.21 0.68 1360.00 08/07/07 1500.00 

2006 07/19/06 1.05 08/11/06 1.58 0.54 1080.00 07/31/06 1460.00 

2005 07/19/05 -0.10 08/12/05 0.42 0.52 1040.00 08/03/05 1860.00 

2004 07/19/04 -0.01 08/12/04 0.27 0.30 600.00 08/02/04 1800.00 07/22/04 -460.00 

2003 07/21/03 0.04 08/12/03 0.15 0.10 200.00 08/08/03 200.00 07/30/03 -600.00 

2002 07/19/02 1.51 08/12/02 1.68 0.18 360.00 07/23/02 900.00 08/01/02 -560.00 

2001 07/19/01 -1.21 08/10/01 -0.59 0.62 1240.00 08/01/01 1340.00 08/08/01 -360.00 

2000 07/19/00 0.67 08/11/00 0.74 0.06 120.00 08/10/00 960.00 07/26/00 -260.00 

1999 07/19/99 -0.36 08/12/99 1.42 1.80 3600.00 08/11/99 3660.00 07/20/99 -200.00 

1998 07/20/98 -1.01 08/12/98 -1.58 -0.57 -1140.00 07/28/98 420.00 08/12/98 -1140.00 















CONT 

YEAR 

ENTRY 

DATE 

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


ENTRY 

PRICE 

EXIT 

DATE 

EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 

WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 07/20/07 -1.30 08/03/07 -0.58 0.71 1420.00 08/03/07 1420.00 

2006 07/20/06 0.69 08/03/06 1.00 0.30 600.00 07/31/06 1160.00 07/21/06 -80.00 

2005 07/20/05 0.21 08/03/05 0.90 0.68 1360.00 08/03/05 1360.00 

2004 07/20/04 0.86 08/03/04 1.63 0.77 1540.00 08/02/04 1760.00 

2003 07/21/03 0.27 08/01/03 0.63 0.36 720.00 08/01/03 720.00 

2002 07/22/02 1.21 08/02/02 1.58 0.37 740.00 07/31/02 880.00 07/24/02 -720.00 

2001 07/20/01 -0.19 08/03/01 -0.05 0.15 300.00 07/25/01 560.00 

2000 07/20/00 0.61 08/03/00 0.33 -0.27 -540.00 07/25/00 400.00 07/31/00 -1120.00 

1999 07/20/99 0.05 08/03/99 0.67 0.63 1260.00 08/03/99 1260.00 07/21/99 -40.00 

1998 07/20/98 -0.28 08/03/98 -0.01 0.26 520.00 07/27/98 580.00 












CONT 

YEAR 

SELL 

DATE 


SELL 

PRICE 

EXIT 

DATE 


EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 


WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 08/10/07 17.68 08/17/07 17.41 0.27 540.00 08/16/07 1080.00 

2006 08/10/06 12.71 08/18/06 12.70 0.01 20.00 08/16/06 160.00 08/17/06 -120.00 

2005 08/10/05 13.65 08/18/05 13.32 0.33 660.00 08/18/05 660.00 08/11/05 -40.00 

2004 08/10/04 12.97 08/18/04 12.85 0.12 240.00 08/17/04 240.00 

2003 08/11/03 12.93 08/18/03 12.28 0.65 1300.00 08/18/03 1300.00 08/15/03 -140.00 

2002 08/12/02 11.60 08/16/02 10.85 0.75 1500.00 08/16/02 1500.00 

2001 08/10/01 13.80 08/17/01 13.53 0.27 540.00 08/17/01 540.00 08/15/01 -380.00 

2000 08/10/00 11.00 08/18/00 10.65 0.35 700.00 08/18/00 700.00 08/15/00 -100.00 

1999 08/10/99 16.76 08/18/99 15.40 1.36 2720.00 08/18/99 2720.00 08/11/99 -60.00 

1998 08/10/98 12.75 08/18/98 12.63 0.12 240.00 08/12/98 600.00 













CONT 

YEAR 

ENTRY 

DATE 

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


ENTRY 

PRICE 

EXIT 

DATE 

EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 

WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 08/10/07 2.14 08/20/07 2.53 0.39 780.00 08/16/07 860.00 

2006 08/10/06 -1.77 08/18/06 -1.64 0.12 240.00 08/16/06 320.00 

2005 08/10/05 -0.20 08/19/05 0.17 0.38 760.00 08/18/05 960.00 

2004 08/10/04 1.00 08/20/04 1.49 0.48 960.00 08/20/04 960.00 

2003 08/11/03 0.91 08/20/03 1.10 0.19 380.00 08/18/03 1120.00 08/15/03 -180.00 

2002 08/12/02 -2.09 08/20/02 -1.34 0.75 1500.00 08/19/02 1600.00 

2001 08/10/01 1.69 08/20/01 1.71 0.01 20.00 08/17/01 640.00 08/15/01 -380.00 

2000 08/10/00 -0.96 08/18/00 -0.63 0.33 660.00 08/17/00 680.00 

1999 08/10/99 -0.58 08/20/99 1.88 2.48 4960.00 08/20/99 4960.00 08/11/99 -100.00 

1998 08/10/98 2.55 08/20/98 2.78 0.23 460.00 08/12/98 600.00 












CONT 

YEAR 

SELL 

DATE 


SELL 

PRICE 

EXIT 

DATE 

Class III Milk(CME)—December 

EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 


WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 08/10/07 17.24 08/29/07 17.72 -0.48 -960.00 08/20/07 660.00 08/29/07 -960.00 

2006 08/10/06 12.73 08/29/06 12.58 0.15 300.00 08/22/06 300.00 08/11/06 -140.00 

2005 08/10/05 13.47 08/29/05 13.18 0.29 580.00 08/24/05 780.00 08/11/05 -60.00 

2004 08/10/04 12.25 08/27/04 11.98 0.27 540.00 08/26/04 540.00 08/12/04 -100.00 

2003 08/11/03 12.45 08/29/03 11.93 0.52 1040.00 08/18/03 1100.00 08/12/03 -40.00 

2002 08/12/02 11.68 08/29/02 10.77 0.91 1820.00 08/29/02 1820.00 

2001 08/10/01 13.40 08/29/01 12.67 0.73 1460.00 08/29/01 1460.00 

2000 08/10/00 10.95 08/29/00 10.77 0.18 360.00 08/21/00 780.00 

1999 08/10/99 15.90 08/27/99 12.61 3.29 6580.00 08/26/99 6600.00 

1998 08/10/98 12.70 08/28/98 12.60 0.10 200.00 08/13/98 480.00 















CONT 

YEAR 

SELL 

DATE 


SELL 

PRICE 

EXIT 

DATE 


EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 


WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 08/10/07 17.68 10/09/07 17.04 0.64 1280.00 10/08/07 1720.00 09/04/07 -2980.00 

2006 08/10/06 12.71 10/09/06 12.32 0.39 780.00 09/11/06 920.00 08/25/06 -320.00 

2005 08/10/05 13.65 10/07/05 13.48 0.17 340.00 08/24/05 840.00 09/09/05 -320.00 

2004 08/10/04 12.97 10/08/04 12.57 0.40 800.00 08/27/04 1620.00 09/29/04 -640.00 

2003 08/11/03 12.93 10/09/03 12.78 0.15 300.00 08/18/03 1300.00 08/15/03 -140.00 

2002 08/12/02 11.60 10/09/02 10.40 1.20 2400.00 09/06/02 2940.00 

2001 08/10/01 13.80 10/09/01 11.56 2.24 4480.00 10/09/01 4480.00 09/19/01 -1500.00 

