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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.
Page
Preface . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2CME Futures, Options & Spot Call Specifications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3How to Interpret Seasonal Pattern Charts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8
Seasonal Section Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9Seasonal Patterns & Weekly Charts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10Seasonal & Spread Strategy Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .40How to Interpret a Strategy Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .43Strategy Detail Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .43How to Interpret Average Volatility & Bull/Bear Charts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .70Volatility, Bull/Bear, Daily Section Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .71Historical Average Volatility Charts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .72Bull/Bear Charts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .75Historical Daily Futures Charts (Class III Milk) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .79
Basis & Cash Section Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .93Cheese/Milk Basis Averages & Charts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .94Cash Market Seasonal Patterns . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .100Cash Market Weekly Charts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .101Cash Market Monthly Charts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .102
(Charts current through December 2007.)
Basis& CashCharts
For Your Information
Class IIIMilk Futures
Table of Contents
Historical Dairy Report 2008 Edition
The Moore Research Center, Inc. (MRCI), located on 73 secluded acres outside Eugene, Oregon, is sought for its futures market analysis, combining many years of intensive computerized study and the experience of real-time trading. Our hardware and software both areconstantly upgraded, giving MRCI the speed and depth of capability tostudy price movement that we believe are state-of-the-art for the industry.
——————————————————————Copyright ©1989-2008. Moore Research Center, Inc. No part of this publication may bereproduced or transmitted in any form or by any means, electronic or mechanical, includ-ing photocopy, recording, facsimile, or any information storage and retrieval system,without written permission. Retransmission by fax or other means which results in thecreation of an additional copy is unlawful.
NOTE: The CME Milk (Class III) contractreplaced the BFP contract in January 2000.
Knowledge is a foundation essential to making successful decisions. Does a prudent
businessman market product/purchase raw materialwithout first researching profit/cost potential? Does asuccessful futures trader/investor jump at a “hot tip” or astory in The Wall St. Journal? Or would one first seeksome background—some history?
The purpose of this publication is to quantify price history—both cash and futures—in the dairy market,offer it from a variety of relevant perspectives, andpresent it in a format useful to those whose commerce issubstantially affected by fluctuations in prices for dairyproducts. The business executive and investor alike areencouraged to examine the following pages thoroughly,for seasonality can be a primary component of pricemovement in dairy products.
Seasonal Patterns Nearly all markets—real estate, grain, cash butter,
stock index futures—respond to various fundamental forces, many seasonal in nature. Such forces as weather,school calendars, and specific characteristics of futurescontracts tend to recur and to influence, to one degree oranother and in a more or less timely manner, certainmarkets every year. As any market responds to a seriesof these annually recurring factors, seasonal price patterns tend to evolve.
Daily seasonal patterns are derived from and a composite of the historical daily price activity in thespecific futures contract or cash market under consideration. The numerical index to the right of eachseasonal pattern chart reflects the historical tendency forthat market to reach its seasonal high (100) or low (0) ata given time.
Weekly continuation charts, also contract-specific,are intended to illustrate historical relative value, turningpoints, and longer-term trends. Points on futures spread charts are plotted by subtracting the price of the second-named contract from that of the first.
Windows of OpportunityFrom these seasonal patterns, one can derive a
seasonal approach to both cash and futures markets thatis designed to anticipate, enter, and capture recurrentprice trends as they emerge and exit before they are“realized.” Within these patterns may exist certain “windows of opportunity” wherein well-definedseasonal tops, bottoms, and trends tend to appear.
Moore Research Center, Inc. (MRCI) computerprograms have analyzed trends that have recurred in thesame direction during a similar period of time in at least80% of all years studied. The underlying theory assumes that causal fundamental factors specific to thattime period must have existed and may be influentialagain, thus making each strategy of such historicalreliability valid for trading considerations. However,that past performance is not necessarily indicative of future results.
Even though these are potential strategies only andnot recommendations, there is no mystery to them.They are merely presentations of quantified historicalfact. However, if knowledge is essential to decision-making, then historically reliable strategies would seemto offer a starting point from which to take a reasoned approach to the dairy market.
Commercial users/producers, then, may find seasonalanalysis vital to managing cost/profit risks. The consistency implied by seasonality and its more reliablestrategies can afford, to the business strategist planninginto the future, greater confidence in purchasing rawmaterial and/or marketing product.
Price movement affects management decisions.Those with the knowledge to anticipate price movementmore accurately also have the capacity to make successful decisions more consistently.
Preface
Pre
face
NOTE: The CME Milk (Class III) contractreplaced the BFP contract in January 2000.
2 HISTORICAL DAIRY REPORT
CME Dairy Futures, Options and Spot Call
Chicago Mercantile Exchange has offered a variety ofcash-settled dairy futures products since 1996. At present,these products consist of Class III and Class IV Milk, NonfatDry Milk, and Dry Whey futures and options contracts. In2005, CME listed a cash-settled butter futures contract(20,000 lbs) available for trade on Globex; in 2007, CMEmade nearly all its cash-settled dairy futures and options contracts available for 23-hour trading on Globex. CME alsotrades a deliverable butter futures contract. In addition, CMEprovides the location for a spot call (cash) dairy market whereCheese, Butter, and Nonfat Dry Milk are traded.
Cash/Spot Market
The Spot, or Cash, market is used for immediate inventory adjustments. This is a cash market that allowsbuyers and sellers to better manage production schedules andbottom lines with immediate sales or purchases of theproducts listed. Price discovery in this market is also used inconjunction with dairy information published by variousgovernment agencies to provide traders, hedgers, andspeculators with trading possibilities.
Dairy Futures and Options
The futures are structured completely differently fromthe cash markets. All of CME’s dairy futures products, except butter, are cash-settled to the National AgriculturalStatistical Service (NASS) monthly price. Class prices arebased on formulas calculated by United States Department ofAgriculture (USDA).
Federal Order Class Prices
Formulation of the Federal Order Class prices arederived from weighted averages of USDA-surveyed cheese,
butter, nonfat dry milk, and whey prices for the month. Theformulas for Class III and Class IV are as follow:
What do these formulas tell us about the pricing ofClass III and Class IV milk? Price movements in butter,cheese, whey, andnonfat dry milkhave an impact onthe final price. As ageneral rule, a one-cent change in dairyproduct prices has
the following price impact on theclass futures prices for milk.
Monthly government numbers used to settle the Class IIIand Class IV futures are releasedon the Friday before the 5th of thefollowing month. If the 5th falls onFriday, data is then published onthat Friday. Monthly data can befound on the USDA Web site or ona link at www.cmegroup.com.
Examples of actual USDAmonthly releases and last tradingdays for Class III and Class IV futures contracts are shown below.
Contract Specifications: CME Spot Call Dairy Markets
Cheese Butter Nonfat Dry Milk
TradingUnit
40,000-44,000 lbs 40,000-44,000 lbs 42,000-45,000 lbs
ContractMonths
Daily Daily Daily
MinimumFluctuation
$ 0.0025/lb $0.0025/lb $0.0025/lb
MaximumFluctuation
$0.01/lb $0.01/lb $0.01/lb
Trading Hours
10:45AM to between 10:47 and 11:01 AM
11:05AM to between 11:07 and 11:21AM
10:45AM to between 10:47 and 11:01AM
Ticker Symbol
Blocks: KBBarrels: RB
Grade AA Grade A: NMExtra Grade: NX
Grade Blocks: Grade A or betterBarrels: Extra or better
Grade AA Grade A and Extra
Class III Price = (Class III Skim Price x .965) + (Butterfat Price x 3.5) Class III Skim Price = (Protein Price x 3.1) + (Other Solids Price x 5.9)Protein Price = ((Cheese Price - .1682) x 1.383) + ((((Cheese Price - .1682) x 1.572) - Butterfat Price x .9) x 1.17) Other Solids Price = (Dry Whey Price - .1956) x 1.03 Butterfat Price = (Butter Price - .1202) x 1.2
Class IV Price = (Class IV Skim x .965) + (Butterfat Price x 3.5) Class IV Skim = Nonfat Solids Price x 9 Nonfat Solids Price = (Nonfat Price - .1570) x .99 Butterfat Price = (Butter Price - .1202) x 1.2
Class III Class IV
Cheese 9.7¢ n/a
Whey 6.0¢ n/a
Butter 0.5¢ 4.2¢
Nonfat Dry Milk n/a 8.6¢
USDA Release Last Trading Day
January 2/1/08 1/31/08
February 2/29/08 2/28/08
March 4/4/08 4/3/08
April 5/2/08 5/1/08
May 5/30/08 5/29/08
June 7/3/08 7/2/08
July 8/1/08 7/31/08
August 9/5/08 9/4/08
September 10/3/08 10/2/08
October 10/31/08 10/30/08
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MOORE RESEARCH CENTER, INC. 3
Class III Milk Futures
Class III milk futures have been trading at CMEsince 1996 in various forms. CME has adapted its futures contracts over time to keep up with the ever-changing government price support program formilk. Cash settlement was originally based on the Minnesota-Wisconsin (MW) price, then the Basic Formula Price (BFP), and currently the Class III milkprice. Class III milk is also known by the industry as“cheese milk,” the milk used to produce Americancheese.
Class IV Milk Futures
Class IV milk futures began trading in 2000 tocomplement the USDA’s component pricing system.Class IV milk is used to produce butter and nonfat drymilk.
Contract Specifications: CME Class III Milk Futures
Futures Options on Futures
Trading Unit 200,000 pounds Same as futures
Contract Months 24 consecutivecalendar months
Same as futures
Months Listed All All
MinimumFluctuation
$0.01 per cwt. $0.01 per cwt.,�except Cab = $0.005
Price Limits $0.75 per cwt. None
Options Exercise n/a On any day that the option is traded
Strike PriceIntervals
n/a $0.25
Termination of Trading
Business day priorto USDA
Class III Milk Priceannouncement
Same as futures
Trading Hours RTH
9:05 a.m. to 1:10 pm
(9:05 a.m. to 12:10p.m. on
last trading day)
9:05 a.m. to 1:12 p.m.(9:05 a.m. to
12:10 p.m. on last tradingday)
Trading Hours Globex
Trading extendsfrom Monday at9:05 a.m. Central
Time (CT) throughFriday at 1:30 p.m.
with daily hour-long trading halts
at 4:00 p.m.
same as Globex futures
Position Limits: Expiring
contract month
1500 contracts Aggregated with futures on an
equivalent basis
Ticker Symbols RTH / Globex DA / DC
Calls: DA/DCPuts: DA/DC
Contract Specifications: CME Class IV Milk Futures
Futures Options on Futures
Trading Unit 200,000 pounds Same as futures
Contract Months 24 consecutivecalendar months
Same as futures
Months Listed All All
MinimumFluctuation
$0.01 per cwt. $0.01 per cwt.,except Cab = $0.005
Price Limits $0.75 per cwt. None
Options Exercise n/a On any day that the option is traded
Strike PriceIntervals
n/a $0.25
Termination ofTrading
Business day prior toUSDA Class IV MilkPrice announcement
Same as futures
Trading Hours
9:05 a.m to 1:10 p.m(9:05 a.m. - 12:10 p.m.
on last trading day)
9:05 a.m. to 1:12 p.m.(9:05 a.m. - 12:10 p.m.
on last trading day)
Trading Hours Globex
Trading extends fromMonday at 9:05 a.m.Central Time (CT)
through Friday at 1:30p.m. with daily hour-long trading halts at
4:00 p.m.
same as Globex futures
Position Limits:Expiring contract
month
1500 contracts Aggregated with futures on
an equivalent basis
Ticker Symbol:RTH/Globex
DK/GDK Calls: DK/GDKPuts: DK/GDK
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4 HISTORICAL DAIRY REPORT
Nonfat Dry Milk Futures
Merchandisers, producers, processors, andspeculators can now engage in price discovery andeffectively manage price risk in Nonfat Dry Milk, a by-product derived from manufacturing butter. Thisproduct can be stored, used in various food sources,and/or reconstituted into milk. Futures complementCME Group’s overall dairy product complex, enablingusers both to hedge and to trade milk against its majormilk products.
Butter Futures
Producers, consumers, merchandisers, andspeculators can engage in price discovery and manageprice risk for butter utilizing a physically delivered contract. Futures reflect cash market supply, demand,and cold-storage stocks.
Contract Specifications: CME Nonfat Dry Milk Futures
Futures Options on Futures
Trading Unit 44,000 pounds Grade AA or Extra
Same as futures
Contract Months 24 months Same as futures
Months Listed All Same as futures
Minimum Fluctuation $0.00025 per pound $0.00025 per pound,except Cab = $0.000125
Price Limits $0.025 per pound;expandable to $0.05 if
contract nearest to expiration subject to
daily price limit closeson the limit bid or offer
None
Options Exercise n/a Any day option is traded
Strike Price Intervals n/a $0.02
Termination ofTrading
Business day prior toUSDA Nonfat Dry Milk
Price announcement
Same as futures
Trading HoursRTH
9:05 a.m. to 1:10 p.m.(9:05 a.m. - 12:10 p.m.
on last trading day)
9:05 a.m. to 1:12 p.m.(9:05 a.m. - 12:10 p.m.
on last trading day)
Trading HoursGlobex
Trading extends from9:05 am Monday (CT)through 1:30 pm Friday
with daily hour-longtrading halts at 4:00 pm
same as Globex futures
Position Limits:Expiring month1st scale down
Other contractmonths
100 during the last 5days of trading
1,000 in any contractmonth
Aggregated with futures on
an equivalent basis
Ticker Symbol RTH / Globex
NF / GNF Calls: NZPuts: NZ
Contract Specifications: CME Butter Futures
Futures (RTH) Options on Futures
Trading Unit 40,000 pounds Grade AA
Same as futures
Contract Months 6 months Same as Futures
Months Listed Mar, May, Jul,Sep, Oct, Dec
Same as futures
Minimum Fluctuation $0.00025 per pound $0.00025 per pound,Cab = $0.000125
Price Limits $0.05 per pound; expandable to $0.10 ifthe contract nearest to
expiration that is subject to daily price
limit closes on the limitbid or offer
None
Options Exercise n/a Any day option traded.
Strike Price Intervals n/a $0.02
Termination ofTrading
The eighth-to-last business day of the
month
First Friday of the month
Trading Hours 9:05 a.m. to 1:10 p.m.(9:05 a.m. - 12:10 p.m.
on last trading day)
9:05 a.m. to 1:12 p.m.(9:05 a.m. - 12:10 p.m.
on last trading day)
Position Limits:Expiring Contract
month1st scale down
2nd scale down
Other contractmonths
150 at the close of business on the first
business day followingthe first Friday of the
contract month
50 during the last 5 days of trading
1,000 all months combined or 900
in any contact month
Aggregated with futures on
an equivalent basis
Ticker Symbol DB Calls: DBPuts: DB
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MOORE RESEARCH CENTER, INC. 5
Cash-settled Butter
In September 2007, CME Group launched optionson Cash-Settled Butter futures. Contract size at 20,000pounds is half the size of deliverable butter futures.
Dry Whey Futures
Producers, consumers, merchandisers, andspeculators can engage in price discovery and manageprice risk for dry whey, which is a by-product frommanufacturing cheese. Whey is the liquid that separatesfrom milk in the process of cheese making. Dried whey,high in protein and low in fat, is used in a variety offoods such as crackers, breads, cereal, and commercialpastries. It is increasingly used in the popular energyand power bars as well as protein drinks and powders. Italso has use as an animal feed.
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Contract Specs: CME Cash-Settled Butter Futures (Globex Only)
Futures Options
Trading Unit 20,000 lbs Grade AA Butter
same as futures
Contract Listing 24 consecutive calendar months
same as futures
Minimum Fluctuation 1 point = $0.00025/lb = $5.00
same as futures
Price Limits $0.05 per pound, expanded to $0.10 after
one-day limit move
n/a
Termination ofTrading
Business day precedingrelease date for USDA
monthly price in the USfor Butter
same as futures
Trading Hours Trading extends fromMonday at 9:05 a.m.
(CT) through Friday at1:30 p.m. with daily
hour-long trading halts at 4:00 p.m.
same as futures
Options Exercise n/a Any day option traded
Strike Price Intervals n/a $0.02 per pound
Ticker Symbol CB Puts/Calls: CB�
Contract Specs: CME Dry Whey Futures (Globex Only)
Futures Options
Trading Unit 44,000 poundsExtra Grade
same as futures
Contract Listing 24 consecutivecalendar months
same as futures
Minimum Fluctuation 1 point = $0.00025/lb =$11.00
same as futures, but alsoCab $0.000125 = $5.50
Price Limits $0.04 per pound,except no limit in
spot month during last 5 trading days of month
n/a
Termination ofTrading
Business day precedingrelease date for USDA
monthly price in the USfor Butter
same as futures
Trading Hours Trading extends fromMonday at 9:05 a.m.
(CT) through Friday at1:30 p.m. with daily
hour-long trading halts at 4:00 p.m.
same as futures
Options Exercise n/a Any day option traded
Strike Price Intervals n/a $0.02 per pound
Ticker Symbol DY Puts/Calls: DY
6 HISTORICAL DAIRY REPORT
Seasonal Pattern Chart Explanation
Each chart consists of two aspects of a market’s seasonal pattern—the longest (up to 10 years) for which data exists (solid line) and its most recent 5-year (dotted line), December 2007 contracts inclusive. Thus, any evolution
in the pattern may be perceived, as well as trends, tops, and bottoms coincident to both. The numerical index to theright measures the greatest historical tendency for the market to make a seasonal high (100) or low (0) at a given time.
Besides illustrating the more obvious seasonal tops, seasonal bottoms, and seasonal trends, these patterns also suggest certain cause/effect phenomena which may present secondary opportunities. For instance, do smaller but well-defined breaks/rallies typically precede certain events, such as the Super Bowl or expiration of a lead contract? If so, does there exist an implied opportunity?
January Class III Milk(CME) Seasonal Patterns(1999-2007)
Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 0
20
40
60
80
100
9 YearPattern
5 YearPattern
How to Interpret Seasonal Average Charts
Futures markets are designed to enable those involved in the commerce of the underlying commodity to manage theirrisk of price fluctuation. Because commercial hedging is a purchase or sale in futures that temporarily
substitutes for a similar transaction in the cash market, the relationship between cash and futures is of vital importance.Charts in the Basis section portray an averaged difference between a designated cash price and a designated
futures contract price, commonly referred to as “basis.” Per industry standard, the daily futures closing price is subtracted from the underlying cash price to determine chart points and cash quotes of “$1.00 over” or “$0.05 under”futures—the fluctuation of cash around futures. Because futures prices are the reference against which cash quotes aremade, futures prices are represented on the charts by the 0-line. [The chart itself consists of both a longer average (thesolid line) and its most recent 5-year average (the dotted line).] From these charts, one may discern not only the degree to which basis typically widens/narrows at any given time of the year.