2000 08/10/00 11.00 10/09/00 9.40 1.60 3200.00 10/09/00 3200.00 08/15/00 -100.00 

1999 08/10/99 16.76 10/08/99 11.31 5.45 10900.00 10/08/99 10900.00 08/11/99 -60.00 

1998 08/10/98 12.75 10/09/98 15.54 -2.79 -5580.00 08/12/98 600.00 10/08/98 -5640.00 












CONT 

YEAR 

BUY 

DATE 


BUY 

PRICE 

EXIT 

DATE 


EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 


WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 08/31/07 17.90 09/11/07 18.32 0.42 840.00 09/11/07 840.00 09/10/07 -420.00 

2006 08/31/06 12.65 09/11/06 12.33 -0.32 -640.00 09/11/06 -640.00 

2005 08/31/05 13.24 09/09/05 13.51 0.27 540.00 09/09/05 540.00 

2004 08/31/04 12.05 09/10/04 12.15 0.10 200.00 09/08/04 380.00 

2003 09/02/03 11.89 09/11/03 12.20 0.31 620.00 09/11/03 620.00 

2002 09/03/02 10.51 09/11/02 10.40 -0.11 -220.00 09/06/02 -820.00 

2001 08/31/01 12.75 09/10/01 13.25 0.50 1000.00 09/07/01 1080.00 

2000 08/31/00 10.55 09/11/00 10.69 0.14 280.00 09/08/00 400.00 

1999 08/31/99 12.60 09/10/99 12.68 0.08 160.00 09/08/99 300.00 09/02/99 -1000.00 

1998 08/31/98 12.69 09/11/98 13.36 0.67 1340.00 09/10/98 1560.00 09/01/98 -280.00 













CONT 

YEAR 

ENTRY 

DATE 

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


ENTRY 

PRICE 

EXIT 

DATE 

EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 

WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 09/17/07 0.75 10/09/07 1.28 0.53 1060.00 10/08/07 1100.00 09/18/07 -220.00 

2006 09/15/06 -0.10 10/09/06 -0.03 0.07 140.00 09/22/06 400.00 

2005 09/15/05 0.65 10/07/05 0.84 0.20 400.00 10/05/05 420.00 

2004 09/15/04 0.95 10/08/04 1.28 0.34 680.00 10/07/04 1000.00 09/17/04 -200.00 

2003 09/15/03 1.08 10/09/03 1.41 0.34 680.00 09/30/03 860.00 09/18/03 -140.00 

2002 09/16/02 -0.78 10/09/02 0.25 1.04 2080.00 10/08/02 2140.00 

2001 09/17/01 0.80 10/09/01 2.19 1.40 2800.00 10/09/01 2800.00 

2000 09/15/00 0.40 10/09/00 0.59 0.20 400.00 09/28/00 500.00 10/04/00 -160.00 

1999 09/15/99 0.59 10/08/99 0.78 0.19 380.00 10/08/99 380.00 09/29/99 -740.00 

1998 09/15/98 1.37 10/09/98 0.49 -0.88 -1760.00 10/08/98 -1900.00 












CONT 

YEAR 

SELL 

DATE 


SELL 

PRICE 

EXIT 

DATE 


EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 


WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 09/19/07 18.30 10/09/07 17.04 1.26 2520.00 10/08/07 2960.00 

2006 09/19/06 12.40 10/09/06 12.32 0.08 160.00 10/09/06 160.00 09/22/06 -400.00 

2005 09/19/05 13.70 10/07/05 13.48 0.22 440.00 10/06/05 520.00 09/20/05 -140.00 

2004 09/20/04 12.67 10/08/04 12.57 0.10 200.00 10/07/04 700.00 09/29/04 -1240.00 

2003 09/19/03 12.85 10/09/03 12.78 0.07 140.00 09/25/03 700.00 10/08/03 -200.00 

2002 09/19/02 10.65 10/09/02 10.40 0.25 500.00 09/30/02 720.00 09/20/02 -40.00 

2001 09/19/01 14.55 10/09/01 11.56 2.99 5980.00 10/09/01 5980.00 

2000 09/19/00 10.30 10/09/00 9.40 0.90 1800.00 10/09/00 1800.00 

1999 09/20/99 12.80 10/08/99 11.31 1.49 2980.00 10/08/99 2980.00 09/22/99 -100.00 

1998 09/21/98 14.65 10/09/98 15.54 -0.89 -1780.00 10/02/98 200.00 10/08/98 -1840.00 















CONT 

YEAR 

ENTRY 

DATE 

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


ENTRY 

PRICE 

EXIT 

DATE 

EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 

WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2008 09/19/07 -1.44 11/19/07 -0.90 0.55 1100.00 11/16/07 1540.00 11/05/07 -1580.00 

2007 09/19/06 0.00 11/17/06 0.91 0.92 1840.00 11/10/06 2540.00 09/29/06 -220.00 

2006 09/19/05 -0.86 11/18/05 -0.68 0.18 360.00 11/03/05 840.00 09/20/05 -100.00 

2005 09/20/04 -0.63 11/19/04 -0.51 0.11 220.00 10/07/04 420.00 11/03/04 -2400.00 

2004 09/19/03 -1.06 11/19/03 -1.83 -0.77 -1540.00 10/03/03 100.00 11/18/03 -1680.00 

2003 09/19/02 0.08 11/19/02 0.48 0.40 800.00 11/12/02 1180.00 10/15/02 -540.00 

2002 09/19/01 -2.00 11/19/01 0.39 2.39 4780.00 10/24/01 5700.00 09/21/01 -60.00 

2001 09/19/00 -0.05 11/17/00 1.16 1.21 2420.00 11/17/00 2420.00 

2000 09/20/99 -0.60 11/19/99 0.94 1.55 3100.00 11/05/99 3400.00 09/22/99 -100.00 

1999 09/21/98 -1.64 11/19/98 -1.19 0.44 880.00 11/19/98 880.00 11/03/98 -2840.00 












CONT 

YEAR 

ENTRY 

DATE 

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


ENTRY 

PRICE 

EXIT 

DATE 

EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 

WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 10/04/07 -0.66 11/29/07 0.41 1.07 2140.00 11/27/07 3200.00 11/05/07 -960.00 

2006 10/04/06 0.03 11/29/06 0.74 0.71 1420.00 11/14/06 2200.00 10/05/06 -60.00 

2005 10/04/05 -0.18 11/29/05 -0.17 0.01 20.00 10/05/05 240.00 11/17/05 -560.00 

2004 10/04/04 -0.66 11/29/04 1.97 2.64 5280.00 11/29/04 5280.00 11/01/04 -1040.00 

2003 10/06/03 -0.90 11/28/03 -1.93 -1.04 -2080.00 10/14/03 100.00 11/18/03 -2120.00 

2002 10/04/02 -0.11 11/27/02 0.16 0.28 560.00 11/21/02 680.00 10/15/02 -260.00 

2001 10/04/01 -0.75 11/29/01 0.66 1.41 2820.00 11/29/01 2820.00 

2000 10/04/00 0.00 11/29/00 0.78 0.78 1560.00 11/17/00 1700.00 

1999 10/04/99 -0.15 11/29/99 0.25 0.40 800.00 11/05/99 1860.00 

1998 10/05/98 -1.16 11/27/98 0.01 1.19 2380.00 11/24/98 2380.00 11/03/98 -880.00 













CONT 

YEAR 

BUY 

DATE 


BUY 

PRICE 

EXIT 

DATE 

Class III Milk(CME)—February 

EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 


WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2008 10/10/07 15.73 11/15/07 16.99 1.26 2520.00 11/15/07 2520.00 10/11/07 -20.00 

2007 10/10/06 12.28 11/15/06 13.74 1.46 2920.00 11/10/06 3480.00 10/11/06 -160.00 

2006 10/10/05 12.51 11/15/05 12.62 0.11 220.00 10/20/05 440.00 

2005 10/11/04 11.90 11/15/04 12.85 0.95 1900.00 11/11/04 1900.00 

2004 10/10/03 11.27 11/14/03 11.32 0.05 100.00 10/21/03 460.00 10/14/03 -100.00 

2003 10/10/02 10.55 11/15/02 10.65 0.10 200.00 11/15/02 200.00 11/04/02 -380.00 

2002 10/10/01 11.45 11/15/01 11.80 0.35 700.00 10/29/01 800.00 

2001 10/10/00 9.80 11/15/00 9.81 0.01 20.00 10/12/00 600.00 11/06/00 -500.00 

2000 10/11/99 11.34 11/15/99 11.40 0.06 120.00 10/14/99 980.00 11/10/99 -120.00 

1999 10/12/98 12.70 11/13/98 13.20 0.50 1000.00 11/11/98 1560.00 10/30/98 -300.00 












CONT 

YEAR 

BUY 

DATE 


BUY 

PRICE 

EXIT 

DATE 


EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 


WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 10/16/06 13.43 01/05/07 14.45 1.02 2040.00 11/10/06 2340.00 

2006 10/17/05 13.10 01/05/06 13.20 0.10 200.00 11/23/05 260.00 

2005 10/18/04 12.75 01/05/05 13.77 1.02 2040.00 12/28/04 2100.00 10/28/04 -200.00 

2004 10/16/03 12.29 01/05/04 12.80 0.51 1020.00 01/05/04 1020.00 

2003 10/16/02 12.40 01/03/03 12.76 0.36 720.00 12/03/02 800.00 10/18/02 -200.00 

2002 10/16/01 12.60 01/04/02 13.20 0.60 1200.00 12/20/01 1300.00 

2001 10/16/00 10.81 01/05/01 11.45 0.64 1280.00 01/05/01 1280.00 10/25/00 -220.00 

2000 10/18/99 12.37 01/05/00 12.60 0.23 460.00 12/17/99 460.00 12/15/99 -20.00 

1999 10/16/98 12.35 01/05/99 12.40 0.05 100.00 10/20/98 300.00 11/03/98 -200.00 

1998 10/16/97 11.63 01/05/98 12.25 0.62 1240.00 01/05/98 1240.00 















CONT 

YEAR 

ENTRY 

DATE 

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


ENTRY 

PRICE 

EXIT 

DATE 

EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 

WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 10/29/07 -0.95 11/29/07 0.41 1.36 2720.00 11/27/07 3780.00 11/05/07 -380.00 

2006 10/30/06 0.37 11/29/06 0.74 0.37 740.00 11/14/06 1520.00 10/31/06 -40.00 

2005 10/31/05 -0.25 11/29/05 -0.17 0.08 160.00 11/29/05 160.00 11/17/05 -420.00 

2004 10/29/04 -1.04 11/29/04 1.97 3.03 6060.00 11/29/04 6060.00 11/01/04 -260.00 

2003 10/29/03 -1.25 11/28/03 -1.93 -0.69 -1380.00 10/30/03 60.00 11/18/03 -1420.00 

2002 10/29/02 0.14 11/27/02 0.16 0.03 60.00 11/21/02 180.00 11/04/02 -380.00 

2001 10/29/01 0.18 11/29/01 0.66 0.47 940.00 11/29/01 940.00 11/08/01 -140.00 

2000 10/30/00 0.38 11/29/00 0.78 0.40 800.00 11/17/00 940.00 11/02/00 -120.00 

1999 10/29/99 0.06 11/29/99 0.25 0.19 380.00 11/05/99 1440.00 

1998 10/29/98 -1.46 11/27/98 0.01 1.48 2960.00 11/24/98 2960.00 11/03/98 -300.00 












CONT 

YEAR 

BUY 

DATE 


BUY 

PRICE 

EXIT 

DATE 


EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 


WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 11/05/07 17.58 11/29/07 19.65 2.07 4140.00 11/27/07 5220.00 

2006 11/06/06 13.04 11/29/06 13.59 0.55 1100.00 11/13/06 1740.00 

2005 11/07/05 13.14 11/29/05 13.17 0.03 60.00 11/29/05 60.00 11/17/05 -520.00 

2004 11/05/04 13.60 11/29/04 16.95 3.35 6700.00 11/29/04 6700.00 

2003 11/05/03 11.46 11/28/03 11.55 0.09 180.00 11/06/03 480.00 11/18/03 -20.00 

2002 11/05/02 9.70 11/29/02 9.97 0.27 540.00 11/21/02 660.00 

2001 11/05/01 11.33 11/29/01 12.00 0.67 1340.00 11/23/01 1340.00 11/08/01 -20.00 

2000 11/06/00 9.05 11/29/00 9.36 0.31 620.00 11/17/00 1140.00 

1999 11/05/99 11.28 11/29/99 10.35 -0.93 -1860.00 11/22/99 -1860.00 

1998 11/05/98 15.53 11/27/98 16.69 1.16 2320.00 11/20/98 2340.00 













CONT 

YEAR 

ENTRY 

DATE 

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


ENTRY 

PRICE 

EXIT 

DATE 

EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 

WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2006 11/08/06 -0.17 12/29/06 0.14 0.32 640.00 12/04/06 1060.00 11/09/06 -180.00 

2005 11/08/05 0.40 12/30/05 0.45 0.06 120.00 12/14/05 1000.00 11/09/05 -100.00 

2004 11/08/04 1.50 12/30/04 2.33 0.84 1680.00 12/13/04 4420.00 

2003 11/10/03 0.33 12/30/03 0.41 0.08 160.00 12/24/03 460.00 12/02/03 -460.00 

2002 11/08/02 -0.78 12/30/02 -0.70 0.08 160.00 12/17/02 420.00 12/03/02 -220.00 

2001 11/08/01 -0.42 12/28/01 0.31 0.74 1480.00 12/28/01 1480.00 

2000 11/08/00 -0.49 12/29/00 -0.43 0.05 100.00 11/15/00 500.00 12/19/00 -300.00 

1999 11/08/99 -0.30 12/30/99 0.75 1.05 2100.00 12/30/99 2100.00 12/10/99 -1880.00 