Cheddar Cheese Blocks - Jan Class III Milk(CME) 10 Year Average(98-07)
Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
10 YearPattern
5 YearPattern
How
to I
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pret
Sea
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tern
Cha
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8 HISTORICAL DAIRY REPORT
PageSEASONAL PATTERNS & WEEKLY CONTINUATIONS
Jan, Feb, Mar, Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
May, Jun, Jul, Aug . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Sep, Oct, Nov, Dec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Jan vs: Feb, Mar, Apr, May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Feb vs: Mar, Apr, May, Jun . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Mar vs: Apr, May, Jun, Jul . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Apr vs: May, Jun, Jul, Aug . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
May vs: Jun, Jul, Aug, Sep . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Jun vs: Jul, Aug, Sep, Oct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
Jul vs: Aug, Sep, Oct, Nov . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Aug vs: Sep, Oct, Nov, Dec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Sep vs: Oct, Nov, Dec, Jan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
Oct vs: Nov, Dec, Jan, Feb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
Nov vs: Dec, Jan, Feb, Mar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
Dec vs: Jan, Feb, Mar, Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
STRATEGIESSeasonal Trade & Spreads Strategy Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
Seasonal Strategy Detail Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
Cla
ss I
II M
ilk
Class III Milk
MOORE RESEARCH CENTER, INC. 9
February Class III Milk(CME) Seasonal Patterns(1999-2007)
Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 0
20
40
60
80
100
9 YearPattern
5 YearPattern
January Class III Milk(CME) Seasonal Patterns(1999-2007)
Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 0
20
40
60
80
100
9 YearPattern
5 YearPattern
March Class III Milk(CME) Seasonal Patterns(1999-2007)
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 0
20
40
60
80
100
9 YearPattern
5 YearPattern
Cla
ss I
II M
ilk S
easo
nal P
atte
rns
April Class III Milk(CME) Seasonal Patterns(1999-2007)
Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr 0
20
40
60
80
100
9 YearPattern
5 YearPattern
10 HISTORICAL DAIRY REPORT
Weekly Feb Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 20079.00
10.00
11.00
12.00
13.00
14.00
15.00
16.00
17.00
18.00
Weekly Jan Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 20079.00
10.00
11.00
12.00
13.00
14.00
15.00
16.00
17.00
18.00
19.00
Weekly Mar Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 20078.00
9.00
10.00
11.00
12.00
13.00
14.00
15.00
16.00
17.00
18.00
Weekly Apr Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 20078.00
10.00
12.00
14.00
16.00
18.00
20.00 C
lass
III
Milk
Wee
klie
s
MOORE RESEARCH CENTER, INC. 11
June Class III Milk(CME) Seasonal Patterns(1999-2007)
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 0
20
40
60
80
100
9 YearPattern
5 YearPattern
May Class III Milk(CME) Seasonal Patterns(1998-2007)
Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 0
20
40
60
80
100
10 YearPattern
5 YearPattern
Cla
ss I
II M
ilk S
easo
nal P
atte
rns
July Class III Milk(CME) Seasonal Patterns(1999-2007)
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 0
20
40
60
80
100
9 YearPattern
5 YearPattern
August Class III Milk(CME) Seasonal Patterns(1998-2007)
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 0
20
40
60
80
100
10 YearPattern
5 YearPattern
12 HISTORICAL DAIRY REPORT
Weekly Jun Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 20078.00
10.00
12.00
14.00
16.00
18.00
20.00
22.00
Weekly May Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 20078.00
10.00
12.00
14.00
16.00
18.00
20.00
22.00
Weekly Jul Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 20078.00
10.00
12.00
14.00
16.00
18.00
20.00
22.00
24.00
Weekly Aug Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 20078.00
10.00
12.00
14.00
16.00
18.00
20.00
22.00 C
lass
III
Milk
Wee
klie
s
MOORE RESEARCH CENTER, INC. 13
October Class III Milk(CME) Seasonal Patterns(1997-2007)
Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct 0
20
40
60
80
100
11 YearPattern
5 YearPattern
September Class III Milk(CME) Seasonal Patterns(1998-2007)
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 0
20
40
60
80
100
10 YearPattern
5 YearPattern
Cla
ss I
II M
ilk S
easo
nal P
atte
rns
November Class III Milk(CME) Seasonal Patterns(1997-2007)
Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 0
20
40
60
80
100
11 YearPattern
5 YearPattern
December Class III Milk(CME) Seasonal Patterns(1997-2007)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 0
20
40
60
80
100
11 YearPattern
5 YearPattern
14 HISTORICAL DAIRY REPORT
Weekly Oct Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 20078.00
10.00
12.00
14.00
16.00
18.00
20.00
22.00
Weekly Sep Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 20078.00
10.00
12.00
14.00
16.00
18.00
20.00
22.00
Weekly Nov Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 20078.00
10.00
12.00
14.00
16.00
18.00
20.00
Weekly Dec Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 20078.00
10.00
12.00
14.00
16.00
18.00
20.00
22.00 C
lass
III
Milk
Wee
klie
s
MOORE RESEARCH CENTER, INC. 15
Jan Class III Milk(CME) - Mar Class III Milk(CME) 10 Year Seasonal(98-07)
Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 0
20
40
60
80
100
10 YearPattern
5 YearPattern
Jan Class III Milk(CME) - Feb Class III Milk(CME) 10 Year Seasonal(98-07)
Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 0
20
40
60
80
100
10 YearPattern
5 YearPattern
Cla
ss I
II M
ilk S
prea
d Se
ason
al P
atte
rns:
Jan
uary
Jan Class III Milk(CME) - Apr Class III Milk(CME) 10 Year Seasonal(98-07)
Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 0
20
40
60
80
100
10 YearPattern
5 YearPattern
Jan Class III Milk(CME) - May Class III Milk(CME) 10 Year Seasonal(98-07)
Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 0
20
40
60
80
100
10 YearPattern
5 YearPattern
16 HISTORICAL DAIRY REPORT
Weekly Jan Class III Milk(CME) - Mar Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-6.00
-5.00
-4.00
-3.00
-2.00
-1.00
0.00
1.00
2.00
3.00
4.00
5.00
Weekly Jan Class III Milk(CME) - Feb Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-8.00
-6.00
-4.00
-2.00
0.00
2.00
4.00
6.00
Weekly Jan Class III Milk(CME) - Apr Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-6.00
-5.00
-4.00
-3.00
-2.00
-1.00
0.00
1.00
2.00
3.00
4.00
5.00
Weekly Jan Class III Milk(CME) - May Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-6.00
-5.00
-4.00
-3.00
-2.00
-1.00
0.00
1.00
2.00
3.00
4.00
5.00 C
lass
III
Milk
Spr
ead
Wee
klie
s: J
anua
ry
MOORE RESEARCH CENTER, INC. 17
Feb Class III Milk(CME) - Apr Class III Milk(CME) 10 Year Seasonal(98-07)
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 0
20
40
60
80
100
10 YearPattern
5 YearPattern
Feb Class III Milk(CME) - Mar Class III Milk(CME) 10 Year Seasonal(98-07)
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 0
20
40
60
80
100
10 YearPattern
5 YearPattern
Feb Class III Milk(CME) - May Class III Milk(CME) 10 Year Seasonal(98-07)
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 0
20
40
60
80
100
10 YearPattern
5 YearPattern
Cla
ss I
II M
ilk S
prea
d Se
ason
al P
atte
rns:
Feb
ruar
y
Feb Class III Milk(CME) - Jun Class III Milk(CME) 10 Year Seasonal(98-07)
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 0
20
40
60
80
100
10 YearPattern
5 YearPattern
18 HISTORICAL DAIRY REPORT
Weekly Feb Class III Milk(CME) - Apr Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-3.00
-2.50
-2.00
-1.50
-1.00
-0.50
0.00
0.50
1.00
1.50
2.00
2.50
Weekly Feb Class III Milk(CME) - Mar Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-2.00
-1.50
-1.00
-0.50
0.00
0.50
1.00
1.50
2.00
Weekly Feb Class III Milk(CME) - May Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-4.00
-3.00
-2.00
-1.00
0.00
1.00
2.00
3.00
Weekly Feb Class III Milk(CME) - Jun Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-4.00
-3.00
-2.00
-1.00
0.00
1.00
2.00
3.00 C
lass
III
Milk
Spr
ead
Wee
klie
s: F
ebru
ary
MOORE RESEARCH CENTER, INC. 19
Mar Class III Milk(CME) - May Class III Milk(CME) 10 Year Seasonal(98-07)
May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 0
20
40
60
80
100
10 YearPattern
5 YearPattern
Mar Class III Milk(CME) - Apr Class III Milk(CME) 10 Year Seasonal(98-07)
May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 0
20
40
60
80
100
10 YearPattern
5 YearPattern
Mar Class III Milk(CME) - Jun Class III Milk(CME) 10 Year Seasonal(98-07)
May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 0
20
40
60
80
100
10 YearPattern
5 YearPattern
Cla
ss I
II M
ilk S
prea
d Se
ason
al P
atte
rns:
Mar
ch
Mar Class III Milk(CME) - Jul Class III Milk(CME) 10 Year Seasonal(98-07)
May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 0
20
40
60
80
100
10 YearPattern
5 YearPattern
20 HISTORICAL DAIRY REPORT
Weekly Mar Class III Milk(CME) - May Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-5.00
-4.00
-3.00
-2.00
-1.00
0.00
1.00
2.00
Weekly Mar Class III Milk(CME) - Apr Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-5.00
-4.00
-3.00
-2.00
-1.00
0.00
1.00
2.00
Weekly Mar Class III Milk(CME) - Jun Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-4.00
-3.00
-2.00
-1.00
0.00
1.00
2.00
Weekly Mar Class III Milk(CME) - Jul Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-3.00
-2.50
-2.00
-1.50
-1.00
-0.50
0.00
0.50
1.00
1.50
2.00 C
lass
III
Milk
Spr
ead
Wee
klie
s: M
arch
MOORE RESEARCH CENTER, INC. 21
Apr Class III Milk(CME) - Jun Class III Milk(CME) 10 Year Seasonal(98-07)
Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr 0
20
40
60
80
100
10 YearPattern
5 YearPattern
Apr Class III Milk(CME) - May Class III Milk(CME) 10 Year Seasonal(98-07)
Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr 0
20
40
60
80
100
10 YearPattern
5 YearPattern
Apr Class III Milk(CME) - Jul Class III Milk(CME) 10 Year Seasonal(98-07)
Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr 0
20
40
60
80
100
10 YearPattern
5 YearPattern
Cla
ss I
II M
ilk S
prea
d Se
ason
al P
atte
rns:
Apr
il
Apr Class III Milk(CME) - Aug Class III Milk(CME) 10 Year Seasonal(98-07)
Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr 0
20
40
60
80
100
10 YearPattern
5 YearPattern
22 HISTORICAL DAIRY REPORT
Weekly Apr Class III Milk(CME) - Jun Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-3.00
-2.00
-1.00
0.00
1.00
2.00
3.00
4.00
Weekly Apr Class III Milk(CME) - May Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-2.50
-2.00
-1.50
-1.00
-0.50
0.00
0.50
1.00
1.50
Weekly Apr Class III Milk(CME) - Jul Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-3.00
-2.00
-1.00
0.00
1.00
2.00
3.00
4.00
5.00
Weekly Apr Class III Milk(CME) - Aug Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-4.00
-3.00
-2.00
-1.00
0.00
1.00
2.00
3.00
4.00
5.00 C
lass
III
Milk
Spr
ead
Wee
klie
s: A
pril
MOORE RESEARCH CENTER, INC. 23
May Class III Milk(CME) - Jul Class III Milk(CME) 10 Year Seasonal(98-07)
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 0
20
40
60
80
100
10 YearPattern
5 YearPattern
May Class III Milk(CME) - Jun Class III Milk(CME) 10 Year Seasonal(98-07)
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 0
20
40
60
80
100
10 YearPattern
5 YearPattern
May Class III Milk(CME) - Aug Class III Milk(CME) 10 Year Seasonal(98-07)
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 0
20
40
60
80
100
10 YearPattern
5 YearPattern
Cla
ss I
II M
ilk S
prea
d Se
ason
al P
atte
rns:
May
May Class III Milk(CME) - Sep Class III Milk(CME) 10 Year Seasonal(98-07)
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 0
20
40
60
80
100
10 YearPattern
5 YearPattern
24 HISTORICAL DAIRY REPORT
Weekly May Class III Milk(CME) - Jul Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-4.00
-3.00
-2.00
-1.00
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
Weekly May Class III Milk(CME) - Jun Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-3.00
-2.00
-1.00
0.00
1.00
2.00
3.00
4.00
5.00
Weekly May Class III Milk(CME) - Aug Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-3.00
-2.00
-1.00
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
Weekly May Class III Milk(CME) - Sep Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-4.00
-3.00
-2.00
-1.00
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00 C
lass
III
Milk
Spr
ead
Wee
klie
s: M
ay
MOORE RESEARCH CENTER, INC. 25
Jun Class III Milk(CME) - Aug Class III Milk(CME) 10 Year Seasonal(98-07)
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 0
20
40
60
80
100
10 YearPattern
5 YearPattern
Jun Class III Milk(CME) - Jul Class III Milk(CME) 10 Year Seasonal(98-07)
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 0
20
40
60
80
100
10 YearPattern
5 YearPattern
Jun Class III Milk(CME) - Sep Class III Milk(CME) 10 Year Seasonal(98-07)
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 0
20
40
60
80
100
10 YearPattern
5 YearPattern
Cla
ss I
II M
ilk S
prea
d Se
ason
al P
atte
rns:
Jun
e
Jun Class III Milk(CME) - Oct Class III Milk(CME) 10 Year Seasonal(98-07)
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 0
20
40
60
80
100
10 YearPattern
5 YearPattern
26 HISTORICAL DAIRY REPORT
Weekly Jun Class III Milk(CME) - Aug Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-3.00
-2.00
-1.00
0.00
1.00
2.00
3.00
4.00
5.00
Weekly Jun Class III Milk(CME) - Jul Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-3.00
-2.00
-1.00
0.00
1.00
2.00
3.00
4.00
Weekly Jun Class III Milk(CME) - Sep Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-4.00
-3.00
-2.00
-1.00
0.00
1.00
2.00
3.00
4.00
5.00
Weekly Jun Class III Milk(CME) - Oct Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-4.00
-3.00
-2.00
-1.00
0.00
1.00
2.00
3.00
4.00
5.00 C
lass
III
Milk
Spr
ead
Wee
klie
s: J
une
MOORE RESEARCH CENTER, INC. 27
Jul Class III Milk(CME) - Sep Class III Milk(CME) 10 Year Seasonal(98-07)
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 0
20
40
60
80
100
10 YearPattern
5 YearPattern
Jul Class III Milk(CME) - Aug Class III Milk(CME) 10 Year Seasonal(98-07)
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 0
20
40
60
80
100
10 YearPattern
5 YearPattern
Jul Class III Milk(CME) - Oct Class III Milk(CME) 10 Year Seasonal(98-07)
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 0
20
40
60
80
100
10 YearPattern
5 YearPattern
Cla
ss I
II M
ilk S
prea
d Se
ason
al P
atte
rns:
Jul
y
Jul Class III Milk(CME) - Nov Class III Milk(CME) 10 Year Seasonal(98-07)
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 0
20
40
60
80
100
10 YearPattern
5 YearPattern
28 HISTORICAL DAIRY REPORT
Weekly Jul Class III Milk(CME) - Sep Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-4.00
-3.00
-2.00
-1.00
0.00
1.00
2.00
3.00
4.00
Weekly Jul Class III Milk(CME) - Aug Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-3.00
-2.00
-1.00
0.00
1.00
2.00
3.00
Weekly Jul Class III Milk(CME) - Oct Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-4.00
-3.00
-2.00
-1.00
0.00
1.00
2.00
3.00
4.00
5.00
Weekly Jul Class III Milk(CME) - Nov Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-3.00
-2.00
-1.00
0.00
1.00
2.00
3.00
4.00
5.00 C
lass
III
Milk
Spr
ead
Wee
klie
s: J
uly
MOORE RESEARCH CENTER, INC. 29
Aug Class III Milk(CME) - Oct Class III Milk(CME) 11 Year Seasonal(97-07)
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 0
20
40
60
80
100
11 YearPattern
5 YearPattern
Aug Class III Milk(CME) - Sep Class III Milk(CME) 11 Year Seasonal(97-07)
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 0
20
40
60
80
100
11 YearPattern
5 YearPattern
Aug Class III Milk(CME) - Nov Class III Milk(CME) 11 Year Seasonal(97-07)
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 0
20
40
60
80
100
11 YearPattern
5 YearPattern
Cla
ss I
II M
ilk S
prea
d Se
ason
al P
atte
rns:
Aug
ust
Aug Class III Milk(CME) - Dec Class III Milk(CME) 11 Year Seasonal(97-07)
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 0
20
40
60
80
100
11 YearPattern
5 YearPattern
30 HISTORICAL DAIRY REPORT
Weekly Aug Class III Milk(CME) - Oct Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-2.00
-1.50
-1.00
-0.50
0.00
0.50
1.00
1.50
2.00
2.50
Weekly Aug Class III Milk(CME) - Sep Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-2.00
-1.50
-1.00
-0.50
0.00
0.50
1.00
1.50
Weekly Aug Class III Milk(CME) - Nov Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-3.00
-2.00
-1.00
0.00
1.00
2.00
3.00
4.00
Weekly Aug Class III Milk(CME) - Dec Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-3.00
-2.00
-1.00
0.00
1.00
2.00
3.00
4.00
5.00 C
lass
III
Milk
Spr
ead
Wee
klie
s: A
ugus
t
MOORE RESEARCH CENTER, INC. 31
Sep Class III Milk(CME) - Nov Class III Milk(CME) 11 Year Seasonal(97-07)
Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 0
20
40
60
80
100
11 YearPattern
5 YearPattern
Sep Class III Milk(CME) - Oct Class III Milk(CME) 11 Year Seasonal(97-07)
Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 0
20
40
60
80
100
11 YearPattern
5 YearPattern
Sep Class III Milk(CME) - Dec Class III Milk(CME) 11 Year Seasonal(97-07)
Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 0
20
40
60
80
100
11 YearPattern
5 YearPattern
Cla
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ason
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rns:
Sep
tem
ber
Sep Class III Milk(CME) - Jan Class III Milk(CME) 11 Year Seasonal(97/98-07/08)
Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 0
20
40
60
80
100
11 YearPattern
5 YearPattern
32 HISTORICAL DAIRY REPORT
Weekly Sep Class III Milk(CME) - Nov Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-1.50
-1.00
-0.50
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
Weekly Sep Class III Milk(CME) - Oct Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-1.00
-0.50
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
Weekly Sep Class III Milk(CME) - Dec Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-2.00
-1.00
0.00
1.00
2.00
3.00
4.00
5.00
Weekly Sep Class III Milk(CME) - Jan Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-2.00
-1.00
0.00
1.00
2.00
3.00
4.00
5.00 C
lass
III
Milk
Spr
ead
Wee
klie
s: S
epte
mbe
r
MOORE RESEARCH CENTER, INC. 33
Oct Class III Milk(CME) - Dec Class III Milk(CME) 11 Year Seasonal(97-07)
Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct 0
20
40
60
80
100
11 YearPattern
5 YearPattern
Oct Class III Milk(CME) - Nov Class III Milk(CME) 11 Year Seasonal(97-07)
Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct 0
20
40
60
80
100
11 YearPattern
5 YearPattern
Oct Class III Milk(CME) - Jan Class III Milk(CME) 11 Year Seasonal(97/98-07/08)
Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct 0
20
40
60
80
100
11 YearPattern
5 YearPattern
Cla
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prea
d Se
ason
al P
atte
rns:
Oct
ober
Oct Class III Milk(CME) - Feb Class III Milk(CME) 11 Year Seasonal(97/98-07/08)
Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct 0
20
40
60
80
100
11 YearPattern
5 YearPattern
34 HISTORICAL DAIRY REPORT
Weekly Oct Class III Milk(CME) - Dec Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-1.00
-0.50
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
Weekly Oct Class III Milk(CME) - Nov Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-1.00
-0.50
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
Weekly Oct Class III Milk(CME) - Jan Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-2.00
-1.00
0.00
1.00
2.00
3.00
4.00
5.00
Weekly Oct Class III Milk(CME) - Feb Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-2.00
-1.00
0.00
1.00
2.00
3.00
4.00
5.00
6.00 C
lass
III
Milk
Spr
ead
Wee
klie
s: O
ctob
er
MOORE RESEARCH CENTER, INC. 35
Nov Class III Milk(CME) - Jan Class III Milk(CME) 11 Year Seasonal(97/98-07/08)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 0
20
40
60
80
100
11 YearPattern
5 YearPattern
Nov Class III Milk(CME) - Dec Class III Milk(CME) 11 Year Seasonal(97-07)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 0
20
40
60
80
100
11 YearPattern
5 YearPattern
Nov Class III Milk(CME) - Feb Class III Milk(CME) 11 Year Seasonal(97/98-07/08)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 0
20
40
60
80
100
11 YearPattern
5 YearPattern
Cla
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prea
d Se
ason
al P
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rns:
Nov
embe
r
Nov Class III Milk(CME) - Mar Class III Milk(CME) 11 Year Seasonal(97/98-07/08)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 0
20
40
60
80
100
11 YearPattern
5 YearPattern
36 HISTORICAL DAIRY REPORT
Weekly Nov Class III Milk(CME) - Jan Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-1.50
-1.00
-0.50
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
Weekly Nov Class III Milk(CME) - Dec Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-2.50
-2.00
-1.50
-1.00
-0.50
0.00
0.50
1.00
1.50
2.00
Weekly Nov Class III Milk(CME) - Feb Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-2.00
-1.00
0.00
1.00
2.00
3.00
4.00
5.00
Weekly Nov Class III Milk(CME) - Mar Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-2.00
-1.00
0.00
1.00
2.00
3.00
4.00
5.00 C
lass
III
Milk
Spr
ead
Wee
klie
s: N
ovem
ber
MOORE RESEARCH CENTER, INC. 37
Dec Class III Milk(CME) - Feb Class III Milk(CME) 10 Year Seasonal(98/99-07/08)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 0
20
40
60
80
100
10 YearPattern
5 YearPattern
Dec Class III Milk(CME) - Jan Class III Milk(CME) 10 Year Seasonal(98/99-07/08)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 0
20
40
60
80
100
10 YearPattern
5 YearPattern
Dec Class III Milk(CME) - Mar Class III Milk(CME) 10 Year Seasonal(98/99-07/08)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 0
20
40
60
80
100
10 YearPattern
5 YearPattern
Cla
ss I
II M
ilk S
prea
d Se
ason
al P
atte
rns:
Dec
embe
r
Dec Class III Milk(CME) - Apr Class III Milk(CME) 10 Year Seasonal(98/99-07/08)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 0
20
40
60
80
100
10 YearPattern
5 YearPattern
38 HISTORICAL DAIRY REPORT
Weekly Dec Class III Milk(CME) - Feb Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-2.00
-1.00
0.00
1.00
2.00
3.00
4.00
Weekly Dec Class III Milk(CME) - Jan Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-1.50
-1.00
-0.50
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
Weekly Dec Class III Milk(CME) - Mar Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-2.00
-1.00
0.00
1.00
2.00
3.00
4.00
5.00
Weekly Dec Class III Milk(CME) - Apr Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-2.00
-1.00
0.00
1.00
2.00
3.00
4.00
5.00 C
lass
III
Milk
Spr
ead
Wee
klie
s: D
ecem
ber
MOORE RESEARCH CENTER, INC. 39
Cla
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Note: These trade strategies have worked with historical consistency. No representation is being made that they will work this year or in the future. Please check current market fundamentals and technical conditions before considering these trades. This information is not a recommendation to buy or sell at this time, but merely a historical presentation of trade strategies. Past results are not necessarily indicative of future results. No representation is being made that an account will or is likely to achieve profits or incur losses similar to those shown.