1998 11/09/98 2.84 12/30/98 3.48 0.63 1260.00 12/15/98 1900.00 12/02/98 -1680.00 

1997 11/10/97 0.26 12/22/97 0.98 0.71 1420.00 12/19/97 1460.00 












CONT 

YEAR 

SELL 

DATE 


SELL 

PRICE 

EXIT 

DATE 

Class III Milk(CME)—January 

EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 


WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2008 11/28/07 18.38 12/14/07 18.17 0.21 420.00 11/29/07 640.00 12/03/07 -740.00 

2007 11/28/06 13.53 12/15/06 13.15 0.38 760.00 12/04/06 1140.00 

2006 11/28/05 12.80 12/16/05 13.15 -0.35 -700.00 11/30/05 40.00 12/15/05 -760.00 

2005 11/29/04 15.07 12/16/04 13.50 1.57 3140.00 12/13/04 3840.00 

2004 11/28/03 11.67 12/16/03 11.62 0.05 100.00 12/01/03 340.00 12/04/03 -180.00 

2003 11/29/02 10.42 12/16/02 10.08 0.34 680.00 12/11/02 760.00 12/03/02 -460.00 

2002 11/28/01 12.02 12/14/01 11.48 0.54 1080.00 12/11/01 1540.00 11/29/01 -60.00 

2001 11/28/00 9.80 12/15/00 9.75 0.05 100.00 12/07/00 320.00 

2000 11/29/99 10.89 12/16/99 10.38 0.51 1020.00 12/16/99 1020.00 12/09/99 -260.00 

1999 11/30/98 16.17 12/16/98 15.42 0.75 1500.00 12/16/98 1500.00 12/10/98 -520.00 















CONT 

YEAR 

SELL 

DATE 


SELL 

PRICE 

EXIT 

DATE 

Class III Milk(CME)—February 

EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 


WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2008 11/28/07 17.35 12/24/07 17.35 0.00 0.00 12/18/07 780.00 12/03/07 -760.00 

2007 11/28/06 13.48 12/22/06 13.17 0.31 620.00 12/04/06 960.00 

2006 11/28/05 12.55 12/23/05 12.82 -0.27 -540.00 12/01/05 140.00 12/19/05 -820.00 

2005 11/29/04 14.00 12/23/04 13.70 0.30 600.00 12/13/04 2620.00 11/30/04 -120.00 

2004 11/28/03 11.43 12/24/03 11.23 0.20 400.00 12/24/03 400.00 12/19/03 -420.00 

2003 11/29/02 10.70 12/23/02 10.50 0.20 400.00 12/17/02 740.00 12/03/02 -380.00 

2002 11/28/01 12.06 12/24/01 11.85 0.21 420.00 12/11/01 1520.00 11/29/01 -80.00 

2001 11/28/00 9.82 12/22/00 9.81 0.01 20.00 12/07/00 540.00 12/19/00 -80.00 

2000 11/29/99 10.85 12/23/99 10.50 0.35 700.00 12/23/99 700.00 12/10/99 -660.00 

1999 11/30/98 14.35 12/24/98 13.55 0.80 1600.00 12/15/98 1900.00 12/02/98 -1440.00 












CONT 

YEAR 

ENTRY 

DATE 

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


ENTRY 

PRICE 

EXIT 

DATE 

EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 

WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2008 12/03/07 -0.75 12/27/07 -0.84 -0.09 -180.00 12/18/07 600.00 12/26/07 -200.00 

2007 12/04/06 0.57 12/27/06 0.69 0.13 260.00 12/26/06 280.00 12/06/06 -60.00 

2006 12/05/05 0.08 12/27/05 0.06 -0.03 -60.00 12/13/05 140.00 12/19/05 -300.00 

2005 12/03/04 -0.32 12/27/04 0.16 0.49 980.00 12/20/04 1280.00 

2004 12/03/03 0.56 12/24/03 0.67 0.12 240.00 12/11/03 260.00 12/04/03 -60.00 

2003 12/03/02 0.94 12/27/02 1.19 0.25 500.00 12/17/02 960.00 

2002 12/03/01 0.33 12/27/01 0.79 0.47 940.00 12/11/01 1040.00 

2001 12/04/00 0.63 12/27/00 0.65 0.02 40.00 12/07/00 40.00 12/19/00 -220.00 

2000 12/03/99 0.59 12/27/99 1.05 0.45 900.00 12/15/99 1200.00 

1999 12/03/98 -1.59 12/24/98 -0.73 0.87 1740.00 12/22/98 1920.00 













CONT 

YEAR 

BUY 

DATE 


BUY 

PRICE 

EXIT 

DATE 


EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 


WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 12/15/06 14.31 01/05/07 14.45 0.14 280.00 12/29/06 280.00 12/19/06 -60.00 

2006 12/15/05 13.18 01/05/06 13.20 0.02 40.00 01/05/06 40.00 12/19/05 -80.00 

2005 12/15/04 12.93 01/05/05 13.77 0.84 1680.00 12/28/04 1740.00 

2004 12/15/03 12.53 01/05/04 12.80 0.27 540.00 01/05/04 540.00 

2003 12/16/02 12.76 01/03/03 12.76 0.00 0.00 12/19/02 -380.00 

2002 12/17/01 13.15 01/04/02 13.20 0.05 100.00 12/20/01 200.00 12/31/01 -180.00 

2001 12/15/00 11.00 01/05/01 11.45 0.45 900.00 01/05/01 900.00 

2000 12/15/99 12.36 01/05/00 12.60 0.24 480.00 12/17/99 480.00 

1999 12/15/98 12.36 01/05/99 12.40 0.04 80.00 12/31/98 100.00 12/16/98 -20.00 

1998 12/15/97 12.15 01/05/98 12.25 0.10 200.00 01/05/98 200.00 12/22/97 -20.00 



Average Loss on Trades 0.00 0.00 Losers 1 









CONT 

YEAR 

BUY 

DATE 


BUY 

PRICE 

EXIT 

DATE 


EXIT 

PRICE PROFIT 

PROFIT 

AMOUNT 

BEST 

EQUITY 

DATE 

BEST 

EQUITY 

AMOUNT 


WORST 

EQUITY 

DATE 

WORST 

EQUITY 

AMOUNT 

2007 01/03/07 13.56 01/17/07 14.05 0.49 980.00 01/17/07 980.00 

2006 12/30/05 12.65 01/17/06 12.75 0.10 200.00 01/05/06 600.00 

2005 12/30/04 13.60 01/14/05 15.00 1.40 2800.00 01/14/05 2800.00 

2004 12/30/03 11.65 01/16/04 11.66 0.01 20.00 01/06/04 180.00 01/13/04 -120.00 

2003 12/30/02 11.24 01/17/03 10.60 -0.64 -1280.00 01/16/03 -1400.00 

2002 12/31/01 11.65 01/17/02 12.05 0.40 800.00 01/17/02 800.00 

2001 01/02/01 10.02 01/17/01 10.30 0.28 560.00 01/09/01 1100.00 

2000 12/30/99 10.75 01/14/00 10.81 0.06 120.00 01/05/00 500.00 01/11/00 -80.00 

1999 12/30/98 12.43 01/15/99 12.33 -0.10 -200.00 01/04/99 20.00 01/12/99 -200.00 

1998 12/30/97 11.65 01/16/98 12.04 0.39 780.00 01/14/98 800.00 














How to Interpret Volatility & Bull/Bear Charts 

How to Interpret Volatility Charts 

oth futures and options traders can make use of patterns both in price direction and in volatility, a standardized 

Bmeasure 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. At 

any given point on this line, volatility has been above half the time, below the other half. The top line is +1 standard 

deviation (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 that 

range (16% above +1 STD, 16% below -1 STD). By comparing current implied volatility to average historical 

volatility, option traders may better determine whether option premiums are cheap or expensive historically. ! 

+1 STD 

Above 

Central 

Tendency 

-1 STD 

Below 

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


How to Interpret Bull/Bear Charts 

ach bull/bear chart consists of one composite pattern for bull years (solid line) and one for bear years (dotted line), 

Ewith 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 best 

describing its scatterplot. In other words, the most bullish (as defined by comparing slopes) of the bull years is listed 

first, 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 reproduce 

the vigor of dynamic trends. When MRCI constructs a multi-year pattern, averaged raw percentage values for each 

calendar 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 the 

extent of the typical bull or bear move. ! 

Bear 

Pattern 

Bull 

Pattern 

Bull years: 99 07 05 

Bear years: 00 01 03 

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



30% 

25% 

20% 

15% 

10% 

5% 

0% 

100 

80 

60 

40 

20 

0

Dairy Industry and Futures Charts 

Page 

Class 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 Charts 

Jan, Feb, Mar, Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .75 

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

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

Futures Charts 


Historical Volatility Charts 

+1 STD 

Above 

Central 

Tendency 

-1 STD 

Below 

+1 STD 

Above 

Central 

Tendency 

-1 STD 

Below 

+1 STD 

Above 

Central 

Tendency 

-1 STD 

Below 

+1 STD 

Above 

Central 

Tendency 

-1 STD 

Below 

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


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


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


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

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


30% 

25% 

20% 

15% 

10% 

5% 

0% 

35% 

30% 

25% 

20% 

15% 

10% 

5% 

0% 

-5% 

30% 

25% 

20% 

15% 

10% 

5% 

0% 

30% 

25% 

20% 

15% 

10% 

5% 

0%

+1 STD 

Above 

Central 

Tendency 

-1 STD 

Below 

+1 STD 

Above 

Central 

Tendency 

-1 STD 

Below 

+1 STD 

Above 

Central 

Tendency 

-1 STD 

Below 

+1 STD 

Above 

Central 

Tendency 

-1 STD 

Below 

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


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


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


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



30% 

25% 

20% 

15% 

10% 

5% 

0% 

35% 

30% 

25% 

20% 

15% 

10% 

5% 

0% 

35% 

30% 

25% 

20% 

15% 

10% 

5% 

0% 

40% 

35% 

30% 

25% 

20% 

15% 

10% 

5% 

0% 

Historical Volatility Charts

Historical Volatility Charts 

+1 STD 

Above 

Central 

Tendency 

-1 STD 

Below 

+1 STD 

Above 

Central 

Tendency 

-1 STD 

Below 

+1 STD 

Above 

Central 

Tendency 

-1 STD 

Below 

+1 STD 

Above 

Central 

Tendency 

-1 STD 

Below 

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


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


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


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



50% 

40% 

30% 

20% 

10% 

0% 

40% 

35% 

30% 

25% 

20% 

15% 

10% 

5% 

0% 

35% 

30% 

25% 

20% 

15% 

10% 

5% 

0% 

30% 

25% 

20% 

15% 

10% 

5% 

0%

Bear 

Pattern 

Bull 

Pattern 

Bear 

Pattern 

Bull 

Pattern 

Bear 

Pattern 

Bull 

Pattern 

Bear 

Pattern 

Bull 

Pattern 



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


Bull years: 07 05 

Bear years: 06 01 00 03 

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




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


Bull years: 07 05 04 01 

Bear years: 02 99 00 06 03 

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



100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0 

Bull/Bear Charts

Bull/Bear Charts 

Bear 

Pattern 

Bull 

Pattern 

Bear 

Pattern 

Bull 

Pattern 

Bear 

Pattern 

Bull 

Pattern 

Bear 

Pattern 

Bull 

Pattern 

Bull years: 07 04 05 01 

Bear years: 98 02 99 00 03 06 

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


Bull years: 07 04 01 05 

Bear years: 02 99 00 03 06 

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


Bull years: 01 07 04 05 

Bear years: 02 00 03 06 

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


Bull years: 01 07 98 99 04 05 


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



100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0

Bear 

Pattern 

Bull 

Pattern 

Bear 

Pattern 

Bull 

Pattern 

Bear 

Pattern 

Bull 

Pattern 

Bear 

Pattern 

Bull 

Pattern 

Bull years: 01 07 98 99 04 05 


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


Bull years: 01 98 07 05 03 97 


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


Bull years: 98 07 97 03 05 04 

Bear years: 00 02 

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


Bull years: 98 07 97 06 04 05 

Bear years: 00 02 

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



100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0 

Bull/Bear Charts

Personal Notes 


Historical Daily Futures Charts (Class III Milk) 

Page 

January 

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

February 

2000 - 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .81 

March 

2000 - 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .82 

April 

2000 - 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .83 

May 

2000 - 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .84 

June 

2000 - 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .85 

July 

2000 - 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .86 

August 

2000 - 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .87 

September 

2000 - 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .88 

October 

2000 - 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .89 

November 

2000 - 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .90 

December 

2000 - 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .91 

Daily Charts 


Daily Charts: January 

14.50 

14.00 

13.50 

13.00 

12.50 

12.00 

11.50 

11.00 

10.50 

10.00 

9.50 

12.80 

12.60 

12.40 

12.20 

12.00 

11.80 

11.60 

11.40 

11.20 

11.00 

12.20 

12.10 

12.00 

11.90 

11.80 

11.70 

11.60 

11.50 

11.40 

11.30 

11.20 

11.10 

11.00 

13.70 

13.60 

13.50 

13.40 

13.30 

13.20 

13.10 

13.00 

12.90 

12.80 

12.70 

12.60 

12.50 

Jan00 Class III Milk(CME) 

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
















12.50 

12.00 

11.50 

11.00 

10.50 

10.00 

9.50 

9.00 

12.00 

11.80 

11.60 

11.40 

11.20 

11.00 

10.80 

10.60 

10.40 

10.20 

10.00 

9.80 

9.60 

15.50 

15.00 

14.50 

14.00 

13.50 

13.00 

12.50 

12.00 

11.50 

14.50 

14.00 

13.50 

13.00 

12.50 

12.00 

11.50 

11.00

13.50 

13.00 

12.50 

12.00 

11.50 

11.00 

10.50 

10.00 

9.50 

12.40 

12.20 

12.00 

11.80 

11.60 

11.40 

11.20 

11.00 

10.80 

11.90 

11.80 

11.70 

11.60 

11.50 

11.40 

11.30 

11.20 

11.10 

11.00 

10.90 

13.30 

13.20 

13.10 

13.00 

12.90 

12.80 

12.70 

12.60 

12.50 

12.40 

12.30 

12.20 

12.10 

12.00 

Feb00 Class III Milk(CME) 