SEASONAL TENDENCIES ARE A COMPOSITE OF SOME OF THE MORE CONSISTENT COMMODITY FUTURES SEASONALS THAT HAVE OCCURRED OVER THE PAST 15 YEARS. THERE ARE USUALLY UNDERLYINGFUNDAMENTAL CIRCUMSTANCES THAT OCCUR ANNUALLY THAT TEND TO CAUSE THE FUTURES MARKETS TO REACT IN A SIMILAR DIRECTIONAL MANNER DURING A CERTAIN CALENDAR PERIOD OF THE YEAR. EVENIF A SEASONAL TENDENCY OCCURS IN THE FUTURE, IT MAY NOT RESULT IN A PROFITABLE TRANSACTION AS FEES, AND THE TIMING OF THE ENTRY AND LIQUIDATION MAY IMPACT ON THE RESULTS. NOREPRESENTATION IS BEING MADE THAT ANY ACCOUNT HAS IN THE PAST OR WILL IN THE FUTURE ACHIEVE PROFITS UTILIZING THESE STRATEGIES. NO REPRESENTATION IS BEING MADE THAT PRICE PATTERNS WILLRECUR IN THE FUTURE. HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL ORIS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTSSUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OFHINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUALTRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUALTRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTEDFOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Copyright ©1989-2008 Moore Research Center, Inc.
Class III Milk Seasonal & Spread StrategiesSeasonalStrategy
EntryDate
ExitDate
WinPct
WinYears
LossYears
TotalYears
AverageProfit
Ave PftPer Day
PgNo
1 Buy Class III Milk(CME)—May 1/02 1/17 80 8 2 10 438 27/16 41
2 Buy Apr Class III Milk(CME)Sell Jul Class III Milk(CME)
2/04 4/03 90 9 1 10 988 16/60 42
3 Buy Apr Class III Milk(CME)Sell Jun Class III Milk(CME)
2/23 4/06 90 9 1 10 714 16/44 42
4 Buy Apr Class III Milk(CME)Sell Mar Class III Milk(CME)
2/25 3/26 90 9 1 10 1086 35/31 43
5 Sell Class III Milk(CME)—April 2/26 3/05 90 9 1 10 416 46/9 43
6 Buy Class III Milk(CME)—April 3/07 4/07 80 8 2 10 1502 47/32 44
7 Buy May Class III Milk(CME)Sell Jun Class III Milk(CME)
3/10 5/07 90 9 1 10 904 15/59 44
8 Buy Class III Milk(CME)—August 3/17 6/13 90 9 1 10 2084 23/89 45
9 Buy Sep Class III Milk(CME)Sell Dec Class III Milk(CME)
3/17 6/13 90 9 1 10 1312 15/89 45
10 Buy Class III Milk(CME)—April 3/18 4/09 90 9 1 10 734 32/23 46
11 Buy May Class III Milk(CME)Sell Jun Class III Milk(CME)
3/20 4/28 90 9 1 10 782 20/40 46
12 Buy Class III Milk(CME)—April 3/21 4/05 100 10 0 10 568 35/16 47
13 Buy May Class III Milk(CME)Sell Jun Class III Milk(CME)
3/25 4/28 90 9 1 10 826 24/35 47
14 Buy Sep Class III Milk(CME)Sell Jun Class III Milk(CME)
4/15 4/28 80 8 2 10 510 36/14 48
15 Buy Class III Milk(CME)—September 4/26 6/13 90 9 1 10 1512 31/49 48
16 Buy Oct Class III Milk(CME)Sell Jul Class III Milk(CME)
5/04 5/16 90 9 1 10 524 40/13 49
17 Buy Aug Class III Milk(CME)Sell Oct Class III Milk(CME)
5/15 6/09 100 10 0 10 916 35/26 49
18 Buy Sep Class III Milk(CME)Sell Dec Class III Milk(CME)
5/20 6/13 90 9 1 10 1222 49/25 50
19 Buy Jul Class III Milk(CME)Sell Jun Class III Milk(CME)
5/20 6/19 80 8 2 10 874 28/31 50
40 HISTORICAL DAIRY REPORT
Note: These trade strategies have worked with historical consistency. No representation is being made that they will work this year or in the future. Please check current market fundamentals and technical conditions before considering these trades. This information is not a recommendation to buy or sell at this time, but merely a historical presentation of trade strategies. Past results are not necessarily indicative of future results. No representation is being made that an account will or is likely to achieve profits or incur losses similar to those shown.
SEASONAL TENDENCIES ARE A COMPOSITE OF SOME OF THE MORE CONSISTENT COMMODITY FUTURES SEASONALS THAT HAVE OCCURRED OVER THE PAST 15 YEARS. THERE ARE USUALLY UNDERLYINGFUNDAMENTAL CIRCUMSTANCES THAT OCCUR ANNUALLY THAT TEND TO CAUSE THE FUTURES MARKETS TO REACT IN A SIMILAR DIRECTIONAL MANNER DURING A CERTAIN CALENDAR PERIOD OF THE YEAR. EVENIF A SEASONAL TENDENCY OCCURS IN THE FUTURE, IT MAY NOT RESULT IN A PROFITABLE TRANSACTION AS FEES, AND THE TIMING OF THE ENTRY AND LIQUIDATION MAY IMPACT ON THE RESULTS. NOREPRESENTATION IS BEING MADE THAT ANY ACCOUNT HAS IN THE PAST OR WILL IN THE FUTURE ACHIEVE PROFITS UTILIZING THESE STRATEGIES. NO REPRESENTATION IS BEING MADE THAT PRICE PATTERNS WILLRECUR IN THE FUTURE. HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL ORIS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTSSUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OFHINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUALTRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUALTRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTEDFOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Copyright ©1989-2008 Moore Research Center, Inc. Cla
ss I
II M
ilk S
trat
egy
Sum
mar
y
Class III Milk Seasonal & Spread StrategiesSeasonalStrategy
EntryDate
ExitDate
WinPct
WinYears
LossYears
TotalYears
AverageProfit
Ave PftPer Day
PgNo
20 Buy Jul Class III Milk(CME)Sell Oct Class III Milk(CME)
5/21 5/28 100 10 0 10 698 87/8 51
21 Buy Class III Milk(CME)—July 5/21 5/29 90 9 1 10 1008 112/9 51
22 Buy Jul Class III Milk(CME)Sell Oct Class III Milk(CME)
5/21 6/04 90 9 1 10 1090 73/15 52
23 Buy Class III Milk(CME)—July 5/21 6/13 90 9 1 10 1710 71/24 52
24 Buy Class III Milk(CME)—June 5/22 5/30 90 9 1 10 696 77/9 53
25 Buy Class III Milk(CME)—July 5/22 6/05 90 9 1 10 1332 89/15 53
26 Buy Sep Class III Milk(CME)Sell Dec Class III Milk(CME)
6/01 6/13 100 10 0 10 768 59/13 54
27 Buy Sep Class III Milk(CME)Sell Aug Class III Milk(CME)
6/10 8/10 100 10 0 10 904 15/62 54
28 Sell Class III Milk(CME)—October 6/13 6/30 80 8 2 10 838 47/18 55
29 Sell Class III Milk(CME)—August 6/22 6/29 80 8 2 10 674 84/8 55
30 Sell Class III Milk(CME)—September 7/12 7/18 90 9 1 10 486 69/7 56
31 Buy Class III Milk(CME)—November 7/19 7/26 100 10 0 10 900 113/8 56
32 Buy Class III Milk(CME)—November 7/19 8/06 100 10 0 10 1338 70/19 57
33 Buy Oct Class III Milk(CME)Sell Aug Class III Milk(CME)
7/19 8/12 90 9 1 10 846 34/25 57
34 Buy Sep Class III Milk(CME)Sell Aug Class III Milk(CME)
7/20 8/03 90 9 1 10 792 53/15 58
35 Sell Class III Milk(CME)—November 8/10 8/18 100 10 0 10 846 94/9 58
36 Buy Aug Class III Milk(CME)Sell Nov Class III Milk(CME)
8/10 8/20 100 10 0 10 1072 97/11 59
37 Sell Class III Milk(CME)—December 8/10 8/29 90 9 1 10 1192 60/20 59
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
MOORE RESEARCH CENTER, INC. 41
Cla
ss I
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y
Note: These trade strategies have worked with historical consistency. No representation is being made that they will work this year or in the future. Please check current market fundamentals and technical conditions before considering these trades. This information is not a recommendation to buy or sell at this time, but merely a historical presentation of trade strategies. Past results are not necessarily indicative of future results. No representation is being made that an account will or is likely to achieve profits or incur losses similar to those shown.
SEASONAL TENDENCIES ARE A COMPOSITE OF SOME OF THE MORE CONSISTENT COMMODITY FUTURES SEASONALS THAT HAVE OCCURRED OVER THE PAST 15 YEARS. THERE ARE USUALLY UNDERLYINGFUNDAMENTAL CIRCUMSTANCES THAT OCCUR ANNUALLY THAT TEND TO CAUSE THE FUTURES MARKETS TO REACT IN A SIMILAR DIRECTIONAL MANNER DURING A CERTAIN CALENDAR PERIOD OF THE YEAR. EVENIF A SEASONAL TENDENCY OCCURS IN THE FUTURE, IT MAY NOT RESULT IN A PROFITABLE TRANSACTION AS FEES, AND THE TIMING OF THE ENTRY AND LIQUIDATION MAY IMPACT ON THE RESULTS. NOREPRESENTATION IS BEING MADE THAT ANY ACCOUNT HAS IN THE PAST OR WILL IN THE FUTURE ACHIEVE PROFITS UTILIZING THESE STRATEGIES. NO REPRESENTATION IS BEING MADE THAT PRICE PATTERNS WILLRECUR IN THE FUTURE. HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL ORIS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTSSUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OFHINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUALTRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUALTRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTEDFOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Copyright ©1989-2008 Moore Research Center, Inc.
Class III Milk Seasonal & Spread StrategiesSeasonalStrategy
EntryDate
ExitDate
WinPct
WinYears
LossYears
TotalYears
AverageProfit
Ave PftPer Day
PgNo
40 Buy Oct Class III Milk(CME)Sell Nov Class III Milk(CME)
9/15 10/09 90 9 1 10 686 27/25 61
41 Sell Class III Milk(CME)—November 9/19 10/09 90 9 1 10 1294 62/21 61
42 Buy Jan Class III Milk(CME)Sell Nov Class III Milk(CME)
9/19 11/19 90 9 1 10 1396 23/62 62
43 Buy Dec Class III Milk(CME)Sell Nov Class III Milk(CME)
10/04 11/29 90 9 1 10 1490 26/57 62
44 Buy Class III Milk(CME)—February 10/10 11/15 100 10 0 10 970 26/37 63
45 Buy Class III Milk(CME)—July 10/16 1/05 100 10 0 10 1030 13/82 63
46 Buy Dec Class III Milk(CME)Sell Nov Class III Milk(CME)
10/29 11/29 90 9 1 10 1344 42/32 64
47 Buy Class III Milk(CME)—December 11/05 11/29 90 9 1 10 1514 61/25 64
48 Buy Dec Class III Milk(CME)Sell Feb Class III Milk(CME)
11/08 12/30 100 10 0 10 912 17/53 65
49 Sell Class III Milk(CME)—January 11/28 12/16 90 9 1 10 810 43/19 65
50 Sell Class III Milk(CME)—February 11/28 12/24 80 8 2 10 422 16/27 66
51 Buy Jun Class III Milk(CME)Sell Mar Class III Milk(CME)
12/03 12/27 80 8 2 10 536 21/25 66
52 Buy Class III Milk(CME)—July 12/15 1/05 90 9 1 10 430 20/22 67
53 Buy Class III Milk(CME)—April 12/30 1/17 80 8 2 10 478 25/19 67
For other MRCI products and information: 1-800-927-7259Website: http://www.mrci.com Email: sales@mrci.com (541) 484-7256 - Fax: (541) 484-0243
42 HISTORICAL DAIRY REPORT
How
to I
nter
pret
a S
trat
egy
Shee
t
How to Interpret a Strategy Sheet
Unique MRCI strategy sheets present each historically reliable seasonal trade or spread with a table of its relevanthistorical detail. Traders are encouraged to evaluate each strategy individually; some may be more speculative in
nature than others.To detect a trade, MRCI’s computer system scrutinizes the last several years of historical price data for those
trends recurrent, with a minimum reliability of 80%, during similar time windows. Those strategies are then subjectedto further criteria established for average profit and duration of time window. Once discovered and initially evaluated,a trading strategy is outlined, its crucial data tabulated, and then presented in the format below for closer analysis perspective in the third dimension, if you will.
* Exceptions may be made in special reports in which are presented certain strategies that may have commercialrather than speculative application, for instance, those that duplicate/overlap other strategies or trade a “spot month”contract.
Reading the Table
For each contract year studied, the table lists entry date and price, exit date and price, and the ultimate profit orloss. Entry and exit prices are definitively based on the settlement price of the dates listed, as are profit and lossvalues. If an optimized trade date fell on a weekend or holiday, entry was considered made on the following tradingday while exit on the prior. (To more accurately reflect historical fact and actual market movement, studies on thesestrategy sheets do not utilize the equity protection techniques (STOPS) suggested for real-time trading.) The table encourages further evaluation by providing peak equity/worst drawdown dates and amounts.
The bottom section of the table calculates the strategy’s historical reliability and overall average results. Because past performance is not necessarily indicative of future results, these strategies are not recommendations but rather presentations of quantified historical fact. MRCI urges all traders at all times to employ proper money-management techniques.
Class III Milk(CME)—MayBuy on approximately 01/02 - Exit on approximately 01/17 Contract Size: 200,000 lbs
CONTYEAR
BUYDATE
BUYPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 01/03/07 13.85 01/17/07 14.50 0.65 1300.00 01/17/07 1300.002006 01/03/06 12.65 01/17/06 12.75 0.10 200.00 01/09/06 500.002005 01/03/05 13.59 01/14/05 14.00 0.41 820.00 01/14/05 820.002004 01/02/04 11.60 01/16/04 11.85 0.25 500.00 01/16/04 500.002003 01/02/03 11.58 01/17/03 11.15 -0.43 -860.00 01/16/03 -1060.002002 01/02/02 11.70 01/17/02 12.05 0.35 700.00 01/17/02 700.002001 01/02/01 10.07 01/17/01 10.55 0.48 960.00 01/09/01 1260.002000 01/03/00 11.08 01/14/00 11.25 0.17 340.00 01/14/00 340.001999 01/04/99 12.00 01/15/99 11.91 -0.09 -180.00 01/15/99 -180.001998 01/02/98 11.75 01/16/98 12.05 0.30 600.00 01/16/98 600.00
Percentage Correct 80Average Profit on Winning Trades 0.34 677.50 Winners 8Average Loss on Trades -0.26 -520.00 Losers 2Average Net Profit Per Trade 0.22 438.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
The CME Milk (Class III) contract replacedthe BFP contract in January 2000.
MOORE RESEARCH CENTER, INC. 43
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Buy Apr Class III Milk(CME) / Sell Jul Class III Milk(CME)Enter on approximately 02/04 - Exit on approximately 04/03
CONTYEAR
ENTRYDATE
ENTRYPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 02/05/07 -0.79 04/03/07 0.50 1.31 2620.00 04/03/07 2620.00 02/13/07 -160.002006 02/06/06 -0.41 04/03/06 -0.26 0.14 280.00 10/08/03 780.00 03/08/06 -280.002005 02/04/05 -0.33 04/01/05 -0.09 0.24 480.00 10/08/01 2200.00 02/11/05 -880.002004 02/04/04 -1.12 04/02/04 2.08 3.22 6440.00 03/23/04 8560.002003 02/04/03 -1.20 04/03/03 -1.20 0.01 20.00 02/18/03 580.00 04/01/03 -500.002002 02/04/02 -1.44 04/03/02 -1.99 -0.55 -1100.00 02/07/02 20.00 03/20/02 -1400.002001 02/05/01 -1.50 04/03/01 -1.47 0.04 80.00 02/28/01 1080.00 03/16/01 -100.002000 02/04/00 -2.13 04/03/00 -2.08 0.05 100.00 02/18/00 840.00 02/11/00 -260.001999 02/04/99 -0.25 04/01/99 -0.13 0.12 240.00 04/01/99 240.00 02/24/99 -1560.001998 02/04/98 0.03 04/03/98 0.40 0.36 720.00 04/02/98 740.00
Percentage Correct 90Average Profit on Winning Trades 0.61 1220.00 Winners 9Average Loss on Trades -0.55 -1100.00 Losers 1Average Net Profit Per Trade 0.49 988.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Buy Apr Class III Milk(CME) / Sell Jun Class III Milk(CME)Enter on approximately 02/23 - Exit on approximately 04/06
CONTYEAR
ENTRYDATE
ENTRYPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 02/23/07 -0.22 04/05/07 -0.02 0.21 420.00 04/03/07 1500.00 02/26/07 -180.002006 02/23/06 -0.02 04/06/06 0.04 0.07 140.00 03/29/06 280.00 03/17/06 -360.002005 02/23/05 -0.06 04/06/05 0.26 0.34 680.00 10/08/01 2420.00 03/14/05 -640.002004 02/23/04 -0.12 04/06/04 1.58 1.71 3420.00 03/23/04 5300.00 03/08/04 -1020.002003 02/24/03 -0.85 04/04/03 -0.76 0.09 180.00 03/14/03 360.00 04/01/03 -260.002002 02/25/02 -0.81 04/05/02 -1.17 -0.37 -740.00 03/20/02 -1060.002001 02/23/01 -0.61 04/06/01 -0.58 0.04 80.00 03/08/01 280.00 03/28/01 -920.002000 02/23/00 -0.96 04/06/00 -0.20 0.75 1500.00 03/29/00 1780.00 03/23/00 -780.001999 02/23/99 0.04 04/06/99 0.57 0.53 1060.00 04/06/99 1060.00 02/24/99 -200.001998 02/23/98 0.21 04/06/98 0.41 0.20 400.00 04/01/98 520.00 03/05/98 -580.00
Percentage Correct 90Average Profit on Winning Trades 0.44 875.56 Winners 9Average Loss on Trades -0.37 -740.00 Losers 1Average Net Profit Per Trade 0.36 714.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
44 HISTORICAL DAIRY REPORT
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Buy Apr Class III Milk(CME) / Sell Mar Class III Milk(CME)Enter on approximately 02/25 - Exit on approximately 03/26
CONTYEAR
ENTRYDATE
ENTRYPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 02/26/07 0.06 03/26/07 0.76 0.71 1420.00 03/22/07 1500.00 03/05/07 -600.002006 02/27/06 -0.16 03/24/06 -0.13 0.02 40.00 03/08/06 380.00 03/21/06 -280.002005 02/25/05 0.34 03/24/05 0.50 0.15 300.00 02/28/05 720.00 03/17/05 -1060.002004 02/25/04 0.50 03/26/04 4.30 3.80 7600.00 03/26/04 7600.00 02/26/04 -140.002003 02/25/03 0.22 03/26/03 0.31 0.09 180.00 03/04/03 420.002002 02/25/02 0.33 03/26/02 0.18 -0.14 -280.00 03/31/02 660.00 03/21/02 -360.002001 02/26/01 -0.20 03/26/01 0.34 0.56 1120.00 03/23/01 1180.00 03/31/01 -220.002000 02/25/00 0.05 03/24/00 0.05 0.01 20.00 03/02/00 500.001999 02/25/99 -0.33 03/26/99 -0.12 0.21 420.00 03/23/99 480.00 03/03/99 -220.001998 02/25/98 -0.67 03/20/98 -0.66 0.02 40.00 03/31/98 800.00 03/13/98 -120.00
Percentage Correct 90Average Profit on Winning Trades 0.62 1237.78 Winners 9Average Loss on Trades -0.14 -280.00 Losers 1Average Net Profit Per Trade 0.54 1086.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Class III Milk(CME)—AprilSell on approximately 02/26 - Exit on approximately 03/05 Contract Size: 200,000 lbs
CONTYEAR
SELLDATE
SELLPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 02/26/07 14.56 03/05/07 14.40 0.16 320.00 03/30/07 720.002006 02/27/06 10.93 03/03/06 10.90 0.03 60.00 03/03/06 60.00 03/30/06 -480.002005 02/28/05 15.74 03/04/05 14.21 1.53 3060.00 03/03/05 3180.002004 02/26/04 13.88 03/05/04 14.67 -0.79 -1580.00 03/05/04 -1580.002003 02/26/03 9.55 03/05/03 9.54 0.01 20.00 02/28/03 260.002002 02/26/02 11.21 03/05/02 11.00 0.21 420.00 03/05/02 420.002001 02/26/01 11.16 03/05/01 11.15 0.01 20.00 03/02/01 220.002000 02/28/00 9.99 03/03/00 9.91 0.08 160.00 03/03/00 160.00 03/01/00 -320.001999 02/26/99 11.35 03/05/99 10.90 0.45 900.00 03/03/99 1080.001998 02/26/98 12.24 03/05/98 11.85 0.39 780.00 03/04/98 780.00
Percentage Correct 90Average Profit on Winning Trades 0.32 637.78 Winners 9Average Loss on Trades -0.79 -1580.00 Losers 1Average Net Profit Per Trade 0.21 416.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
MOORE RESEARCH CENTER, INC. 45
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Class III Milk(CME)—AprilBuy on approximately 03/07 - Exit on approximately 04/07 Contract Size: 200,000 lbs
CONTYEAR
BUYDATE
BUYPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 03/07/07 14.60 04/05/07 15.87 1.27 2540.00 04/05/07 2540.002006 03/07/06 10.90 04/07/06 10.92 0.02 40.00 03/08/06 600.00 03/21/06 -100.002005 03/07/05 14.05 04/07/05 14.51 0.46 920.00 03/30/05 1320.00 03/17/05 -300.002004 03/08/04 14.63 04/07/04 19.39 4.76 9520.00 04/07/04 9520.002003 03/07/03 9.45 04/07/03 9.50 0.05 100.00 03/11/03 100.00 03/31/03 -300.002002 03/07/02 11.19 04/05/02 10.92 -0.27 -540.00 03/08/02 140.00 03/21/02 -880.002001 03/07/01 11.00 04/06/01 11.87 0.87 1740.00 03/30/01 2100.002000 03/07/00 9.95 04/07/00 9.56 -0.39 -780.00 03/08/00 100.00 04/07/00 -780.001999 03/08/99 10.95 04/07/99 11.48 0.53 1060.00 04/07/99 1060.001998 03/09/98 12.03 04/07/98 12.24 0.21 420.00 04/06/98 480.00 03/11/98 -260.00
Percentage Correct 80Average Profit on Winning Trades 1.02 2042.50 Winners 8Average Loss on Trades -0.33 -660.00 Losers 2Average Net Profit Per Trade 0.75 1502.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Buy May Class III Milk(CME) / Sell Jun Class III Milk(CME)Enter on approximately 03/10 - Exit on approximately 05/07
CONTYEAR
ENTRYDATE
ENTRYPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 03/12/07 0.03 05/07/07 -0.70 -0.73 -1460.00 04/05/07 300.00 05/02/07 -2800.002006 03/10/06 -0.08 05/05/06 -0.08 0.01 20.00 04/10/06 280.00 03/17/06 -220.002005 03/10/05 -0.08 05/06/05 0.24 0.33 660.00 03/30/05 880.00 04/11/05 -20.002004 03/10/04 0.12 05/07/04 3.12 3.00 6000.00 05/06/04 6960.002003 03/10/03 -0.48 05/07/03 -0.42 0.05 100.00 04/10/03 380.00 03/24/03 -420.002002 03/11/02 -0.62 05/07/02 -0.29 0.34 680.00 05/07/02 680.00 03/26/02 -580.002001 03/12/01 -0.53 05/07/01 -0.52 0.01 20.00 04/30/01 1040.00 03/28/01 -880.002000 03/10/00 -0.79 05/05/00 0.08 0.87 1740.00 03/29/00 2120.00 03/27/00 -420.001999 03/10/99 -0.16 05/07/99 0.38 0.54 1080.00 05/07/99 1080.001998 03/10/98 0.00 05/07/98 0.08 0.10 200.00 04/28/98 280.00 03/24/98 -60.00
Percentage Correct 90Average Profit on Winning Trades 0.58 1166.67 Winners 9Average Loss on Trades -0.73 -1460.00 Losers 1Average Net Profit Per Trade 0.45 904.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
46 HISTORICAL DAIRY REPORT
Class III Milk(CME)—AugustBuy on approximately 03/17 - Exit on approximately 06/13 Contract Size: 200,000 lbs
CONTYEAR
BUYDATE
BUYPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 03/19/07 16.08 06/13/07 20.83 4.75 9500.00 06/13/07 9500.00 04/03/07 -980.002006 03/17/06 12.07 06/13/06 12.35 0.28 560.00 05/30/06 960.00 05/08/06 -1240.002005 03/17/05 14.53 06/13/05 14.64 0.11 220.00 03/22/05 740.00 05/23/05 -1340.002004 03/17/04 15.15 06/10/04 16.21 1.06 2120.00 04/13/04 4000.00 05/21/04 -2060.002003 03/17/03 10.76 06/13/03 11.89 1.13 2260.00 06/13/03 2260.00 03/18/03 -120.002002 03/18/02 13.05 06/13/02 11.40 -1.65 -3300.00 04/04/02 700.00 06/12/02 -3320.002001 03/19/01 12.77 06/13/01 14.70 1.93 3860.00 05/31/01 5760.002000 03/17/00 12.20 06/13/00 12.40 0.20 400.00 05/05/00 740.00 04/19/00 -500.001999 03/17/99 12.36 06/11/99 13.75 1.39 2780.00 06/10/99 2880.00 04/05/99 -420.001998 03/17/98 12.45 06/12/98 13.67 1.22 2440.00 06/10/98 3060.00 04/29/98 -1300.00
Percentage Correct 90Average Profit on Winning Trades 1.34 2682.22 Winners 9Average Loss on Trades -1.65 -3300.00 Losers 1Average Net Profit Per Trade 1.04 2084.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
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Buy Sep Class III Milk(CME) / Sell Dec Class III Milk(CME)Enter on approximately 03/17 - Exit on approximately 06/13
CONTYEAR
ENTRYDATE
ENTRYPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 03/19/07 0.91 06/13/07 2.89 1.97 3940.00 06/13/07 3940.00 04/04/07 -380.002006 03/17/06 0.15 06/13/06 0.34 0.20 400.00 06/12/06 520.00 03/22/06 -260.002005 03/17/05 1.33 06/13/05 1.47 0.14 280.00 03/28/05 680.00 05/19/05 -840.002004 03/17/04 2.73 06/10/04 3.66 0.94 1880.00 03/31/04 2080.00 05/20/04 -1180.002003 03/17/03 0.12 06/13/03 0.43 0.32 640.00 05/01/03 1220.00 04/04/03 -320.002002 03/18/02 1.08 06/13/02 0.69 -0.39 -780.00 04/30/02 280.00 06/04/02 -1140.002001 03/19/01 1.00 06/13/01 2.70 1.70 3400.00 06/13/01 3400.00 03/20/01 -100.002000 03/17/00 0.70 06/13/00 0.83 0.13 260.00 04/24/00 740.00 06/09/00 -300.001999 03/17/99 0.07 06/11/99 0.90 0.83 1660.00 06/10/99 1660.00 04/06/99 -240.001998 03/17/98 0.16 06/12/98 0.89 0.72 1440.00 05/26/98 2780.00 04/14/98 -460.00
Percentage Correct 90Average Profit on Winning Trades 0.77 1544.44 Winners 9Average Loss on Trades -0.39 -780.00 Losers 1Average Net Profit Per Trade 0.66 1312.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
MOORE RESEARCH CENTER, INC. 47
Class III Milk(CME)—AprilBuy on approximately 03/18 - Exit on approximately 04/09 Contract Size: 200,000 lbs
CONTYEAR
BUYDATE
BUYPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 03/19/07 15.62 04/09/07 15.97 0.35 700.00 04/09/07 700.00 03/27/07 -40.002006 03/20/06 10.88 04/07/06 10.92 0.04 80.00 04/03/06 260.00 03/21/06 -60.002005 03/18/05 14.01 04/08/05 14.54 0.53 1060.00 03/30/05 1400.00 03/21/05 -40.002004 03/18/04 17.74 04/08/04 19.36 1.62 3240.00 04/07/04 3300.002003 03/18/03 9.38 04/09/03 9.45 0.07 140.00 04/07/03 240.00 03/31/03 -160.002002 03/18/02 10.82 04/09/02 10.90 0.08 160.00 03/27/02 260.00 03/21/02 -140.002001 03/19/01 11.38 04/09/01 11.88 0.50 1000.00 03/30/01 1340.002000 03/20/00 9.60 04/07/00 9.56 -0.04 -80.00 03/30/00 60.00 04/07/00 -80.001999 03/18/99 11.06 04/09/99 11.55 0.49 980.00 04/09/99 980.001998 03/18/98 12.17 04/09/98 12.20 0.03 60.00 04/06/98 200.00 03/27/98 -340.00
Percentage Correct 90Average Profit on Winning Trades 0.41 824.44 Winners 9Average Loss on Trades -0.04 -80.00 Losers 1Average Net Profit Per Trade 0.37 734.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
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Buy May Class III Milk(CME) / Sell Jun Class III Milk(CME)Enter on approximately 03/20 - Exit on approximately 04/28
CONTYEAR
ENTRYDATE
ENTRYPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 03/20/07 0.00 04/27/07 -0.60 -0.61 -1220.00 04/05/07 360.00 04/27/07 -1220.002006 03/20/06 -0.16 04/28/06 -0.06 0.11 220.00 04/10/06 440.00 03/21/06 -60.002005 03/21/05 -0.06 04/28/05 0.23 0.30 600.00 03/30/05 820.00 04/11/05 -80.002004 03/22/04 1.15 04/28/04 3.32 2.17 4340.00 04/28/04 4340.00 03/26/04 -600.002003 03/20/03 -0.51 04/28/03 -0.50 0.01 20.00 04/10/03 460.00 03/24/03 -340.002002 03/20/02 -0.79 04/26/02 -0.57 0.23 460.00 04/26/02 460.00 03/26/02 -240.002001 03/20/01 -0.91 04/27/01 -0.40 0.52 1040.00 04/23/01 1340.00 03/28/01 -120.002000 03/20/00 -0.94 04/28/00 -0.03 0.91 1820.00 03/29/00 2440.00 03/27/00 -100.001999 03/22/99 0.02 04/28/99 0.23 0.20 400.00 04/23/99 480.00 03/23/99 -360.001998 03/20/98 0.06 04/28/98 0.13 0.07 140.00 04/28/98 140.00 03/24/98 -200.00
Percentage Correct 90Average Profit on Winning Trades 0.50 1004.44 Winners 9Average Loss on Trades -0.61 -1220.00 Losers 1Average Net Profit Per Trade 0.39 782.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
48 HISTORICAL DAIRY REPORT
Class III Milk(CME)—AprilBuy on approximately 03/21 - Exit on approximately 04/05 Contract Size: 200,000 lbs
CONTYEAR
BUYDATE
BUYPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 03/21/07 15.62 04/05/07 15.87 0.25 500.00 04/05/07 500.00 03/27/07 -40.002006 03/21/06 10.85 04/05/06 10.95 0.10 200.00 04/03/06 320.002005 03/21/05 13.99 04/05/05 14.54 0.55 1100.00 03/30/05 1440.002004 03/22/04 17.92 04/05/04 19.04 1.12 2240.00 04/02/04 2240.002003 03/21/03 9.40 04/04/03 9.46 0.06 120.00 04/04/03 120.00 03/31/03 -200.002002 03/21/02 10.75 04/05/02 10.92 0.17 340.00 03/27/02 400.002001 03/21/01 11.47 04/05/01 11.82 0.35 700.00 03/30/01 1160.002000 03/21/00 9.60 04/05/00 9.62 0.02 40.00 03/30/00 60.001999 03/22/99 11.22 04/05/99 11.38 0.16 320.00 04/05/99 320.00 03/25/99 -120.001998 03/23/98 12.20 04/03/98 12.26 0.06 120.00 04/03/98 120.00 03/27/98 -400.00
Percentage Correct 100Average Profit on Winning Trades 0.28 568.00 Winners 10Average Loss on Trades Losers 0Average Net Profit Per Trade 0.28 568.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
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Buy May Class III Milk(CME) / Sell Jun Class III Milk(CME)Enter on approximately 03/25 - Exit on approximately 04/28
CONTYEAR
ENTRYDATE
ENTRYPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 03/26/07 0.01 04/27/07 -0.60 -0.63 -1260.00 04/05/07 320.00 04/27/07 -1260.002006 03/27/06 -0.12 04/28/06 -0.06 0.07 140.00 04/10/06 360.00 03/28/06 -20.002005 03/28/05 0.20 04/28/05 0.23 0.04 80.00 03/30/05 300.00 04/11/05 -600.002004 03/25/04 0.92 04/28/04 3.32 2.40 4800.00 04/28/04 4800.00 03/26/04 -140.002003 03/25/03 -0.62 04/28/03 -0.50 0.12 240.00 04/10/03 680.002002 03/25/02 -0.83 04/26/02 -0.57 0.26 520.00 04/26/02 520.00 03/26/02 -180.002001 03/26/01 -0.90 04/27/01 -0.40 0.50 1000.00 04/23/01 1300.00 03/28/01 -160.002000 03/27/00 -1.00 04/28/00 -0.03 0.96 1920.00 03/29/00 2540.001999 03/25/99 -0.03 04/28/99 0.23 0.27 540.00 04/23/99 620.001998 03/25/98 0.00 04/28/98 0.13 0.14 280.00 04/28/98 280.00 03/27/98 -40.00
Percentage Correct 90Average Profit on Winning Trades 0.53 1057.78 Winners 9Average Loss on Trades -0.63 -1260.00 Losers 1Average Net Profit Per Trade 0.41 826.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
MOORE RESEARCH CENTER, INC. 49
Buy Sep Class III Milk(CME) / Sell Jun Class III Milk(CME)Enter on approximately 04/15 - Exit on approximately 04/28
CONTYEAR
ENTRYDATE
ENTRYPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 04/16/07 0.20 04/27/07 0.16 -0.05 -100.00 04/19/07 680.00 04/27/07 -100.002006 04/17/06 0.91 04/28/06 0.98 0.07 140.00 04/20/06 200.00 04/25/06 -20.002005 04/15/05 0.61 04/28/05 1.04 0.44 880.00 04/27/05 920.00 04/18/05 -100.002004 04/15/04 -2.59 04/28/04 -1.28 1.32 2640.00 04/28/04 2640.002003 04/15/03 1.58 04/28/03 1.75 0.18 360.00 04/23/03 420.002002 04/15/02 1.48 04/26/02 1.53 0.06 120.00 04/26/02 120.00 04/23/02 -140.002001 04/16/01 0.72 04/27/01 0.08 -0.64 -1280.00 04/17/01 20.00 04/27/01 -1280.002000 04/17/00 2.52 04/28/00 2.61 0.08 160.00 04/24/00 420.00 04/19/00 -180.001999 04/15/99 1.41 04/28/99 1.63 0.22 440.00 04/26/99 560.00 04/16/99 -80.001998 04/15/98 0.82 04/28/98 1.68 0.87 1740.00 04/28/98 1740.00
Percentage Correct 80Average Profit on Winning Trades 0.40 810.00 Winners 8Average Loss on Trades -0.34 -690.00 Losers 2Average Net Profit Per Trade 0.26 510.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
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Class III Milk(CME)—SeptemberBuy on approximately 04/26 - Exit on approximately 06/13 Contract Size: 200,000 lbs
CONTYEAR
BUYDATE
BUYPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 04/26/07 17.95 06/13/07 20.60 2.65 5300.00 06/13/07 5300.002006 04/26/06 12.00 06/13/06 12.79 0.79 1580.00 06/13/06 1580.00 05/08/06 -400.002005 04/26/05 14.32 06/13/05 14.75 0.43 860.00 06/06/05 1020.00 05/19/05 -620.002004 04/26/04 14.95 06/10/04 15.78 0.83 1660.00 06/09/04 1680.00 05/26/04 -1680.002003 04/28/03 11.98 06/13/03 12.52 0.54 1080.00 06/13/03 1080.00 05/14/03 -700.002002 04/26/02 13.17 06/13/02 12.10 -1.07 -2140.00 05/01/02 60.00 06/12/02 -2200.002001 04/26/01 14.06 06/13/01 14.65 0.59 1180.00 05/31/01 3180.00 06/12/01 -580.002000 04/26/00 12.24 06/13/00 12.66 0.42 840.00 05/05/00 1000.001999 04/26/99 12.60 06/11/99 14.00 1.40 2800.00 06/10/99 2800.001998 04/27/98 12.51 06/12/98 13.49 0.98 1960.00 05/26/98 3980.00
Percentage Correct 90Average Profit on Winning Trades 0.96 1917.78 Winners 9Average Loss on Trades -1.07 -2140.00 Losers 1Average Net Profit Per Trade 0.76 1512.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
50 HISTORICAL DAIRY REPORT
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Buy Oct Class III Milk(CME) / Sell Jul Class III Milk(CME)Enter on approximately 05/04 - Exit on approximately 05/16
CONTYEAR
ENTRYDATE
ENTRYPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 05/04/07 -0.42 05/16/07 -0.33 0.10 200.00 05/08/07 460.00 05/14/07 -320.002006 05/04/06 0.57 05/16/06 0.63 0.06 120.00 05/11/06 320.002005 05/04/05 -0.16 05/16/05 -0.46 -0.30 -600.00 05/11/05 600.00 05/16/05 -600.002004 05/04/04 -1.59 05/14/04 -0.21 1.38 2760.00 05/14/04 2760.002003 05/05/03 1.04 05/16/03 1.12 0.08 160.00 05/14/03 240.00 05/09/03 -680.002002 05/06/02 0.41 05/16/02 1.15 0.74 1480.00 05/16/02 1480.002001 05/04/01 -0.75 05/16/01 -0.72 0.04 80.00 05/10/01 120.002000 05/04/00 0.76 05/16/00 1.07 0.30 600.00 05/16/00 600.00 05/08/00 -440.001999 05/04/99 1.37 05/14/99 1.54 0.18 360.00 05/11/99 400.001998 05/04/98 1.48 05/15/98 1.52 0.04 80.00 05/15/98 80.00 05/14/98 -420.00