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
















12.00 

11.80 

11.60 

11.40 

11.20 

11.00 

10.80 

10.60 

10.40 

10.20 

10.00 

9.80 

9.60 

9.40 

12.00 

11.80 

11.60 

11.40 

11.20 

11.00 

10.80 

10.60 

10.40 

10.20 

10.00 

9.80 

9.60 

9.40 

16.50 

16.00 

15.50 

15.00 

14.50 

14.00 

13.50 

13.00 

12.50 

12.00 

11.50 

14.50 

14.00 

13.50 

13.00 

12.50 

12.00 

11.50 

Daily Charts: February

Daily Charts: March 

13.00 

12.50 

12.00 

11.50 

11.00 

10.50 

10.00 

9.50 

12.40 

12.20 

12.00 

11.80 

11.60 

11.40 

11.20 

11.00 

10.80 

10.60 

10.40 

14.50 

14.00 

13.50 

13.00 

12.50 

12.00 

11.50 

11.00 

13.40 

13.20 

13.00 

12.80 

12.60 

12.40 

12.20 

12.00 

11.80 

11.60 

11.40 

11.20 

11.00 

10.80 

Mar00 Class III Milk(CME) 

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
















11.60 

11.40 

11.20 

11.00 

10.80 

10.60 

10.40 

10.20 

10.00 

9.80 

9.60 

12.00 

11.50 

11.00 

10.50 

10.00 

9.50 

9.00 

8.50 

16.50 

16.00 

15.50 

15.00 

14.50 

14.00 

13.50 

13.00 

12.50 

12.00 

11.50 

15.50 

15.00 

14.50 

14.00 

13.50 

13.00 

12.50 

12.00 

11.50

13.50 

13.00 

12.50 

12.00 

11.50 

11.00 

10.50 

10.00 

9.50 

9.00 

12.20 

12.00 

11.80 

11.60 

11.40 

11.20 

11.00 

10.80 

10.60 

20.00 

19.00 

18.00 

17.00 

16.00 

15.00 

14.00 

13.00 

12.00 

11.00 

13.20 

13.00 

12.80 

12.60 

12.40 

12.20 

12.00 

11.80 

11.60 

11.40 

11.20 

11.00 

10.80 

Apr00 Class III Milk(CME) 

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
















12.20 

12.00 

11.80 

11.60 

11.40 

11.20 

11.00 

10.80 

10.60 

10.40 

10.20 

10.00 

9.80 

9.60 

12.00 

11.80 

11.60 

11.40 

11.20 

11.00 

10.80 

10.60 

10.40 

10.20 

10.00 

9.80 

9.60 

9.40 

9.20 

16.00 

15.50 

15.00 

14.50 

14.00 

13.50 

13.00 

12.50 

12.00 

11.50 

16.50 

16.00 

15.50 

15.00 

14.50 

14.00 

13.50 

13.00 

12.50 

12.00 

11.50 

Daily Charts: April

Daily Charts: May 

12.50 

12.00 

11.50 

11.00 

10.50 

10.00 

9.50 

9.00 

12.40 

12.20 

12.00 

11.80 

11.60 

11.40 

11.20 

11.00 

10.80 

10.60 

21.00 

20.00 

19.00 

18.00 

17.00 

16.00 

15.00 

14.00 

13.00 

12.00 

11.00 

13.00 

12.80 

12.60 

12.40 

12.20 

12.00 

11.80 

11.60 

11.40 

11.20 

11.00 

10.80 

10.60 

May00 Class III Milk(CME) 

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
















14.50 

14.00 

13.50 

13.00 

12.50 

12.00 

11.50 

11.00 

10.50 

10.00 

9.50 

12.00 

11.80 

11.60 

11.40 

11.20 

11.00 

10.80 

10.60 

10.40 

10.20 

10.00 

9.80 

9.60 

9.40 

15.50 

15.00 

14.50 

14.00 

13.50 

13.00 

12.50 

12.00 

11.50 

18.00 

17.50 

17.00 

16.50 

16.00 

15.50 

15.00 

14.50 

14.00 

13.50 

13.00 

12.50 

12.00

13.00 

12.50 

12.00 

11.50 

11.00 

10.50 

10.00 

9.50 

9.00 

12.80 

12.60 

12.40 

12.20 

12.00 

11.80 

11.60 

11.40 

11.20 

11.00 

10.80 

10.60 

10.40 

10.20 

10.00 

20.00 

19.00 

18.00 

17.00 

16.00 

15.00 

14.00 

13.00 

12.00 

11.00 

13.20 

13.00 

12.80 

12.60 

12.40 

12.20 

12.00 

11.80 

11.60 

11.40 

11.20 

11.00 

10.80 

10.60 

Jun00 Class III Milk(CME) 

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
















15.50 

15.00 

14.50 

14.00 

13.50 

13.00 

12.50 

12.00 

11.50 

11.00 

10.50 

10.00 

12.40 

12.20 

12.00 

11.80 

11.60 

11.40 

11.20 

11.00 

10.80 

10.60 

10.40 

10.20 

10.00 

9.80 

9.60 

15.50 

15.00 

14.50 

14.00 

13.50 

13.00 

12.50 

12.00 

21.00 

20.00 

19.00 

18.00 

17.00 

16.00 

15.00 

14.00 

13.00 

12.00 

Daily Charts: June

Daily Charts: July 

12.80 

12.60 

12.40 

12.20 

12.00 

11.80 

11.60 

11.40 

11.20 

11.00 

10.80 

10.60 

10.40 

10.20 

13.50 

13.00 

12.50 

12.00 

11.50 

11.00 

10.50 

10.00 

9.50 

9.00 

18.00 

17.50 

17.00 

16.50 

16.00 

15.50 

15.00 

14.50 

14.00 

13.50 

13.00 

12.50 

12.00 

11.50 

13.40 

13.20 

13.00 

12.80 

12.60 

12.40 

12.20 

12.00 

11.80 

11.60 

11.40 

11.20 

11.00 

10.80 

Jul00 Class III Milk(CME) 

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
















16.00 

15.50 

15.00 

14.50 

14.00 

13.50 

13.00 

12.50 

12.00 

11.50 

11.00 

10.50 

13.00 

12.80 

12.60 

12.40 

12.20 

12.00 

11.80 

11.60 

11.40 

11.20 

11.00 

10.80 

10.60 

10.40 

10.20 

15.50 

15.00 

14.50 

14.00 

13.50 

13.00 

12.50 

23.00 

22.00 

21.00 

20.00 

19.00 

18.00 

17.00 

16.00 

15.00 

14.00 

13.00

13.00 

12.50 

12.00 

11.50 

11.00 

10.50 

10.00 

9.50 

13.50 

13.00 

12.50 

12.00 

11.50 

11.00 

10.50 

10.00 

9.50 

9.00 

17.50 

17.00 

16.50 

16.00 

15.50 

15.00 

14.50 

14.00 

13.50 

13.00 

12.50 

12.00 

13.60 

13.40 

13.20 

13.00 

12.80 

12.60 

12.40 

12.20 

12.00 

11.80 

11.60 

11.40 

11.20 

11.00 

10.80 

Aug00 Class III Milk(CME) 