Percentage Correct 90Average Profit on Winning Trades 0.32 648.89 Winners 9Average Loss on Trades -0.30 -600.00 Losers 1Average Net Profit Per Trade 0.26 524.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Buy Aug Class III Milk(CME) / Sell Oct Class III Milk(CME)Enter on approximately 05/15 - Exit on approximately 06/09
CONTYEAR
ENTRYDATE
ENTRYPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 05/15/07 0.32 06/08/07 1.33 1.01 2020.00 06/04/07 2760.00 05/16/07 -80.002006 05/15/06 -0.43 06/09/06 -0.37 0.05 100.00 05/30/06 660.00 05/18/06 -100.002005 05/16/05 0.51 06/09/05 0.54 0.02 40.00 06/06/05 600.00 05/23/05 -620.002004 05/17/04 0.50 06/09/04 1.88 1.39 2780.00 06/09/04 2780.00 05/21/04 -660.002003 05/15/03 -0.66 06/09/03 -0.64 0.03 60.00 05/20/03 220.00 05/27/03 -300.002002 05/15/02 -0.21 06/07/02 -0.14 0.07 140.00 06/03/02 460.00 05/21/02 -160.002001 05/15/01 0.72 06/08/01 1.00 0.27 540.00 05/30/01 840.00 05/18/01 -120.002000 05/15/00 -0.40 06/09/00 -0.39 0.01 20.00 05/17/00 360.00 06/06/00 -200.001999 05/17/99 -0.58 06/09/99 -0.29 0.30 600.00 05/25/99 980.001998 05/15/98 -0.83 06/09/98 0.59 1.43 2860.00 06/09/98 2860.00
Percentage Correct 100Average Profit on Winning Trades 0.46 916.00 Winners 10Average Loss on Trades Losers 0Average Net Profit Per Trade 0.46 916.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
MOORE RESEARCH CENTER, INC. 51
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Buy Sep Class III Milk(CME) / Sell Dec Class III Milk(CME)Enter on approximately 05/20 - Exit on approximately 06/13
CONTYEAR
ENTRYDATE
ENTRYPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 05/21/07 1.41 06/13/07 2.89 1.47 2940.00 06/13/07 2940.002006 05/22/06 0.19 06/13/06 0.34 0.16 320.00 06/12/06 440.00 05/23/06 -20.002005 05/20/05 0.94 06/13/05 1.47 0.52 1040.00 06/06/05 1240.00 05/23/05 -20.002004 05/20/04 2.14 06/10/04 3.66 1.53 3060.00 06/10/04 3060.002003 05/20/03 0.09 06/13/03 0.43 0.34 680.00 06/13/03 680.00 05/30/03 -100.002002 05/20/02 0.99 06/13/02 0.69 -0.29 -580.00 06/04/02 -940.002001 05/21/01 1.80 06/13/01 2.70 0.90 1800.00 06/13/01 1800.00 05/22/01 -100.002000 05/22/00 0.69 06/13/00 0.83 0.13 260.00 06/13/00 260.00 06/09/00 -300.001999 05/20/99 0.30 06/11/99 0.90 0.60 1200.00 06/10/99 1200.001998 05/20/98 0.14 06/12/98 0.89 0.75 1500.00 05/26/98 2840.00 05/22/98 -20.00
Percentage Correct 90Average Profit on Winning Trades 0.71 1422.22 Winners 9Average Loss on Trades -0.29 -580.00 Losers 1Average Net Profit Per Trade 0.61 1222.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Buy Jul Class III Milk(CME) / Sell Jun Class III Milk(CME)Enter on approximately 05/20 - Exit on approximately 06/19
CONTYEAR
ENTRYDATE
ENTRYPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 05/21/07 -0.23 06/19/07 1.69 1.93 3860.00 06/19/07 3860.00 05/22/07 -280.002006 05/22/06 0.35 06/19/06 0.10 -0.25 -500.00 05/30/06 680.00 06/19/06 -500.002005 05/20/05 -0.08 06/17/05 -0.07 0.02 40.00 06/06/05 1080.002004 05/20/04 -2.11 06/18/04 -1.39 0.71 1420.00 06/08/04 2040.00 06/03/04 -460.002003 05/20/03 0.94 06/19/03 1.34 0.40 800.00 06/19/03 800.00 06/02/03 -520.002002 05/20/02 0.69 06/19/02 -0.06 -0.76 -1520.00 05/23/02 40.00 06/19/02 -1520.002001 05/21/01 0.06 06/19/01 0.07 0.01 20.00 05/30/01 1080.00 06/12/01 -2100.002000 05/22/00 1.83 06/19/00 1.84 0.02 40.00 06/02/00 320.00 06/08/00 -500.001999 05/20/99 0.61 06/18/99 2.08 1.46 2920.00 06/16/99 3160.001998 05/20/98 0.13 06/19/98 0.96 0.83 1660.00 06/19/98 1660.00 05/26/98 -260.00
Percentage Correct 80Average Profit on Winning Trades 0.67 1345.00 Winners 8Average Loss on Trades -0.51 -1010.00 Losers 2Average Net Profit Per Trade 0.44 874.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
52 HISTORICAL DAIRY REPORT
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Buy Jul Class III Milk(CME) / Sell Oct Class III Milk(CME)Enter on approximately 05/21 - Exit on approximately 05/28
CONTYEAR
ENTRYDATE
ENTRYPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 05/21/07 0.74 05/25/07 1.60 0.86 1720.00 05/24/07 1820.002006 05/22/06 -0.64 05/26/06 -0.50 0.13 260.00 05/26/06 260.002005 05/23/05 -0.15 05/27/05 0.27 0.43 860.00 05/27/05 860.002004 05/21/04 0.16 05/28/04 0.79 0.64 1280.00 05/28/04 1280.002003 05/21/03 -1.21 05/28/03 -1.20 0.01 20.00 05/28/03 20.00 05/22/03 -80.002002 05/21/02 -1.00 05/28/02 -0.83 0.17 340.00 05/28/02 340.002001 05/21/01 0.74 05/25/01 1.00 0.26 520.00 05/25/01 520.00 05/22/01 -100.002000 05/22/00 -1.08 05/26/00 -1.06 0.01 20.00 05/25/00 80.00 05/24/00 -40.001999 05/21/99 -1.09 05/28/99 -0.37 0.72 1440.00 05/28/99 1440.001998 05/21/98 -1.16 05/28/98 -0.91 0.26 520.00 05/28/98 520.00 05/26/98 -880.00
Percentage Correct 100Average Profit on Winning Trades 0.35 698.00 Winners 10Average Loss on Trades Losers 0Average Net Profit Per Trade 0.35 698.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Class III Milk(CME)—JulyBuy on approximately 05/21 - Exit on approximately 05/29 Contract Size: 200,000 lbs
CONTYEAR
BUYDATE
BUYPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 05/21/07 18.64 05/29/07 19.64 1.00 2000.00 05/24/07 2020.002006 05/22/06 11.50 05/26/06 11.99 0.49 980.00 05/26/06 980.002005 05/23/05 13.50 05/27/05 14.08 0.58 1160.00 05/27/05 1160.002004 05/21/04 14.11 05/28/04 14.60 0.49 980.00 05/25/04 1480.002003 05/21/03 10.70 05/29/03 10.75 0.05 100.00 05/27/03 120.00 05/22/03 -80.002002 05/21/02 11.32 05/29/02 11.07 -0.25 -500.00 05/23/02 100.00 05/29/02 -500.002001 05/21/01 14.50 05/29/01 15.35 0.85 1700.00 05/29/01 1700.00 05/22/01 -200.002000 05/22/00 11.42 05/26/00 11.47 0.05 100.00 05/23/00 160.001999 05/21/99 12.10 05/28/99 13.05 0.95 1900.00 05/28/99 1900.001998 05/21/98 11.92 05/29/98 12.75 0.83 1660.00 05/29/98 1660.00 05/26/98 -40.00
Percentage Correct 90Average Profit on Winning Trades 0.59 1175.56 Winners 9Average Loss on Trades -0.25 -500.00 Losers 1Average Net Profit Per Trade 0.50 1008.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
MOORE RESEARCH CENTER, INC. 53
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Buy Jul Class III Milk(CME) / Sell Oct Class III Milk(CME)Enter on approximately 05/21 - Exit on approximately 06/04
CONTYEAR
ENTRYDATE
ENTRYPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 05/21/07 0.74 06/04/07 2.69 1.96 3920.00 06/04/07 3920.002006 05/22/06 -0.64 06/02/06 -0.62 0.02 40.00 05/30/06 280.002005 05/23/05 -0.15 06/03/05 0.37 0.52 1040.00 06/03/05 1040.002004 05/21/04 0.16 06/04/04 1.23 1.07 2140.00 06/04/04 2140.002003 05/21/03 -1.21 06/04/03 -1.54 -0.34 -680.00 05/28/03 20.00 06/02/03 -780.002002 05/21/02 -1.00 06/04/02 -0.86 0.13 260.00 05/30/02 700.002001 05/21/01 0.74 06/04/01 0.84 0.11 220.00 05/30/01 820.00 05/22/01 -100.002000 05/22/00 -1.08 06/02/00 -0.73 0.34 680.00 06/02/00 680.00 05/24/00 -40.001999 05/21/99 -1.09 06/04/99 -0.85 0.25 500.00 05/28/99 1440.001998 05/21/98 -1.16 06/04/98 0.22 1.39 2780.00 06/04/98 2780.00 05/26/98 -880.00
Percentage Correct 90Average Profit on Winning Trades 0.64 1286.67 Winners 9Average Loss on Trades -0.34 -680.00 Losers 1Average Net Profit Per Trade 0.55 1090.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Class III Milk(CME)—JulyBuy on approximately 05/21 - Exit on approximately 06/13 Contract Size: 200,000 lbs
CONTYEAR
BUYDATE
BUYPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 05/21/07 18.64 06/13/07 21.55 2.91 5820.00 06/13/07 5820.002006 05/22/06 11.50 06/13/06 11.70 0.20 400.00 05/30/06 1300.002005 05/23/05 13.50 06/13/05 14.00 0.50 1000.00 06/06/05 1800.002004 05/21/04 14.11 06/10/04 16.30 2.19 4380.00 06/09/04 4700.002003 05/21/03 10.70 06/13/03 10.86 0.16 320.00 06/13/03 320.00 06/02/03 -400.002002 05/21/02 11.32 06/13/02 10.43 -0.89 -1780.00 05/23/02 100.00 06/12/02 -1940.002001 05/21/01 14.50 06/13/01 14.70 0.20 400.00 05/31/01 2300.00 06/12/01 -1380.002000 05/22/00 11.42 06/13/00 11.60 0.18 360.00 06/02/00 580.00 06/08/00 -220.001999 05/21/99 12.10 06/11/99 13.40 1.30 2600.00 06/10/99 2800.001998 05/21/98 11.92 06/12/98 13.72 1.80 3600.00 06/05/98 4080.00 05/26/98 -40.00
Percentage Correct 90Average Profit on Winning Trades 1.05 2097.78 Winners 9Average Loss on Trades -0.89 -1780.00 Losers 1Average Net Profit Per Trade 0.86 1710.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
54 HISTORICAL DAIRY REPORT
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Class III Milk(CME)—JuneBuy on approximately 05/22 - Exit on approximately 05/30 Contract Size: 200,000 lbs
CONTYEAR
BUYDATE
BUYPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 05/22/07 19.08 05/30/07 19.96 0.88 1760.00 05/30/07 1760.002006 05/22/06 11.14 05/30/06 11.45 0.31 620.00 05/26/06 620.002005 05/23/05 13.55 05/27/05 13.76 0.21 420.00 05/27/05 420.002004 05/24/04 16.61 05/28/04 16.77 0.16 320.00 05/25/04 340.00 05/27/04 -580.002003 05/22/03 9.81 05/30/03 9.82 0.01 20.00 05/27/03 180.002002 05/22/02 10.67 05/30/02 10.55 -0.12 -240.00 05/29/02 -340.002001 05/22/01 14.40 05/30/01 15.00 0.60 1200.00 05/30/01 1200.002000 05/22/00 9.59 05/30/00 9.61 0.02 40.00 05/26/00 80.001999 05/24/99 11.49 05/28/99 12.10 0.61 1220.00 05/28/99 1220.001998 05/22/98 11.81 05/29/98 12.61 0.80 1600.00 05/29/98 1600.00
Percentage Correct 90Average Profit on Winning Trades 0.40 800.00 Winners 9Average Loss on Trades -0.12 -240.00 Losers 1Average Net Profit Per Trade 0.35 696.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Class III Milk(CME)—JulyBuy on approximately 05/22 - Exit on approximately 06/05 Contract Size: 200,000 lbs
CONTYEAR
BUYDATE
BUYPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 05/22/07 18.71 06/05/07 20.89 2.18 4360.00 06/04/07 4980.002006 05/22/06 11.50 06/05/06 11.91 0.41 820.00 05/30/06 1300.002005 05/23/05 13.50 06/03/05 14.30 0.80 1600.00 06/03/05 1600.002004 05/24/04 14.83 06/04/04 14.98 0.15 300.00 06/04/04 300.00 05/26/04 -960.002003 05/22/03 10.66 06/05/03 10.70 0.04 80.00 05/27/03 200.00 06/02/03 -320.002002 05/22/02 11.33 06/05/02 10.90 -0.43 -860.00 05/23/02 80.00 06/05/02 -860.002001 05/22/01 14.40 06/05/01 15.61 1.21 2420.00 05/31/01 2500.002000 05/22/00 11.42 06/05/00 11.53 0.11 220.00 06/02/00 580.001999 05/24/99 12.27 06/04/99 12.45 0.18 360.00 05/28/99 1560.001998 05/22/98 11.95 06/05/98 13.96 2.01 4020.00 06/05/98 4020.00 05/26/98 -100.00
Percentage Correct 90Average Profit on Winning Trades 0.79 1575.56 Winners 9Average Loss on Trades -0.43 -860.00 Losers 1Average Net Profit Per Trade 0.67 1332.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
MOORE RESEARCH CENTER, INC. 55
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Buy Sep Class III Milk(CME) / Sell Dec Class III Milk(CME)Enter on approximately 06/01 - Exit on approximately 06/13
CONTYEAR
ENTRYDATE
ENTRYPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 06/01/07 1.84 06/13/07 2.89 1.04 2080.00 06/13/07 2080.002006 06/01/06 0.19 06/13/06 0.34 0.15 300.00 06/12/06 420.002005 06/01/05 1.45 06/13/05 1.47 0.02 40.00 06/06/05 240.00 06/10/05 -500.002004 06/01/04 2.23 06/10/04 3.66 1.44 2880.00 06/10/04 2880.002003 06/02/03 0.16 06/13/03 0.43 0.27 540.00 06/13/03 540.00 06/04/03 -20.002002 06/03/02 0.55 06/13/02 0.69 0.15 300.00 06/11/02 320.00 06/04/02 -60.002001 06/01/01 2.52 06/13/01 2.70 0.17 340.00 06/13/01 340.00 06/12/01 -1140.002000 06/01/00 0.66 06/13/00 0.83 0.16 320.00 06/13/00 320.00 06/09/00 -240.001999 06/01/99 0.74 06/11/99 0.90 0.16 320.00 06/10/99 320.00 06/03/99 -480.001998 06/01/98 0.60 06/12/98 0.89 0.28 560.00 06/03/98 920.00
Percentage Correct 100Average Profit on Winning Trades 0.38 768.00 Winners 10Average Loss on Trades Losers 0Average Net Profit Per Trade 0.38 768.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Buy Sep Class III Milk(CME) / Sell Aug Class III Milk(CME)Enter on approximately 06/10 - Exit on approximately 08/10
CONTYEAR
ENTRYDATE
ENTRYPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 06/11/07 -0.37 08/10/07 -0.14 0.22 440.00 07/06/07 840.00 07/20/07 -1860.002006 06/12/06 0.50 08/10/06 0.82 0.31 620.00 07/31/06 1540.00 06/16/06 -220.002005 06/10/05 0.13 08/10/05 0.45 0.32 640.00 08/05/05 1560.00 06/28/05 -300.002004 06/10/04 -0.43 08/10/04 0.55 0.99 1980.00 08/02/04 4360.00 06/15/04 -500.002003 06/10/03 0.61 08/08/03 0.79 0.18 360.00 08/08/03 360.00 07/16/03 -920.002002 06/10/02 0.57 08/09/02 1.05 0.48 960.00 07/31/02 2160.002001 06/11/01 0.00 08/10/01 0.25 0.24 480.00 08/10/01 480.00 08/08/01 -1020.002000 06/12/00 0.33 08/10/00 0.76 0.43 860.00 07/13/00 1240.00 07/31/00 -560.001999 06/10/99 0.19 08/10/99 1.45 1.26 2520.00 08/10/99 2520.00 07/02/99 -560.001998 06/10/98 -0.49 08/10/98 -0.40 0.09 180.00 07/27/98 1000.00 07/09/98 -80.00
Percentage Correct 100Average Profit on Winning Trades 0.45 904.00 Winners 10Average Loss on Trades Losers 0Average Net Profit Per Trade 0.45 904.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
56 HISTORICAL DAIRY REPORT
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Class III Milk(CME)—OctoberSell on approximately 06/13 - Exit on approximately 06/30 Contract Size: 200,000 lbs
CONTYEAR
SELLDATE
SELLPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 06/13/07 19.57 06/29/07 17.60 1.97 3940.00 06/29/07 3940.00 06/25/07 -760.002006 06/13/06 12.80 06/30/06 12.20 0.60 1200.00 06/30/06 1200.002005 06/13/05 14.08 06/30/05 14.00 0.08 160.00 06/17/05 460.00 06/27/05 -60.002004 06/14/04 14.35 06/30/04 13.40 0.95 1900.00 06/25/04 3080.002003 06/13/03 12.49 06/30/03 12.83 -0.34 -680.00 06/19/03 -1040.002002 06/13/02 11.68 06/28/02 11.60 0.08 160.00 06/21/02 1360.002001 06/13/01 13.64 06/29/01 13.35 0.29 580.00 06/18/01 1720.00 06/21/01 -620.002000 06/13/00 12.70 06/30/00 12.66 0.04 80.00 06/14/00 620.001999 06/14/99 14.15 06/30/99 13.53 0.62 1240.00 06/30/99 1240.00 06/18/99 -500.001998 06/15/98 13.15 06/30/98 13.25 -0.10 -200.00 06/16/98 80.00 06/24/98 -220.00
Percentage Correct 80Average Profit on Winning Trades 0.58 1157.50 Winners 8Average Loss on Trades -0.22 -440.00 Losers 2Average Net Profit Per Trade 0.42 838.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Class III Milk(CME)—AugustSell on approximately 06/22 - Exit on approximately 06/29 Contract Size: 200,000 lbs
CONTYEAR
SELLDATE
SELLPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 06/22/07 21.04 06/29/07 18.88 2.16 4320.00 06/29/07 4320.00 06/25/07 -720.002006 06/22/06 11.67 06/29/06 11.61 0.06 120.00 06/29/06 120.00 06/23/06 -140.002005 06/22/05 14.90 06/29/05 14.77 0.13 260.00 06/23/05 560.00 06/27/05 -300.002004 06/22/04 15.05 06/29/04 14.20 0.85 1700.00 06/25/04 3900.002003 06/23/03 11.90 06/27/03 12.32 -0.42 -840.00 06/27/03 -840.002002 06/24/02 10.65 06/28/02 10.53 0.12 240.00 06/27/02 380.00 06/26/02 -320.002001 06/22/01 14.84 06/29/01 14.43 0.41 820.00 06/27/01 880.002000 06/22/00 12.19 06/29/00 12.10 0.09 180.00 06/28/00 180.001999 06/22/99 13.92 06/29/99 13.79 0.13 260.00 06/29/99 260.00 06/24/99 -180.001998 06/22/98 13.53 06/29/98 13.69 -0.16 -320.00 06/26/98 -320.00
Percentage Correct 80Average Profit on Winning Trades 0.49 987.50 Winners 8Average Loss on Trades -0.29 -580.00 Losers 2Average Net Profit Per Trade 0.34 674.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
MOORE RESEARCH CENTER, INC. 57
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Class III Milk(CME)—SeptemberSell on approximately 07/12 - Exit on approximately 07/18 Contract Size: 200,000 lbs
CONTYEAR
SELLDATE
SELLPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 07/12/07 18.93 07/18/07 18.30 0.63 1260.00 07/18/07 1260.002006 07/12/06 11.94 07/18/06 11.92 0.02 40.00 07/14/06 220.002005 07/12/05 15.08 07/18/05 14.75 0.33 660.00 07/18/05 660.00 07/14/05 -120.002004 07/12/04 14.65 07/16/04 14.55 0.10 200.00 07/16/04 200.00 07/14/04 -1500.002003 07/14/03 13.64 07/18/03 13.33 0.31 620.00 07/16/03 860.002002 07/12/02 11.95 07/18/02 11.63 0.32 640.00 07/18/02 640.002001 07/12/01 14.90 07/18/01 14.80 0.10 200.00 07/16/01 300.002000 07/12/00 12.35 07/18/00 11.50 0.85 1700.00 07/18/00 1700.001999 07/12/99 14.70 07/16/99 14.53 0.17 340.00 07/15/99 740.001998 07/13/98 13.89 07/17/98 14.29 -0.40 -800.00 07/16/98 -1180.00
Percentage Correct 90Average Profit on Winning Trades 0.31 628.89 Winners 9Average Loss on Trades -0.40 -800.00 Losers 1Average Net Profit Per Trade 0.24 486.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Class III Milk(CME)—NovemberBuy on approximately 07/19 - Exit on approximately 07/26 Contract Size: 200,000 lbs
CONTYEAR
BUYDATE
BUYPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 07/19/07 16.45 07/26/07 17.02 0.57 1140.00 07/25/07 1540.002006 07/19/06 12.20 07/26/06 12.60 0.40 800.00 07/26/06 800.002005 07/19/05 13.38 07/26/05 13.88 0.50 1000.00 07/25/05 1200.002004 07/19/04 12.91 07/26/04 13.09 0.18 360.00 07/26/04 360.00 07/23/04 -20.002003 07/21/03 12.70 07/25/03 12.74 0.04 80.00 07/25/03 80.002002 07/19/02 11.55 07/26/02 11.69 0.14 280.00 07/26/02 280.00 07/24/02 -600.002001 07/19/01 13.07 07/26/01 13.75 0.68 1360.00 07/26/01 1360.002000 07/19/00 11.00 07/26/00 11.06 0.06 120.00 07/24/00 800.001999 07/19/99 13.45 07/26/99 15.00 1.55 3100.00 07/26/99 3100.001998 07/20/98 12.47 07/24/98 12.85 0.38 760.00 07/24/98 760.00
Percentage Correct 100Average Profit on Winning Trades 0.45 900.00 Winners 10Average Loss on Trades Losers 0Average Net Profit Per Trade 0.45 900.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
58 HISTORICAL DAIRY REPORT
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Class III Milk(CME)—NovemberBuy on approximately 07/19 - Exit on approximately 08/06 Contract Size: 200,000 lbs
CONTYEAR
BUYDATE
BUYPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 07/19/07 16.45 08/06/07 17.85 1.40 2800.00 08/06/07 2800.002006 07/19/06 12.20 08/04/06 12.64 0.44 880.00 07/28/06 1200.002005 07/19/05 13.38 08/05/05 13.50 0.12 240.00 07/25/05 1200.002004 07/19/04 12.91 08/06/04 13.10 0.19 380.00 08/02/04 1080.00 07/23/04 -20.002003 07/21/03 12.70 08/06/03 12.94 0.24 480.00 08/01/03 480.00 07/29/03 -60.002002 07/19/02 11.55 08/06/02 11.61 0.06 120.00 07/31/02 540.00 07/24/02 -600.002001 07/19/01 13.07 08/06/01 13.50 0.43 860.00 08/01/01 1460.002000 07/19/00 11.00 08/04/00 11.08 0.08 160.00 07/24/00 800.00 08/03/00 -580.001999 07/19/99 13.45 08/06/99 16.40 2.95 5900.00 08/06/99 5900.001998 07/20/98 12.47 08/06/98 13.25 0.78 1560.00 08/06/98 1560.00
Percentage Correct 100Average Profit on Winning Trades 0.67 1338.00 Winners 10Average Loss on Trades Losers 0Average Net Profit Per Trade 0.67 1338.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Buy Oct Class III Milk(CME) / Sell Aug Class III Milk(CME)Enter on approximately 07/19 - Exit on approximately 08/12
CONTYEAR
ENTRYDATE
ENTRYPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 07/19/07 -1.89 08/10/07 -1.21 0.68 1360.00 08/07/07 1500.002006 07/19/06 1.05 08/11/06 1.58 0.54 1080.00 07/31/06 1460.002005 07/19/05 -0.10 08/12/05 0.42 0.52 1040.00 08/03/05 1860.002004 07/19/04 -0.01 08/12/04 0.27 0.30 600.00 08/02/04 1800.00 07/22/04 -460.002003 07/21/03 0.04 08/12/03 0.15 0.10 200.00 08/08/03 200.00 07/30/03 -600.002002 07/19/02 1.51 08/12/02 1.68 0.18 360.00 07/23/02 900.00 08/01/02 -560.002001 07/19/01 -1.21 08/10/01 -0.59 0.62 1240.00 08/01/01 1340.00 08/08/01 -360.002000 07/19/00 0.67 08/11/00 0.74 0.06 120.00 08/10/00 960.00 07/26/00 -260.001999 07/19/99 -0.36 08/12/99 1.42 1.80 3600.00 08/11/99 3660.00 07/20/99 -200.001998 07/20/98 -1.01 08/12/98 -1.58 -0.57 -1140.00 07/28/98 420.00 08/12/98 -1140.00
Percentage Correct 90Average Profit on Winning Trades 0.53 1066.67 Winners 9Average Loss on Trades -0.57 -1140.00 Losers 1Average Net Profit Per Trade 0.42 846.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
MOORE RESEARCH CENTER, INC. 59
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Buy Sep Class III Milk(CME) / Sell Aug Class III Milk(CME)Enter on approximately 07/20 - Exit on approximately 08/03
CONTYEAR
ENTRYDATE
ENTRYPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 07/20/07 -1.30 08/03/07 -0.58 0.71 1420.00 08/03/07 1420.002006 07/20/06 0.69 08/03/06 1.00 0.30 600.00 07/31/06 1160.00 07/21/06 -80.002005 07/20/05 0.21 08/03/05 0.90 0.68 1360.00 08/03/05 1360.002004 07/20/04 0.86 08/03/04 1.63 0.77 1540.00 08/02/04 1760.002003 07/21/03 0.27 08/01/03 0.63 0.36 720.00 08/01/03 720.002002 07/22/02 1.21 08/02/02 1.58 0.37 740.00 07/31/02 880.00 07/24/02 -720.002001 07/20/01 -0.19 08/03/01 -0.05 0.15 300.00 07/25/01 560.002000 07/20/00 0.61 08/03/00 0.33 -0.27 -540.00 07/25/00 400.00 07/31/00 -1120.001999 07/20/99 0.05 08/03/99 0.67 0.63 1260.00 08/03/99 1260.00 07/21/99 -40.001998 07/20/98 -0.28 08/03/98 -0.01 0.26 520.00 07/27/98 580.00
Percentage Correct 90Average Profit on Winning Trades 0.47 940.00 Winners 9Average Loss on Trades -0.27 -540.00 Losers 1Average Net Profit Per Trade 0.40 792.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Class III Milk(CME)—NovemberSell on approximately 08/10 - Exit on approximately 08/18 Contract Size: 200,000 lbs
CONTYEAR
SELLDATE
SELLPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 08/10/07 17.68 08/17/07 17.41 0.27 540.00 08/16/07 1080.002006 08/10/06 12.71 08/18/06 12.70 0.01 20.00 08/16/06 160.00 08/17/06 -120.002005 08/10/05 13.65 08/18/05 13.32 0.33 660.00 08/18/05 660.00 08/11/05 -40.002004 08/10/04 12.97 08/18/04 12.85 0.12 240.00 08/17/04 240.002003 08/11/03 12.93 08/18/03 12.28 0.65 1300.00 08/18/03 1300.00 08/15/03 -140.002002 08/12/02 11.60 08/16/02 10.85 0.75 1500.00 08/16/02 1500.002001 08/10/01 13.80 08/17/01 13.53 0.27 540.00 08/17/01 540.00 08/15/01 -380.002000 08/10/00 11.00 08/18/00 10.65 0.35 700.00 08/18/00 700.00 08/15/00 -100.001999 08/10/99 16.76 08/18/99 15.40 1.36 2720.00 08/18/99 2720.00 08/11/99 -60.001998 08/10/98 12.75 08/18/98 12.63 0.12 240.00 08/12/98 600.00
Percentage Correct 100Average Profit on Winning Trades 0.42 846.00 Winners 10Average Loss on Trades Losers 0Average Net Profit Per Trade 0.42 846.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
60 HISTORICAL DAIRY REPORT
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Buy Aug Class III Milk(CME) / Sell Nov Class III Milk(CME)Enter on approximately 08/10 - Exit on approximately 08/20
CONTYEAR
ENTRYDATE
ENTRYPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 08/10/07 2.14 08/20/07 2.53 0.39 780.00 08/16/07 860.002006 08/10/06 -1.77 08/18/06 -1.64 0.12 240.00 08/16/06 320.002005 08/10/05 -0.20 08/19/05 0.17 0.38 760.00 08/18/05 960.002004 08/10/04 1.00 08/20/04 1.49 0.48 960.00 08/20/04 960.002003 08/11/03 0.91 08/20/03 1.10 0.19 380.00 08/18/03 1120.00 08/15/03 -180.002002 08/12/02 -2.09 08/20/02 -1.34 0.75 1500.00 08/19/02 1600.002001 08/10/01 1.69 08/20/01 1.71 0.01 20.00 08/17/01 640.00 08/15/01 -380.002000 08/10/00 -0.96 08/18/00 -0.63 0.33 660.00 08/17/00 680.001999 08/10/99 -0.58 08/20/99 1.88 2.48 4960.00 08/20/99 4960.00 08/11/99 -100.001998 08/10/98 2.55 08/20/98 2.78 0.23 460.00 08/12/98 600.00
Percentage Correct 100Average Profit on Winning Trades 0.54 1072.00 Winners 10Average Loss on Trades Losers 0Average Net Profit Per Trade 0.54 1072.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Class III Milk(CME)—DecemberSell on approximately 08/10 - Exit on approximately 08/29 Contract Size: 200,000 lbs
CONTYEAR
SELLDATE
SELLPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 08/10/07 17.24 08/29/07 17.72 -0.48 -960.00 08/20/07 660.00 08/29/07 -960.002006 08/10/06 12.73 08/29/06 12.58 0.15 300.00 08/22/06 300.00 08/11/06 -140.002005 08/10/05 13.47 08/29/05 13.18 0.29 580.00 08/24/05 780.00 08/11/05 -60.002004 08/10/04 12.25 08/27/04 11.98 0.27 540.00 08/26/04 540.00 08/12/04 -100.002003 08/11/03 12.45 08/29/03 11.93 0.52 1040.00 08/18/03 1100.00 08/12/03 -40.002002 08/12/02 11.68 08/29/02 10.77 0.91 1820.00 08/29/02 1820.002001 08/10/01 13.40 08/29/01 12.67 0.73 1460.00 08/29/01 1460.002000 08/10/00 10.95 08/29/00 10.77 0.18 360.00 08/21/00 780.001999 08/10/99 15.90 08/27/99 12.61 3.29 6580.00 08/26/99 6600.001998 08/10/98 12.70 08/28/98 12.60 0.10 200.00 08/13/98 480.00
Percentage Correct 90Average Profit on Winning Trades 0.72 1431.11 Winners 9Average Loss on Trades -0.48 -960.00 Losers 1Average Net Profit Per Trade 0.60 1192.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
MOORE RESEARCH CENTER, INC. 61
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Class III Milk(CME)—NovemberSell on approximately 08/10 - Exit on approximately 10/09 Contract Size: 200,000 lbs
CONTYEAR
SELLDATE
SELLPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 08/10/07 17.68 10/09/07 17.04 0.64 1280.00 10/08/07 1720.00 09/04/07 -2980.002006 08/10/06 12.71 10/09/06 12.32 0.39 780.00 09/11/06 920.00 08/25/06 -320.002005 08/10/05 13.65 10/07/05 13.48 0.17 340.00 08/24/05 840.00 09/09/05 -320.002004 08/10/04 12.97 10/08/04 12.57 0.40 800.00 08/27/04 1620.00 09/29/04 -640.002003 08/11/03 12.93 10/09/03 12.78 0.15 300.00 08/18/03 1300.00 08/15/03 -140.002002 08/12/02 11.60 10/09/02 10.40 1.20 2400.00 09/06/02 2940.002001 08/10/01 13.80 10/09/01 11.56 2.24 4480.00 10/09/01 4480.00 09/19/01 -1500.002000 08/10/00 11.00 10/09/00 9.40 1.60 3200.00 10/09/00 3200.00 08/15/00 -100.001999 08/10/99 16.76 10/08/99 11.31 5.45 10900.00 10/08/99 10900.00 08/11/99 -60.001998 08/10/98 12.75 10/09/98 15.54 -2.79 -5580.00 08/12/98 600.00 10/08/98 -5640.00
Percentage Correct 90Average Profit on Winning Trades 1.36 2720.00 Winners 9Average Loss on Trades -2.79 -5580.00 Losers 1Average Net Profit Per Trade 0.95 1890.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Class III Milk(CME)—DecemberBuy on approximately 08/31 - Exit on approximately 09/11 Contract Size: 200,000 lbs
CONTYEAR
BUYDATE
BUYPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 08/31/07 17.90 09/11/07 18.32 0.42 840.00 09/11/07 840.00 09/10/07 -420.002006 08/31/06 12.65 09/11/06 12.33 -0.32 -640.00 09/11/06 -640.002005 08/31/05 13.24 09/09/05 13.51 0.27 540.00 09/09/05 540.002004 08/31/04 12.05 09/10/04 12.15 0.10 200.00 09/08/04 380.002003 09/02/03 11.89 09/11/03 12.20 0.31 620.00 09/11/03 620.002002 09/03/02 10.51 09/11/02 10.40 -0.11 -220.00 09/06/02 -820.002001 08/31/01 12.75 09/10/01 13.25 0.50 1000.00 09/07/01 1080.002000 08/31/00 10.55 09/11/00 10.69 0.14 280.00 09/08/00 400.001999 08/31/99 12.60 09/10/99 12.68 0.08 160.00 09/08/99 300.00 09/02/99 -1000.001998 08/31/98 12.69 09/11/98 13.36 0.67 1340.00 09/10/98 1560.00 09/01/98 -280.00
Percentage Correct 80Average Profit on Winning Trades 0.31 622.50 Winners 8Average Loss on Trades -0.21 -430.00 Losers 2Average Net Profit Per Trade 0.21 412.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
62 HISTORICAL DAIRY REPORT
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Buy Oct Class III Milk(CME) / Sell Nov Class III Milk(CME)Enter on approximately 09/15 - Exit on approximately 10/09
CONTYEAR
ENTRYDATE
ENTRYPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 09/17/07 0.75 10/09/07 1.28 0.53 1060.00 10/08/07 1100.00 09/18/07 -220.002006 09/15/06 -0.10 10/09/06 -0.03 0.07 140.00 09/22/06 400.002005 09/15/05 0.65 10/07/05 0.84 0.20 400.00 10/05/05 420.002004 09/15/04 0.95 10/08/04 1.28 0.34 680.00 10/07/04 1000.00 09/17/04 -200.002003 09/15/03 1.08 10/09/03 1.41 0.34 680.00 09/30/03 860.00 09/18/03 -140.002002 09/16/02 -0.78 10/09/02 0.25 1.04 2080.00 10/08/02 2140.002001 09/17/01 0.80 10/09/01 2.19 1.40 2800.00 10/09/01 2800.002000 09/15/00 0.40 10/09/00 0.59 0.20 400.00 09/28/00 500.00 10/04/00 -160.001999 09/15/99 0.59 10/08/99 0.78 0.19 380.00 10/08/99 380.00 09/29/99 -740.001998 09/15/98 1.37 10/09/98 0.49 -0.88 -1760.00 10/08/98 -1900.00
Percentage Correct 90Average Profit on Winning Trades 0.48 957.78 Winners 9Average Loss on Trades -0.88 -1760.00 Losers 1Average Net Profit Per Trade 0.34 686.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Class III Milk(CME)—NovemberSell on approximately 09/19 - Exit on approximately 10/09 Contract Size: 200,000 lbs
CONTYEAR
SELLDATE
SELLPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 09/19/07 18.30 10/09/07 17.04 1.26 2520.00 10/08/07 2960.002006 09/19/06 12.40 10/09/06 12.32 0.08 160.00 10/09/06 160.00 09/22/06 -400.002005 09/19/05 13.70 10/07/05 13.48 0.22 440.00 10/06/05 520.00 09/20/05 -140.002004 09/20/04 12.67 10/08/04 12.57 0.10 200.00 10/07/04 700.00 09/29/04 -1240.002003 09/19/03 12.85 10/09/03 12.78 0.07 140.00 09/25/03 700.00 10/08/03 -200.002002 09/19/02 10.65 10/09/02 10.40 0.25 500.00 09/30/02 720.00 09/20/02 -40.002001 09/19/01 14.55 10/09/01 11.56 2.99 5980.00 10/09/01 5980.002000 09/19/00 10.30 10/09/00 9.40 0.90 1800.00 10/09/00 1800.001999 09/20/99 12.80 10/08/99 11.31 1.49 2980.00 10/08/99 2980.00 09/22/99 -100.001998 09/21/98 14.65 10/09/98 15.54 -0.89 -1780.00 10/02/98 200.00 10/08/98 -1840.00
Percentage Correct 90Average Profit on Winning Trades 0.82 1635.56 Winners 9Average Loss on Trades -0.89 -1780.00 Losers 1Average Net Profit Per Trade 0.65 1294.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
MOORE RESEARCH CENTER, INC. 63
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Buy Jan Class III Milk(CME) / Sell Nov Class III Milk(CME)Enter on approximately 09/19 - Exit on approximately 11/19
CONTYEAR
ENTRYDATE
ENTRYPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2008 09/19/07 -1.44 11/19/07 -0.90 0.55 1100.00 11/16/07 1540.00 11/05/07 -1580.002007 09/19/06 0.00 11/17/06 0.91 0.92 1840.00 11/10/06 2540.00 09/29/06 -220.002006 09/19/05 -0.86 11/18/05 -0.68 0.18 360.00 11/03/05 840.00 09/20/05 -100.002005 09/20/04 -0.63 11/19/04 -0.51 0.11 220.00 10/07/04 420.00 11/03/04 -2400.002004 09/19/03 -1.06 11/19/03 -1.83 -0.77 -1540.00 10/03/03 100.00 11/18/03 -1680.002003 09/19/02 0.08 11/19/02 0.48 0.40 800.00 11/12/02 1180.00 10/15/02 -540.002002 09/19/01 -2.00 11/19/01 0.39 2.39 4780.00 10/24/01 5700.00 09/21/01 -60.002001 09/19/00 -0.05 11/17/00 1.16 1.21 2420.00 11/17/00 2420.002000 09/20/99 -0.60 11/19/99 0.94 1.55 3100.00 11/05/99 3400.00 09/22/99 -100.001999 09/21/98 -1.64 11/19/98 -1.19 0.44 880.00 11/19/98 880.00 11/03/98 -2840.00
Percentage Correct 90Average Profit on Winning Trades 0.86 1722.22 Winners 9Average Loss on Trades -0.77 -1540.00 Losers 1Average Net Profit Per Trade 0.70 1396.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Buy Dec Class III Milk(CME) / Sell Nov Class III Milk(CME)Enter on approximately 10/04 - Exit on approximately 11/29
CONTYEAR
ENTRYDATE
ENTRYPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 10/04/07 -0.66 11/29/07 0.41 1.07 2140.00 11/27/07 3200.00 11/05/07 -960.002006 10/04/06 0.03 11/29/06 0.74 0.71 1420.00 11/14/06 2200.00 10/05/06 -60.002005 10/04/05 -0.18 11/29/05 -0.17 0.01 20.00 10/05/05 240.00 11/17/05 -560.002004 10/04/04 -0.66 11/29/04 1.97 2.64 5280.00 11/29/04 5280.00 11/01/04 -1040.002003 10/06/03 -0.90 11/28/03 -1.93 -1.04 -2080.00 10/14/03 100.00 11/18/03 -2120.002002 10/04/02 -0.11 11/27/02 0.16 0.28 560.00 11/21/02 680.00 10/15/02 -260.002001 10/04/01 -0.75 11/29/01 0.66 1.41 2820.00 11/29/01 2820.002000 10/04/00 0.00 11/29/00 0.78 0.78 1560.00 11/17/00 1700.001999 10/04/99 -0.15 11/29/99 0.25 0.40 800.00 11/05/99 1860.001998 10/05/98 -1.16 11/27/98 0.01 1.19 2380.00 11/24/98 2380.00 11/03/98 -880.00
Percentage Correct 90Average Profit on Winning Trades 0.94 1886.67 Winners 9Average Loss on Trades -1.04 -2080.00 Losers 1Average Net Profit Per Trade 0.75 1490.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
64 HISTORICAL DAIRY REPORT
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Class III Milk(CME)—FebruaryBuy on approximately 10/10 - Exit on approximately 11/15 Contract Size: 200,000 lbs
CONTYEAR
BUYDATE
BUYPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2008 10/10/07 15.73 11/15/07 16.99 1.26 2520.00 11/15/07 2520.00 10/11/07 -20.002007 10/10/06 12.28 11/15/06 13.74 1.46 2920.00 11/10/06 3480.00 10/11/06 -160.002006 10/10/05 12.51 11/15/05 12.62 0.11 220.00 10/20/05 440.002005 10/11/04 11.90 11/15/04 12.85 0.95 1900.00 11/11/04 1900.002004 10/10/03 11.27 11/14/03 11.32 0.05 100.00 10/21/03 460.00 10/14/03 -100.002003 10/10/02 10.55 11/15/02 10.65 0.10 200.00 11/15/02 200.00 11/04/02 -380.002002 10/10/01 11.45 11/15/01 11.80 0.35 700.00 10/29/01 800.002001 10/10/00 9.80 11/15/00 9.81 0.01 20.00 10/12/00 600.00 11/06/00 -500.002000 10/11/99 11.34 11/15/99 11.40 0.06 120.00 10/14/99 980.00 11/10/99 -120.001999 10/12/98 12.70 11/13/98 13.20 0.50 1000.00 11/11/98 1560.00 10/30/98 -300.00
Percentage Correct 100Average Profit on Winning Trades 0.49 970.00 Winners 10Average Loss on Trades Losers 0Average Net Profit Per Trade 0.49 970.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Class III Milk(CME)—JulyBuy on approximately 10/16 - Exit on approximately 01/05 Contract Size: 200,000 lbs
CONTYEAR
BUYDATE
BUYPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 10/16/06 13.43 01/05/07 14.45 1.02 2040.00 11/10/06 2340.002006 10/17/05 13.10 01/05/06 13.20 0.10 200.00 11/23/05 260.002005 10/18/04 12.75 01/05/05 13.77 1.02 2040.00 12/28/04 2100.00 10/28/04 -200.002004 10/16/03 12.29 01/05/04 12.80 0.51 1020.00 01/05/04 1020.002003 10/16/02 12.40 01/03/03 12.76 0.36 720.00 12/03/02 800.00 10/18/02 -200.002002 10/16/01 12.60 01/04/02 13.20 0.60 1200.00 12/20/01 1300.002001 10/16/00 10.81 01/05/01 11.45 0.64 1280.00 01/05/01 1280.00 10/25/00 -220.002000 10/18/99 12.37 01/05/00 12.60 0.23 460.00 12/17/99 460.00 12/15/99 -20.001999 10/16/98 12.35 01/05/99 12.40 0.05 100.00 10/20/98 300.00 11/03/98 -200.001998 10/16/97 11.63 01/05/98 12.25 0.62 1240.00 01/05/98 1240.00
Percentage Correct 100Average Profit on Winning Trades 0.51 1030.00 Winners 10Average Loss on Trades Losers 0Average Net Profit Per Trade 0.51 1030.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
MOORE RESEARCH CENTER, INC. 65
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Buy Dec Class III Milk(CME) / Sell Nov Class III Milk(CME)Enter on approximately 10/29 - Exit on approximately 11/29
CONTYEAR
ENTRYDATE
ENTRYPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 10/29/07 -0.95 11/29/07 0.41 1.36 2720.00 11/27/07 3780.00 11/05/07 -380.002006 10/30/06 0.37 11/29/06 0.74 0.37 740.00 11/14/06 1520.00 10/31/06 -40.002005 10/31/05 -0.25 11/29/05 -0.17 0.08 160.00 11/29/05 160.00 11/17/05 -420.002004 10/29/04 -1.04 11/29/04 1.97 3.03 6060.00 11/29/04 6060.00 11/01/04 -260.002003 10/29/03 -1.25 11/28/03 -1.93 -0.69 -1380.00 10/30/03 60.00 11/18/03 -1420.002002 10/29/02 0.14 11/27/02 0.16 0.03 60.00 11/21/02 180.00 11/04/02 -380.002001 10/29/01 0.18 11/29/01 0.66 0.47 940.00 11/29/01 940.00 11/08/01 -140.002000 10/30/00 0.38 11/29/00 0.78 0.40 800.00 11/17/00 940.00 11/02/00 -120.001999 10/29/99 0.06 11/29/99 0.25 0.19 380.00 11/05/99 1440.001998 10/29/98 -1.46 11/27/98 0.01 1.48 2960.00 11/24/98 2960.00 11/03/98 -300.00