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
















16.00 

15.50 

15.00 

14.50 

14.00 

13.50 

13.00 

12.50 

12.00 

11.50 

11.00 

10.50 

14.00 

13.50 

13.00 

12.50 

12.00 

11.50 

11.00 

10.50 

15.40 

15.20 

15.00 

14.80 

14.60 

14.40 

14.20 

14.00 

13.80 

13.60 

13.40 

13.20 

13.00 

12.80 

22.00 

21.00 

20.00 

19.00 

18.00 

17.00 

16.00 

15.00 

14.00 

13.00 

Daily Charts: August

Daily Charts: September 

13.50 

13.00 

12.50 

12.00 

11.50 

11.00 

10.50 

10.00 

14.00 

13.50 

13.00 

12.50 

12.00 

11.50 

11.00 

10.50 

10.00 

9.50 

17.00 

16.50 

16.00 

15.50 

15.00 

14.50 

14.00 

13.50 

13.00 

14.00 

13.80 

13.60 

13.40 

13.20 

13.00 

12.80 

12.60 

12.40 

12.20 

12.00 

11.80 

11.60 

11.40 

Sep00 Class III Milk(CME) 

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
















16.00 

15.50 

15.00 

14.50 

14.00 

13.50 

13.00 

12.50 

12.00 

11.50 

11.00 

10.50 

15.00 

14.50 

14.00 

13.50 

13.00 

12.50 

12.00 

11.50 

11.00 

15.60 

15.40 

15.20 

15.00 

14.80 

14.60 

14.40 

14.20 

14.00 

13.80 

13.60 

13.40 

13.20 

22.00 

21.00 

20.00 

19.00 

18.00 

17.00 

16.00 

15.00 

14.00 

13.00

13.50 

13.00 

12.50 

12.00 

11.50 

11.00 

10.50 

10.00 

13.50 

13.00 

12.50 

12.00 

11.50 

11.00 

10.50 

10.00 

9.50 

15.50 

15.00 

14.50 

14.00 

13.50 

13.00 

12.50 

13.40 

13.20 

13.00 

12.80 

12.60 

12.40 

12.20 

12.00 

11.80 

11.60 

11.40 

Oct00 Class III Milk(CME) 

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
















15.50 

15.00 

14.50 

14.00 

13.50 

13.00 

12.50 

12.00 

11.50 

11.00 

14.50 

14.00 

13.50 

13.00 

12.50 

12.00 

11.50 

11.00 

10.50 

15.20 

15.00 

14.80 

14.60 

14.40 

14.20 

14.00 

13.80 

13.60 

13.40 

13.20 

13.00 

12.80 

12.60 

21.00 

20.00 

19.00 

18.00 

17.00 

16.00 

15.00 

14.00 

13.00 

Daily Charts: October

Daily Charts: November 

13.00 

12.50 

12.00 

11.50 

11.00 

10.50 

10.00 

9.50 

9.00 

8.50 

13.00 

12.50 

12.00 

11.50 

11.00 

10.50 

10.00 

9.50 

15.00 

14.50 

14.00 

13.50 

13.00 

12.50 

12.00 

11.50 

13.00 

12.80 

12.60 

12.40 

12.20 

12.00 

11.80 

11.60 

11.40 

Nov00 Class III Milk(CME) 

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
















15.00 

14.50 

14.00 

13.50 

13.00 

12.50 

12.00 

11.50 

11.00 

10.50 

13.60 

13.40 

13.20 

13.00 

12.80 

12.60 

12.40 

12.20 

12.00 

11.80 

11.60 

11.40 

11.20 

11.00 

14.20 

14.00 

13.80 

13.60 

13.40 

13.20 

13.00 

12.80 

12.60 

12.40 

12.20 

12.00 

19.50 

19.00 

18.50 

18.00 

17.50 

17.00 

16.50 

16.00 

15.50 

15.00 

14.50 

14.00 

13.50

13.00 

12.50 

12.00 

11.50 

11.00 

10.50 

10.00 

9.50 

9.00 

8.50 

12.50 

12.00 

11.50 

11.00 

10.50 

10.00 

9.50 

18.00 

17.50 

17.00 

16.50 

16.00 

15.50 

15.00 

14.50 

14.00 

13.50 

13.00 

12.50 

12.00 

11.50 

14.50 

14.00 

13.50 

13.00 

12.50 

12.00 

11.50 

11.00 

Dec00 Class III Milk(CME) 

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
















13.60 

13.40 

13.20 

13.00 

12.80 

12.60 

12.40 

12.20 

12.00 

11.80 

11.60 

11.40 

11.20 

11.00 

10.80 

12.60 

12.40 

12.20 

12.00 

11.80 

11.60 

11.40 

11.20 

11.00 

10.80 

13.70 

13.60 

13.50 

13.40 

13.30 

13.20 

13.10 

13.00 

12.90 

12.80 

12.70 

12.60 

12.50 

12.40 

21.00 

20.00 

19.00 

18.00 

17.00 

16.00 

15.00 

14.00 

13.00 

Daily Charts: December

Personal Notes 


Page 

Block 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 Charts 

Jan, Feb, Mar, Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .95 

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

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

Cash Seasonal Patterns 

Class III Milk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 

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

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

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

Weekly Cash Charts 


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



Monthly Cash Charts 


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



Basis & Cash Charts 

Basis & Cash 


Cheese/Milk Basis Averages 

10 Year 

Pattern 

5 Year 

Pattern 

10 Year 

Pattern 

5 Year 

Pattern 

10 Year 

Pattern 

5 Year 

Pattern 

10 Year 

Pattern 

5 Year 

Pattern 

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


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


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


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



3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

4.00 

3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00

12.00 

10.00 

8.00 

6.00 

4.00 

2.00 

0.00 

-2.00 

-4.00 

12.00 

10.00 

8.00 

6.00 

4.00 

2.00 

0.00 

-2.00 

10.00 

8.00 

6.00 

4.00 

2.00 

0.00 

-2.00 

10.00 

8.00 

6.00 

4.00 

2.00 

0.00 

-2.00 

-4.00 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 


Cheese/Milk Basis Weekly Charts


10 Year 

Pattern 

5 Year 

Pattern 

10 Year 

Pattern 

5 Year 

Pattern 

10 Year 

Pattern 

5 Year 

Pattern 

11 Year 

Pattern 

5 Year 

Pattern 

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


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


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


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



4.00 

3.00 

2.00 

1.00 

0.00 

-1.00 

3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

-0.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

-0.50 

-1.00 

2.00 

1.50 

1.00 

0.50 

0.00 

-0.50 

-1.00

10.00 

8.00 

6.00 

4.00 

2.00 

0.00 

-2.00 

-4.00 

10.00 

8.00 

6.00 

4.00 

2.00 

0.00 

-2.00 

-4.00 

7.00 

6.00 

5.00 

4.00 

3.00 

2.00 

1.00 

0.00 

-1.00 

-2.00 

-3.00 

7.00 

6.00 

5.00 

4.00 

3.00 

2.00 

1.00 

0.00 

-1.00 

-2.00 

-3.00 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 




11 Year 

Pattern 

5 Year 

Pattern 

11 Year 

Pattern 

5 Year 

Pattern 

11 Year 

Pattern 

5 Year 

Pattern 

10 Year 

Pattern 

5 Year 

Pattern 

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


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


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


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



1.50 

1.00 

0.50 

0.00 

-0.50 

-1.00 

-1.50 

2.00 

1.50 

1.00 

0.50 

0.00 

-0.50 

-1.00 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

-0.50 

3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

-0.50

8.00 

6.00 

4.00 

2.00 

0.00 

-2.00 

-4.00 

8.00 

6.00 

4.00 

2.00 

0.00 

-2.00 

-4.00 

10.00 

8.00 

6.00 

4.00 

2.00 

0.00 

-2.00 

-4.00 

10.00 

8.00 

6.00 

4.00 

2.00 

0.00 

-2.00 

-4.00 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

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

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 



Cash Market Seasonal Patterns 

15 Year 

Pattern 

5 Year 

Pattern 

15 Year 

Pattern 

5 Year 

Pattern 

15 Year 

Pattern 

5 Year 

Pattern 

15 Year 

Pattern 

5 Year 

Pattern 

Class III Milk 15 Year Seasonal(1993-2007) 