Percentage Correct 90Average Profit on Winning Trades 0.82 1646.67 Winners 9Average Loss on Trades -0.69 -1380.00 Losers 1Average Net Profit Per Trade 0.67 1344.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Class III Milk(CME)—DecemberBuy on approximately 11/05 - Exit on approximately 11/29 Contract Size: 200,000 lbs
CONTYEAR
BUYDATE
BUYPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 11/05/07 17.58 11/29/07 19.65 2.07 4140.00 11/27/07 5220.002006 11/06/06 13.04 11/29/06 13.59 0.55 1100.00 11/13/06 1740.002005 11/07/05 13.14 11/29/05 13.17 0.03 60.00 11/29/05 60.00 11/17/05 -520.002004 11/05/04 13.60 11/29/04 16.95 3.35 6700.00 11/29/04 6700.002003 11/05/03 11.46 11/28/03 11.55 0.09 180.00 11/06/03 480.00 11/18/03 -20.002002 11/05/02 9.70 11/29/02 9.97 0.27 540.00 11/21/02 660.002001 11/05/01 11.33 11/29/01 12.00 0.67 1340.00 11/23/01 1340.00 11/08/01 -20.002000 11/06/00 9.05 11/29/00 9.36 0.31 620.00 11/17/00 1140.001999 11/05/99 11.28 11/29/99 10.35 -0.93 -1860.00 11/22/99 -1860.001998 11/05/98 15.53 11/27/98 16.69 1.16 2320.00 11/20/98 2340.00
Percentage Correct 90Average Profit on Winning Trades 0.94 1888.89 Winners 9Average Loss on Trades -0.93 -1860.00 Losers 1Average Net Profit Per Trade 0.76 1514.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
66 HISTORICAL DAIRY REPORT
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Buy Dec Class III Milk(CME) / Sell Feb Class III Milk(CME)Enter on approximately 11/08 - Exit on approximately 12/30
CONTYEAR
ENTRYDATE
ENTRYPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2006 11/08/06 -0.17 12/29/06 0.14 0.32 640.00 12/04/06 1060.00 11/09/06 -180.002005 11/08/05 0.40 12/30/05 0.45 0.06 120.00 12/14/05 1000.00 11/09/05 -100.002004 11/08/04 1.50 12/30/04 2.33 0.84 1680.00 12/13/04 4420.002003 11/10/03 0.33 12/30/03 0.41 0.08 160.00 12/24/03 460.00 12/02/03 -460.002002 11/08/02 -0.78 12/30/02 -0.70 0.08 160.00 12/17/02 420.00 12/03/02 -220.002001 11/08/01 -0.42 12/28/01 0.31 0.74 1480.00 12/28/01 1480.002000 11/08/00 -0.49 12/29/00 -0.43 0.05 100.00 11/15/00 500.00 12/19/00 -300.001999 11/08/99 -0.30 12/30/99 0.75 1.05 2100.00 12/30/99 2100.00 12/10/99 -1880.001998 11/09/98 2.84 12/30/98 3.48 0.63 1260.00 12/15/98 1900.00 12/02/98 -1680.001997 11/10/97 0.26 12/22/97 0.98 0.71 1420.00 12/19/97 1460.00
Percentage Correct 100Average Profit on Winning Trades 0.46 912.00 Winners 10Average Loss on Trades Losers 0Average Net Profit Per Trade 0.46 912.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Class III Milk(CME)—JanuarySell on approximately 11/28 - Exit on approximately 12/16 Contract Size: 200,000 lbs
CONTYEAR
SELLDATE
SELLPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2008 11/28/07 18.38 12/14/07 18.17 0.21 420.00 11/29/07 640.00 12/03/07 -740.002007 11/28/06 13.53 12/15/06 13.15 0.38 760.00 12/04/06 1140.002006 11/28/05 12.80 12/16/05 13.15 -0.35 -700.00 11/30/05 40.00 12/15/05 -760.002005 11/29/04 15.07 12/16/04 13.50 1.57 3140.00 12/13/04 3840.002004 11/28/03 11.67 12/16/03 11.62 0.05 100.00 12/01/03 340.00 12/04/03 -180.002003 11/29/02 10.42 12/16/02 10.08 0.34 680.00 12/11/02 760.00 12/03/02 -460.002002 11/28/01 12.02 12/14/01 11.48 0.54 1080.00 12/11/01 1540.00 11/29/01 -60.002001 11/28/00 9.80 12/15/00 9.75 0.05 100.00 12/07/00 320.002000 11/29/99 10.89 12/16/99 10.38 0.51 1020.00 12/16/99 1020.00 12/09/99 -260.001999 11/30/98 16.17 12/16/98 15.42 0.75 1500.00 12/16/98 1500.00 12/10/98 -520.00
Percentage Correct 90Average Profit on Winning Trades 0.49 977.78 Winners 9Average Loss on Trades -0.35 -700.00 Losers 1Average Net Profit Per Trade 0.40 810.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
MOORE RESEARCH CENTER, INC. 67
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Class III Milk(CME)—FebruarySell on approximately 11/28 - Exit on approximately 12/24 Contract Size: 200,000 lbs
CONTYEAR
SELLDATE
SELLPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2008 11/28/07 17.35 12/24/07 17.35 0.00 0.00 12/18/07 780.00 12/03/07 -760.002007 11/28/06 13.48 12/22/06 13.17 0.31 620.00 12/04/06 960.002006 11/28/05 12.55 12/23/05 12.82 -0.27 -540.00 12/01/05 140.00 12/19/05 -820.002005 11/29/04 14.00 12/23/04 13.70 0.30 600.00 12/13/04 2620.00 11/30/04 -120.002004 11/28/03 11.43 12/24/03 11.23 0.20 400.00 12/24/03 400.00 12/19/03 -420.002003 11/29/02 10.70 12/23/02 10.50 0.20 400.00 12/17/02 740.00 12/03/02 -380.002002 11/28/01 12.06 12/24/01 11.85 0.21 420.00 12/11/01 1520.00 11/29/01 -80.002001 11/28/00 9.82 12/22/00 9.81 0.01 20.00 12/07/00 540.00 12/19/00 -80.002000 11/29/99 10.85 12/23/99 10.50 0.35 700.00 12/23/99 700.00 12/10/99 -660.001999 11/30/98 14.35 12/24/98 13.55 0.80 1600.00 12/15/98 1900.00 12/02/98 -1440.00
Percentage Correct 80Average Profit on Winning Trades 0.30 595.00 Winners 8Average Loss on Trades -0.13 -270.00 Losers 2Average Net Profit Per Trade 0.21 422.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Buy Jun Class III Milk(CME) / Sell Mar Class III Milk(CME)Enter on approximately 12/03 - Exit on approximately 12/27
CONTYEAR
ENTRYDATE
ENTRYPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2008 12/03/07 -0.75 12/27/07 -0.84 -0.09 -180.00 12/18/07 600.00 12/26/07 -200.002007 12/04/06 0.57 12/27/06 0.69 0.13 260.00 12/26/06 280.00 12/06/06 -60.002006 12/05/05 0.08 12/27/05 0.06 -0.03 -60.00 12/13/05 140.00 12/19/05 -300.002005 12/03/04 -0.32 12/27/04 0.16 0.49 980.00 12/20/04 1280.002004 12/03/03 0.56 12/24/03 0.67 0.12 240.00 12/11/03 260.00 12/04/03 -60.002003 12/03/02 0.94 12/27/02 1.19 0.25 500.00 12/17/02 960.002002 12/03/01 0.33 12/27/01 0.79 0.47 940.00 12/11/01 1040.002001 12/04/00 0.63 12/27/00 0.65 0.02 40.00 12/07/00 40.00 12/19/00 -220.002000 12/03/99 0.59 12/27/99 1.05 0.45 900.00 12/15/99 1200.001999 12/03/98 -1.59 12/24/98 -0.73 0.87 1740.00 12/22/98 1920.00
Percentage Correct 80Average Profit on Winning Trades 0.35 700.00 Winners 8Average Loss on Trades -0.06 -120.00 Losers 2Average Net Profit Per Trade 0.27 536.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
68 HISTORICAL DAIRY REPORT
Cla
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Class III Milk(CME)—JulyBuy on approximately 12/15 - Exit on approximately 01/05 Contract Size: 200,000 lbs
CONTYEAR
BUYDATE
BUYPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 12/15/06 14.31 01/05/07 14.45 0.14 280.00 12/29/06 280.00 12/19/06 -60.002006 12/15/05 13.18 01/05/06 13.20 0.02 40.00 01/05/06 40.00 12/19/05 -80.002005 12/15/04 12.93 01/05/05 13.77 0.84 1680.00 12/28/04 1740.002004 12/15/03 12.53 01/05/04 12.80 0.27 540.00 01/05/04 540.002003 12/16/02 12.76 01/03/03 12.76 0.00 0.00 12/19/02 -380.002002 12/17/01 13.15 01/04/02 13.20 0.05 100.00 12/20/01 200.00 12/31/01 -180.002001 12/15/00 11.00 01/05/01 11.45 0.45 900.00 01/05/01 900.002000 12/15/99 12.36 01/05/00 12.60 0.24 480.00 12/17/99 480.001999 12/15/98 12.36 01/05/99 12.40 0.04 80.00 12/31/98 100.00 12/16/98 -20.001998 12/15/97 12.15 01/05/98 12.25 0.10 200.00 01/05/98 200.00 12/22/97 -20.00
Percentage Correct 90Average Profit on Winning Trades 0.24 477.78 Winners 9Average Loss on Trades 0.00 0.00 Losers 1Average Net Profit Per Trade 0.21 430.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
Class III Milk(CME)—AprilBuy on approximately 12/30 - Exit on approximately 01/17 Contract Size: 200,000 lbs
CONTYEAR
BUYDATE
BUYPRICE
EXITDATE
EXITPRICE PROFIT
PROFITAMOUNT
BESTEQUITYDATE
BESTEQUITY
AMOUNT
WORSTEQUITYDATE
WORSTEQUITY
AMOUNT
2007 01/03/07 13.56 01/17/07 14.05 0.49 980.00 01/17/07 980.002006 12/30/05 12.65 01/17/06 12.75 0.10 200.00 01/05/06 600.002005 12/30/04 13.60 01/14/05 15.00 1.40 2800.00 01/14/05 2800.002004 12/30/03 11.65 01/16/04 11.66 0.01 20.00 01/06/04 180.00 01/13/04 -120.002003 12/30/02 11.24 01/17/03 10.60 -0.64 -1280.00 01/16/03 -1400.002002 12/31/01 11.65 01/17/02 12.05 0.40 800.00 01/17/02 800.002001 01/02/01 10.02 01/17/01 10.30 0.28 560.00 01/09/01 1100.002000 12/30/99 10.75 01/14/00 10.81 0.06 120.00 01/05/00 500.00 01/11/00 -80.001999 12/30/98 12.43 01/15/99 12.33 -0.10 -200.00 01/04/99 20.00 01/12/99 -200.001998 12/30/97 11.65 01/16/98 12.04 0.39 780.00 01/14/98 800.00
Percentage Correct 80Average Profit on Winning Trades 0.39 782.50 Winners 8Average Loss on Trades -0.37 -740.00 Losers 2Average Net Profit Per Trade 0.24 478.00 Total trades 10
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVEPROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVEDBY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.
MOORE RESEARCH CENTER, INC. 69
How to Interpret Volatility Charts
Both futures and options traders can make use of patterns both in price direction and in volatility, a standardizedmeasure of risk. Also an important component of option pricing, volatility can make premiums cheap or
expensive. Just as insurance companies use actuarial tables, option traders wanting to know the risk of an “event” happening can determine the “normal” by referring to a chart of average historical volatility, a diagram plotting the average, or “normal,” volatility throughout the life of the contract.
By way of explanation, the center line in these charts represents a multi-year average of volatility in futures. Atany given point on this line, volatility has been above half the time, below the other half. The top line is +1 standarddeviation (STD), the bottom line at -1 STD. The area between these two may be considered a “probability” range,wherein volatility has remained 68% of the time. During the remaining 32% of the time, volatility was outside thatrange (16% above +1 STD, 16% below -1 STD). By comparing current implied volatility to average historicalvolatility, option traders may better determine whether option premiums are cheap or expensive historically. !
Jan Class III Milk(CME) 10 Year Ave Volatility(98-07)
Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 0%
5%
10%
15%
20%
25%
30%
+1 STDAbove
CentralTendency
-1 STDBelow
How to Interpret Bull/Bear Charts
Each bull/bear chart consists of one composite pattern for bull years (solid line) and one for bear years (dotted line),with component contract years for each indicated in the box (“99” denotes 1999) for reference. Rather than
chronologically, the order of contract years listed is determined by the degree of inclination/declination of the line bestdescribing its scatterplot. In other words, the most bullish (as defined by comparing slopes) of the bull years is listedfirst, but the most bearish of the bear years is listed last.
That neither bull nor bear pattern reaches either 0 or 100 reflects a conscious decision made to better reproducethe vigor of dynamic trends. When MRCI constructs a multi-year pattern, averaged raw percentage values for eachcalendar day typically lie between 35 and 65—and are then normalized to between 0 and 100 to reflect greatest tendency. That final step is not taken when constructing these bull/bear patterns, and thus each better represents theextent of the typical bull or bear move. !
January Class III Milk(CME) Bull/Bear Patterns(1999-2007)
Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 0
20
40
60
80
100
BearPattern
BullPattern
Bull years: 99 07 05Bear years: 00 01 03
How
to I
nter
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Vol
atili
ty &
Bul
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70 HISTORICAL DAIRY REPORT
Fut
ures
Cha
rts
Dairy Industry and Futures Charts
PageClass III Milk Historical Volatility Charts
Jan, Feb, Mar, Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72
May, Jun, Jul, Aug . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73
Sep, Oct, Nov, Dec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74
Class III Milk Bull/Bear ChartsJan, Feb, Mar, Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75
May, Jun, Jul, Aug . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76
Sep, Oct, Nov, Dec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77
MOORE RESEARCH CENTER, INC. 71
His
tori
cal V
olat
ility
Cha
rts
Mar Class III Milk(CME) 10 Year Ave Volatility(98-07)
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 0%
5%
10%
15%
20%
25%
30%
+1 STDAbove
CentralTendency
-1 STDBelow
Feb Class III Milk(CME) 10 Year Ave Volatility(98-07)
Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb -5%
0%
5%
10%
15%
20%
25%
30%
35%
+1 STDAbove
CentralTendency
-1 STDBelow
Apr Class III Milk(CME) 10 Year Ave Volatility(98-07)
May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr 0%
5%
10%
15%
20%
25%
30%
+1 STDAbove
CentralTendency
-1 STDBelow
Jan Class III Milk(CME) 10 Year Ave Volatility(98-07)
Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 0%
5%
10%
15%
20%
25%
30%
+1 STDAbove
CentralTendency
-1 STDBelow
72 HISTORICAL DAIRY REPORT
His
tori
cal V
olat
ility
Cha
rts
Jul Class III Milk(CME) 10 Year Ave Volatility(98-07)
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 0%
5%
10%
15%
20%
25%
30%
35%
+1 STDAbove
CentralTendency
-1 STDBelow
Jun Class III Milk(CME) 10 Year Ave Volatility(98-07)
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 0%
5%
10%
15%
20%
25%
30%
35%
+1 STDAbove
CentralTendency
-1 STDBelow
Aug Class III Milk(CME) 10 Year Ave Volatility(98-07)
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 0%
5%
10%
15%
20%
25%
30%
35%
40%
+1 STDAbove
CentralTendency
-1 STDBelow
May Class III Milk(CME) 10 Year Ave Volatility(98-07)
Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 0%
5%
10%
15%
20%
25%
30%
+1 STDAbove
CentralTendency
-1 STDBelow
MOORE RESEARCH CENTER, INC. 73
His
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olat
ility
Cha
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Nov Class III Milk(CME) 10 Year Ave Volatility(98-07)
Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 0%
5%
10%
15%
20%
25%
30%
35%
+1 STDAbove
CentralTendency
-1 STDBelow
Oct Class III Milk(CME) 10 Year Ave Volatility(98-07)
Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct 0%
5%
10%
15%
20%
25%
30%
35%
40%
+1 STDAbove
CentralTendency
-1 STDBelow
Dec Class III Milk(CME) 10 Year Ave Volatility(98-07)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 0%
5%
10%
15%
20%
25%
30%
+1 STDAbove
CentralTendency
-1 STDBelow
Sep Class III Milk(CME) 10 Year Ave Volatility(98-07)
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 0%
10%
20%
30%
40%
50%
+1 STDAbove
CentralTendency
-1 STDBelow
74 HISTORICAL DAIRY REPORT
March Class III Milk(CME) Bull/Bear Patterns(1999-2007)
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 0
20
40
60
80
100
BearPattern
BullPattern
February Class III Milk(CME) Bull/Bear Patterns(1999-2007)
Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 0
20
40
60
80
100
BearPattern
BullPattern
April Class III Milk(CME) Bull/Bear Patterns(1999-2007)
Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr 0
20
40
60
80
100
BearPattern
BullPattern
January Class III Milk(CME) Bull/Bear Patterns(1999-2007)
Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 0
20
40
60
80
100
BearPattern
BullPattern
Bull years: 99 07 05Bear years: 00 01 03
Bull years: 07 05Bear years: 06 01 00 03
Bull years: 07 05 04Bear years: 06 00 03
Bull years: 07 05 04 01Bear years: 02 99 00 06 03
Bul
l/Bea
r C
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MOORE RESEARCH CENTER, INC. 75
July Class III Milk(CME) Bull/Bear Patterns(1999-2007)
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 0
20
40
60
80
100
BearPattern
BullPattern
June Class III Milk(CME) Bull/Bear Patterns(1999-2007)
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 0
20
40
60
80
100
BearPattern
BullPattern
August Class III Milk(CME) Bull/Bear Patterns(1998-2007)
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 0
20
40
60
80
100
BearPattern
BullPattern
May Class III Milk(CME) Bull/Bear Patterns(1998-2007)
Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 0
20
40
60
80
100
BearPattern
BullPattern
Bull years: 07 04 05 01Bear years: 98 02 99 00 03 06
Bull years: 07 04 01 05Bear years: 02 99 00 03 06
Bull years: 01 07 04 05Bear years: 02 00 03 06
Bull years: 01 07 98 99 04 05Bear years: 00 02 06
Bul
l/Bea
r C
hart
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76 HISTORICAL DAIRY REPORT
November Class III Milk(CME) Bull/Bear Patterns(1997-2007)
Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 0
20
40
60
80
100
BearPattern
BullPattern
October Class III Milk(CME) Bull/Bear Patterns(1997-2007)
Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct 0
20
40
60
80
100
BearPattern
BullPattern
December Class III Milk(CME) Bull/Bear Patterns(1997-2007)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 0
20
40
60
80
100
BearPattern
BullPattern
September Class III Milk(CME) Bull/Bear Patterns(1998-2007)
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 0
20
40
60
80
100
BearPattern
BullPattern
Bull years: 01 07 98 99 04 05Bear years: 00 06 02
Bull years: 01 98 07 05 03 97Bear years: 06 00 02
Bull years: 98 07 97 03 05 04Bear years: 00 02
Bull years: 98 07 97 06 04 05Bear years: 00 02
Bul
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MOORE RESEARCH CENTER, INC. 77
PageJanuary
2000 - 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80
February2000 - 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81
March2000 - 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82
April2000 - 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83
May2000 - 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84
June2000 - 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85
July2000 - 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86