Butter, AA 15 Year Seasonal(1993-2007) 


Cheddar Cheese Blocks 15 Year Seasonal(1993-2007) 


Cheddar Cheese Barrels 15 Year Seasonal(1993-2007) 



100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0 

100 

80 

60 

40 

20 

0

22.00 

21.00 

20.00 

19.00 

18.00 

17.00 

16.00 

15.00 

14.00 

13.00 

12.00 

11.00 

10.00 

9.00 

240.00 

220.00 

200.00 

180.00 

160.00 

140.00 

120.00 

100.00 

80.00 

230.00 

220.00 

210.00 

200.00 

190.00 

180.00 

170.00 

160.00 

150.00 

140.00 

130.00 

120.00 

110.00 

100.00 

90.00 

220.00 

210.00 

200.00 

190.00 

180.00 

170.00 

160.00 

150.00 

140.00 

130.00 

120.00 

110.00 

100.00 

Weekly Class III Milk 

2002 2003 2004 2005 2006 2007 

Weekly Butter, AA 

2002 2003 2004 2005 2006 2007 

Weekly Cheddar Cheese Blocks 

2002 2003 2004 2005 2006 2007 

Weekly Cheddar Cheese Barrels 

2002 2003 2004 2005 2006 2007 


Cash Market Weekly Charts

Cash Market Monthly Charts 

22.00 

21.00 

20.00 

19.00 

18.00 

17.00 

16.00 

15.00 

14.00 

13.00 

12.00 

11.00 

10.00 

9.00 

8.00 

300.00 

280.00 

260.00 

240.00 

220.00 

200.00 

180.00 

160.00 

140.00 

120.00 

100.00 

80.00 

60.00 

230.00 

220.00 

210.00 

200.00 

190.00 

180.00 

170.00 

160.00 

150.00 

140.00 

130.00 

120.00 

110.00 

100.00 

90.00 

220.00 

210.00 

200.00 

190.00 

180.00 

170.00 

160.00 

150.00 

140.00 

130.00 

120.00 

110.00 

100.00 

90.00 

Monthly Class III Milk 

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

Monthly Butter, AA 

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

Monthly Cheddar Cheese Blocks 

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

Monthly Cheddar Cheese Barrels 

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


MRCI Staff 

President: 

Steve Moore 

swm@mrci.com 

Research Director: 

Nick Colley 

nac@mrci.com 

Editor: 

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Melissa Moore 

melissa@mrci.com 

Office Manager 

Amy Prince 

amy@mrci.com 

Sales Representives 

Rachel Heinze 

rachel@mrci.com 

Trading Assistant 

Mary Hatfield 

mary@mrci.com 

All material in this report is 

copyrighted, and all rights are reserved 

unless specifically stated otherwise. 

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only; no recommendation to buy or sell 

futures is made. Opinions expressed are 

solely those of the author(s). All information 

is derived from sources believed to 

be reliable, but MRCI does not guarantee 

its accuracy. Any losses resulting from 

following information contained herein 

are the sole responsibility of the reader. 

While representatives of MRCI may have 

a position in and/or intend to buy or sell 

futures referred to, their positions and 

intentions may not necessarily be 

consistent with the enclosed material. 

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results, please consider the added 

impact of transaction costs and 

slippage. Market conditions may 

prevent execution of a stop-loss 

order at its specified price. Also, 

results shown in this report do not 

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Special Reports are Hardcopy Only SPECIAL HISTORICAL REPORTS Price 

Seasonal Pattern Charts - features 5- and 15- year 

seasonal and Bull/Bear patterns for each contract 

of over 60 major U.S. and International futures and 

cash indices of major U.S. and International stock 

markets. 

Special Historical Reports feature year-round 

seasonal analysis for the complex, including 15year 

seasonal and spread patterns (also cash and 

basis if available) and specific trading and spread 

strategies of 80%-or- greater historical reliability. 

Traders Desk Reference books are designed to 

serve as a comprehensive historical reference for 

daily price activity in major futures markets. Daily 

bar charts as far back as 24 years illustrate price 

movement by each contract. From these one may 

detect market activity, range of trade, general 

trends, and the dates and prices for important highs 

and lows. 

Seasonal Pattern Charts (200+Pages) $124 

**Market Seasonal Patterns Report (20 Pages) 49 

2008 Soybean Complex (170+ Pages) 149 

2008 Grains (135+ Pages) 149 

2008 Soybean/Grain Spread (140+ Pages) 69 

2008 Live Cattle/Feeder Cattle (140+ Pages) 89 

2008 Lean Hogs/Pork Bellies (110+ Pages) 89 

2008 Live Cattle/Lean Hog Spread (45+ Pages) 49 

2008 Lumber (86+ Pages) 69 

**2007 Metals (80+ Pages) 59 

**2007 Forex (130+ Pages) 59 

**2007 Interest Rates (120+ Pages) 69 

**2007 Indices (100+ Pages) 69 

2007 Energy (270+ Pages) 149 

2007 Softs (150+ Pages) 149 

2008 Dairy (108+ Pages) 69 

Shipping & Handling is an additional $8 per report. ($25 for Int’l Air Mail). 

Express International shipment costs subject to destination. Shipping 

* Month-to-Month subscriptions are charged monthly to your credit card and can be canceled at any time. 

**Reports available in PDF format via Email less $10.00 each in price and no shipping and handling charges. Total 

Prices and rates current as of November, 2000 and are subject to change without notice. 

THERE IS RISK OF FINANCIAL LOSS IN FUTURES TRADING. 

Name: Daytime Phone: 

Address: Suite/Apt #: 

City: State: 

Country: Zip/Postal Code: 

FAX: E-mail: 

Visa MasterCard 

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Express 

Signature: Date: 

(Required if using a credit card) 


Exp. Date:

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.

CME GRoup hEADquARtERs 

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chicago, Illinois 60606 

cmegroup.com 

CME GRoup GlobAl offICEs 

Chicago 

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info@cmegroup.com 

sydney 

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asiateam@cmegroup.com 

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tokyo 

81 3 5403 4828 


london 

44 20 7796 7100 

europe@cmegroup.com 

Washington D.C. 

312 930 1000 

info@cmegroup.com 

Ac167.5/0/0108

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