August2000 - 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87
September2000 - 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88
October2000 - 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89
November2000 - 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90
December2000 - 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91
Historical Daily Futures Charts (Class III Milk)
Dai
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MOORE RESEARCH CENTER, INC. 79
Jan07 Class III Milk(CME)
F M A M J J A S O N D J11.00
11.50
12.00
12.50
13.00
13.50
14.00
14.50Jan06 Class III Milk(CME)
F M A M J J A S O N D J12.50
12.60
12.70
12.80
12.90
13.00
13.10
13.20
13.30
13.40
13.50
13.60
13.70
Jan05 Class III Milk(CME)
F M A M J J A S O N D J11.50
12.00
12.50
13.00
13.50
14.00
14.50
15.00
15.50Jan04 Class III Milk(CME)
F M A M J J A S O N D J11.00
11.10
11.20
11.30
11.40
11.50
11.60
11.70
11.80
11.90
12.00
12.10
12.20
Jan03 Class III Milk(CME)
F M A M J J A S O N D J 9.60
9.80
10.00
10.20
10.40
10.60
10.80
11.00
11.20
11.40
11.60
11.80
12.00Jan02 Class III Milk(CME)
F M A M J J A S O N D J11.00
11.20
11.40
11.60
11.80
12.00
12.20
12.40
12.60
12.80
Jan01 Class III Milk(CME)
F M A M J J A S O N D J 9.00
9.50
10.00
10.50
11.00
11.50
12.00
12.50Jan00 Class III Milk(CME)
F M A M J J A S O N D J 9.50
10.00
10.50
11.00
11.50
12.00
12.50
13.00
13.50
14.00
14.50
Dai
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80 HISTORICAL DAIRY REPORT
Feb07 Class III Milk(CME)
M A M J J A S O N D J F11.50
12.00
12.50
13.00
13.50
14.00
14.50Feb06 Class III Milk(CME)
M A M J J A S O N D J F12.00
12.10
12.20
12.30
12.40
12.50
12.60
12.70
12.80
12.90
13.00
13.10
13.20
13.30
Feb05 Class III Milk(CME)
M A M J J A S O N D J F11.50
12.00
12.50
13.00
13.50
14.00
14.50
15.00
15.50
16.00
16.50Feb04 Class III Milk(CME)
M A M J J A S O N D J F10.90
11.00
11.10
11.20
11.30
11.40
11.50
11.60
11.70
11.80
11.90
Feb03 Class III Milk(CME)
M A M J J A S O N D J F 9.40
9.60
9.80
10.00
10.20
10.40
10.60
10.80
11.00
11.20
11.40
11.60
11.80
12.00Feb02 Class III Milk(CME)
M A M J J A S O N D J F10.80
11.00
11.20
11.40
11.60
11.80
12.00
12.20
12.40
Feb01 Class III Milk(CME)
M A M J J A S O N D J F 9.40
9.60
9.80
10.00
10.20
10.40
10.60
10.80
11.00
11.20
11.40
11.60
11.80
12.00Feb00 Class III Milk(CME)
M A M J J A S O N D J F 9.50
10.00
10.50
11.00
11.50
12.00
12.50
13.00
13.50
Dai
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hart
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ebru
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MOORE RESEARCH CENTER, INC. 81
Mar07 Class III Milk(CME)
A M J J A S O N D J F M11.50
12.00
12.50
13.00
13.50
14.00
14.50
15.00
15.50Mar06 Class III Milk(CME)
A M J J A S O N D J F M10.80
11.00
11.20
11.40
11.60
11.80
12.00
12.20
12.40
12.60
12.80
13.00
13.20
13.40
Mar05 Class III Milk(CME)
A M J J A S O N D J F M11.50
12.00
12.50
13.00
13.50
14.00
14.50
15.00
15.50
16.00
16.50Mar04 Class III Milk(CME)
A M J J A S O N D J F M11.00
11.50
12.00
12.50
13.00
13.50
14.00
14.50
Mar03 Class III Milk(CME)
A M J J A S O N D J F M 8.50
9.00
9.50
10.00
10.50
11.00
11.50
12.00Mar02 Class III Milk(CME)
A M J J A S O N D J F M10.40
10.60
10.80
11.00
11.20
11.40
11.60
11.80
12.00
12.20
12.40
Mar01 Class III Milk(CME)
A M J J A S O N D J F M 9.60
9.80
10.00
10.20
10.40
10.60
10.80
11.00
11.20
11.40
11.60Mar00 Class III Milk(CME)
A M J J A S O N D J F M 9.50
10.00
10.50
11.00
11.50
12.00
12.50
13.00
Dai
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s: M
arch
82 HISTORICAL DAIRY REPORT
Apr07 Class III Milk(CME)
M J J A S O N D J F M A11.50
12.00
12.50
13.00
13.50
14.00
14.50
15.00
15.50
16.00
16.50Apr06 Class III Milk(CME)
M J J A S O N D J F M A10.80
11.00
11.20
11.40
11.60
11.80
12.00
12.20
12.40
12.60
12.80
13.00
13.20
Apr05 Class III Milk(CME)
M J J A S O N D J F M A11.50
12.00
12.50
13.00
13.50
14.00
14.50
15.00
15.50
16.00Apr04 Class III Milk(CME)
M J J A S O N D J F M A11.00
12.00
13.00
14.00
15.00
16.00
17.00
18.00
19.00
20.00
Apr03 Class III Milk(CME)
M J J A S O N D J F M A 9.20
9.40
9.60
9.80
10.00
10.20
10.40
10.60
10.80
11.00
11.20
11.40
11.60
11.80
12.00Apr02 Class III Milk(CME)
M J J A S O N D J F M A10.60
10.80
11.00
11.20
11.40
11.60
11.80
12.00
12.20
Apr01 Class III Milk(CME)
M J J A S O N D J F M A 9.60
9.80
10.00
10.20
10.40
10.60
10.80
11.00
11.20
11.40
11.60
11.80
12.00
12.20Apr00 Class III Milk(CME)
M J J A S O N D J F M A 9.00
9.50
10.00
10.50
11.00
11.50
12.00
12.50
13.00
13.50
Dai
ly C
hart
s: A
pril
MOORE RESEARCH CENTER, INC. 83
May07 Class III Milk(CME)
J J A S O N D J F M A M12.00
12.50
13.00
13.50
14.00
14.50
15.00
15.50
16.00
16.50
17.00
17.50
18.00May06 Class III Milk(CME)
J J A S O N D J F M A M10.60
10.80
11.00
11.20
11.40
11.60
11.80
12.00
12.20
12.40
12.60
12.80
13.00
May05 Class III Milk(CME)
J J A S O N D J F M A M11.50
12.00
12.50
13.00
13.50
14.00
14.50
15.00
15.50May04 Class III Milk(CME)
J J A S O N D J F M A M11.00
12.00
13.00
14.00
15.00
16.00
17.00
18.00
19.00
20.00
21.00
May03 Class III Milk(CME)
J J A S O N D J F M A M 9.40
9.60
9.80
10.00
10.20
10.40
10.60
10.80
11.00
11.20
11.40
11.60
11.80
12.00May02 Class III Milk(CME)
J J A S O N D J F M A M10.60
10.80
11.00
11.20
11.40
11.60
11.80
12.00
12.20
12.40
May01 Class III Milk(CME)
J J A S O N D J F M A M 9.50
10.00
10.50
11.00
11.50
12.00
12.50
13.00
13.50
14.00
14.50May00 Class III Milk(CME)
J J A S O N D J F M A M 9.00
9.50
10.00
10.50
11.00
11.50
12.00
12.50
Dai
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hart
s: M
ay
84 HISTORICAL DAIRY REPORT
Jun07 Class III Milk(CME)
J A S O N D J F M A M J12.00
13.00
14.00
15.00
16.00
17.00
18.00
19.00
20.00
21.00Jun06 Class III Milk(CME)
J A S O N D J F M A M J10.60
10.80
11.00
11.20
11.40
11.60
11.80
12.00
12.20
12.40
12.60
12.80
13.00
13.20
Jun05 Class III Milk(CME)
J A S O N D J F M A M J12.00
12.50
13.00
13.50
14.00
14.50
15.00
15.50Jun04 Class III Milk(CME)
J A S O N D J F M A M J11.00
12.00
13.00
14.00
15.00
16.00
17.00
18.00
19.00
20.00
Jun03 Class III Milk(CME)
J A S O N D J F M A M J 9.60
9.80
10.00
10.20
10.40
10.60
10.80
11.00
11.20
11.40
11.60
11.80
12.00
12.20
12.40Jun02 Class III Milk(CME)
J A S O N D J F M A M J10.00
10.20
10.40
10.60
10.80
11.00
11.20
11.40
11.60
11.80
12.00
12.20
12.40
12.60
12.80
Jun01 Class III Milk(CME)
J A S O N D J F M A M J10.00
10.50
11.00
11.50
12.00
12.50
13.00
13.50
14.00
14.50
15.00
15.50Jun00 Class III Milk(CME)
J A S O N D J F M A M J 9.00
9.50
10.00
10.50
11.00
11.50
12.00
12.50
13.00
Dai
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hart
s: J
une
MOORE RESEARCH CENTER, INC. 85
Jul07 Class III Milk(CME)
A S O N D J F M A M J J13.00
14.00
15.00
16.00
17.00
18.00
19.00
20.00
21.00
22.00
23.00Jul06 Class III Milk(CME)
A S O N D J F M A M J J10.80
11.00
11.20
11.40
11.60
11.80
12.00
12.20
12.40
12.60
12.80
13.00
13.20
13.40
Jul05 Class III Milk(CME)
A S O N D J F M A M J J12.50
13.00
13.50
14.00
14.50
15.00
15.50Jul04 Class III Milk(CME)
A S O N D J F M A M J J11.50
12.00
12.50
13.00
13.50
14.00
14.50
15.00
15.50
16.00
16.50
17.00
17.50
18.00
Jul03 Class III Milk(CME)
A S O N D J F M A M J J10.20
10.40
10.60
10.80
11.00
11.20
11.40
11.60
11.80
12.00
12.20
12.40
12.60
12.80
13.00Jul02 Class III Milk(CME)
A S O N D J F M A M J J 9.00
9.50
10.00
10.50
11.00
11.50
12.00
12.50
13.00
13.50
Jul01 Class III Milk(CME)
A S O N D J F M A M J J10.50
11.00
11.50
12.00
12.50
13.00
13.50
14.00
14.50
15.00
15.50
16.00Jul00 Class III Milk(CME)
A S O N D J F M A M J J10.20
10.40
10.60
10.80
11.00
11.20
11.40
11.60
11.80
12.00
12.20
12.40
12.60
12.80
Dai
ly C
hart
s: J
uly
86 HISTORICAL DAIRY REPORT
Aug07 Class III Milk(CME)
S O N D J F M A M J J A13.00
14.00
15.00
16.00
17.00
18.00
19.00
20.00
21.00
22.00Aug06 Class III Milk(CME)
S O N D J F M A M J J A10.80
11.00
11.20
11.40
11.60
11.80
12.00
12.20
12.40
12.60
12.80
13.00
13.20
13.40
13.60
Aug05 Class III Milk(CME)
S O N D J F M A M J J A12.80
13.00
13.20
13.40
13.60
13.80
14.00
14.20
14.40
14.60
14.80
15.00
15.20
15.40Aug04 Class III Milk(CME)
S O N D J F M A M J J A12.00
12.50
13.00
13.50
14.00
14.50
15.00
15.50
16.00
16.50
17.00
17.50
Aug03 Class III Milk(CME)
S O N D J F M A M J J A10.50
11.00
11.50
12.00
12.50
13.00
13.50
14.00Aug02 Class III Milk(CME)
S O N D J F M A M J J A 9.00
9.50
10.00
10.50
11.00
11.50
12.00
12.50
13.00
13.50
Aug01 Class III Milk(CME)
S O N D J F M A M J J A10.50
11.00
11.50
12.00
12.50
13.00
13.50
14.00
14.50
15.00
15.50
16.00Aug00 Class III Milk(CME)
S O N D J F M A M J J A 9.50
10.00
10.50
11.00
11.50
12.00
12.50
13.00
Dai
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s: A
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MOORE RESEARCH CENTER, INC. 87
Sep07 Class III Milk(CME)
O N D J F M A M J J A S13.00
14.00
15.00
16.00
17.00
18.00
19.00
20.00
21.00
22.00Sep06 Class III Milk(CME)
O N D J F M A M J J A S11.40
11.60
11.80
12.00
12.20
12.40
12.60
12.80
13.00
13.20
13.40
13.60
13.80
14.00
Sep05 Class III Milk(CME)
O N D J F M A M J J A S13.20
13.40
13.60
13.80
14.00
14.20
14.40
14.60
14.80
15.00
15.20
15.40
15.60Sep04 Class III Milk(CME)
O N D J F M A M J J A S13.00
13.50
14.00
14.50
15.00
15.50
16.00
16.50
17.00
Sep03 Class III Milk(CME)
O N D J F M A M J J A S11.00
11.50
12.00
12.50
13.00
13.50
14.00
14.50
15.00Sep02 Class III Milk(CME)
O N D J F M A M J J A S 9.50
10.00
10.50
11.00
11.50
12.00
12.50
13.00
13.50
14.00
Sep01 Class III Milk(CME)
O N D J F M A M J J A S10.50
11.00
11.50
12.00
12.50
13.00
13.50
14.00
14.50
15.00
15.50
16.00Sep00 Class III Milk(CME)
O N D J F M A M J J A S10.00
10.50
11.00
11.50
12.00
12.50
13.00
13.50
Dai
ly C
hart
s: S
epte
mbe
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88 HISTORICAL DAIRY REPORT
Oct07 Class III Milk(CME)
N D J F M A M J J A S O13.00
14.00
15.00
16.00
17.00
18.00
19.00
20.00
21.00Oct06 Class III Milk(CME)
N D J F M A M J J A S O11.40
11.60
11.80
12.00
12.20
12.40
12.60
12.80
13.00
13.20
13.40
Oct05 Class III Milk(CME)
N D J F M A M J J A S O12.60
12.80
13.00
13.20
13.40
13.60
13.80
14.00
14.20
14.40
14.60
14.80
15.00
15.20Oct04 Class III Milk(CME)
N D J F M A M J J A S O12.50
13.00
13.50
14.00
14.50
15.00
15.50
Oct03 Class III Milk(CME)
N D J F M A M J J A S O10.50
11.00
11.50
12.00
12.50
13.00
13.50
14.00
14.50Oct02 Class III Milk(CME)
N D J F M A M J J A S O 9.50
10.00
10.50
11.00
11.50
12.00
12.50
13.00
13.50
Oct01 Class III Milk(CME)
N D J F M A M J J A S O11.00
11.50
12.00
12.50
13.00
13.50
14.00
14.50
15.00
15.50Oct00 Class III Milk(CME)
N D J F M A M J J A S O10.00
10.50
11.00
11.50
12.00
12.50
13.00
13.50
Dai
ly C
hart
s: O
ctob
er
MOORE RESEARCH CENTER, INC. 89
Nov07 Class III Milk(CME)
D J F M A M J J A S O N13.50
14.00
14.50
15.00
15.50
16.00
16.50
17.00
17.50
18.00
18.50
19.00
19.50Nov06 Class III Milk(CME)
D J F M A M J J A S O N11.40
11.60
11.80
12.00
12.20
12.40
12.60
12.80
13.00
Nov05 Class III Milk(CME)
D J F M A M J J A S O N12.00
12.20
12.40
12.60
12.80
13.00
13.20
13.40
13.60
13.80
14.00
14.20Nov04 Class III Milk(CME)
D J F M A M J J A S O N11.50
12.00
12.50
13.00
13.50
14.00
14.50
15.00
Nov03 Class III Milk(CME)
D J F M A M J J A S O N11.00
11.20
11.40
11.60
11.80
12.00
12.20
12.40
12.60
12.80
13.00
13.20
13.40
13.60Nov02 Class III Milk(CME)
D J F M A M J J A S O N 9.50
10.00
10.50
11.00
11.50
12.00
12.50
13.00
Nov01 Class III Milk(CME)
D J F M A M J J A S O N10.50
11.00
11.50
12.00
12.50
13.00
13.50
14.00
14.50
15.00Nov00 Class III Milk(CME)
D J F M A M J J A S O N 8.50
9.00
9.50
10.00
10.50
11.00
11.50
12.00
12.50
13.00
Dai
ly C
hart
s: N
ovem
ber
90 HISTORICAL DAIRY REPORT
Dec07 Class III Milk(CME)
J F M A M J J A S O N D13.00
14.00
15.00
16.00
17.00
18.00
19.00
20.00
21.00Dec06 Class III Milk(CME)
J F M A M J J A S O N D11.00
11.50
12.00
12.50
13.00
13.50
14.00
14.50
Dec05 Class III Milk(CME)
J F M A M J J A S O N D12.40
12.50
12.60
12.70
12.80
12.90
13.00
13.10
13.20
13.30
13.40
13.50
13.60
13.70Dec04 Class III Milk(CME)
J F M A M J J A S O N D11.50
12.00
12.50
13.00
13.50
14.00
14.50
15.00
15.50
16.00
16.50
17.00
17.50
18.00
Dec03 Class III Milk(CME)
J F M A M J J A S O N D10.80
11.00
11.20
11.40
11.60
11.80
12.00
12.20
12.40
12.60Dec02 Class III Milk(CME)
J F M A M J J A S O N D 9.50
10.00
10.50
11.00
11.50
12.00
12.50
Dec01 Class III Milk(CME)
J F M A M J J A S O N D10.80
11.00
11.20
11.40
11.60
11.80
12.00
12.20
12.40
12.60
12.80
13.00
13.20
13.40
13.60Dec00 Class III Milk(CME)
J F M A M J J A S O N D 8.50
9.00
9.50
10.00
10.50
11.00
11.50
12.00
12.50
13.00
Dai
ly C
hart
s: D
ecem
ber
MOORE RESEARCH CENTER, INC. 91
Bas
is &
Cas
h
Basis & Cash Charts
PageBlock Cheese/Class III Milk Futures Basis Seasonal Averages
Jan, Feb, Mar, Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94
May, Jun, Jul, Aug . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96
Sep, Oct, Nov, Dec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98
Block Cheese/Class III Milk Futures Basis Weekly ChartsJan, Feb, Mar, Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95
May, Jun, Jul, Aug . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97
Sep, Oct, Nov, Dec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99
Cash Seasonal PatternsClass III Milk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100
Butter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100
Block Cheddar Cheese . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100
Barrel Cheddar Cheese . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100
Weekly Cash ChartsClass III Milk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101
Butter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101
Block Cheddar Cheese . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101
Barrel Cheddar Cheese . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101
Monthly Cash ChartsClass III Milk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102
Butter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102
Block Cheddar Cheese . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102
Barrel Cheddar Cheese . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102
MOORE RESEARCH CENTER, INC. 93
Che
ese/
Milk
Bas
is A
vera
ges
Cheddar Cheese Blocks - Mar Class III Milk(CME) 10 Year Average(98-07)
May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
10 YearPattern
5 YearPattern
Cheddar Cheese Blocks - Feb Class III Milk(CME) 10 Year Average(98-07)
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
10 YearPattern
5 YearPattern
Cheddar Cheese Blocks - Apr Class III Milk(CME) 10 Year Average(98-07)
Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr 0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
10 YearPattern
5 YearPattern
Cheddar Cheese Blocks - Jan Class III Milk(CME) 10 Year Average(98-07)
Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
10 YearPattern
5 YearPattern
94 HISTORICAL DAIRY REPORT
Che
ese/
Milk
Bas
is W
eekl
y C
hart
s
Weekly Cheddar Cheese Blocks minus Mar Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-2.00
0.00
2.00
4.00
6.00
8.00
10.00
Weekly Cheddar Cheese Blocks minus Feb Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-2.00
0.00
2.00
4.00
6.00
8.00
10.00
12.00
Weekly Cheddar Cheese Blocks minus Apr Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-4.00
-2.00
0.00
2.00
4.00
6.00
8.00
10.00
Weekly Cheddar Cheese Blocks minus Jan Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-4.00
-2.00
0.00
2.00
4.00
6.00
8.00
10.00
12.00
MOORE RESEARCH CENTER, INC. 95
Che
ese/
Milk
Bas
is A
vera
ges
Cheddar Cheese Blocks - Jul Class III Milk(CME) 10 Year Average(98-07)
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul -1.00
-0.50
0.00
0.50
1.00
1.50
2.00
2.50
3.00
10 YearPattern
5 YearPattern
Cheddar Cheese Blocks - Jun Class III Milk(CME) 10 Year Average(98-07)
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun -0.50
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
10 YearPattern
5 YearPattern
Cheddar Cheese Blocks - Aug Class III Milk(CME) 11 Year Average(97-07)
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug -1.00
-0.50
0.00
0.50
1.00
1.50
2.00
11 YearPattern
5 YearPattern
Cheddar Cheese Blocks - May Class III Milk(CME) 10 Year Average(98-07)
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May -1.00
0.00
1.00
2.00
3.00
4.00
10 YearPattern
5 YearPattern
96 HISTORICAL DAIRY REPORT
Weekly Cheddar Cheese Blocks minus Jul Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-3.00
-2.00
-1.00
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
Weekly Cheddar Cheese Blocks minus Jun Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-4.00
-2.00
0.00
2.00
4.00
6.00
8.00
10.00
Weekly Cheddar Cheese Blocks minus Aug Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-3.00
-2.00
-1.00
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
Weekly Cheddar Cheese Blocks minus May Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-4.00
-2.00
0.00
2.00
4.00
6.00
8.00
10.00
Che
ese/
Milk
Bas
is W
eekl
y C
hart
s
MOORE RESEARCH CENTER, INC. 97
Che
ese/
Milk
Bas
is A
vera
ges
Cheddar Cheese Blocks - Nov Class III Milk(CME) 11 Year Average(97-07)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov -0.50
0.00
0.50
1.00
1.50
2.00
2.50
3.00
11 YearPattern
5 YearPattern
Cheddar Cheese Blocks - Oct Class III Milk(CME) 11 Year Average(97-07)
Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct -1.00
-0.50
0.00
0.50
1.00
1.50
2.00
11 YearPattern
5 YearPattern
Cheddar Cheese Blocks - Dec Class III Milk(CME) 10 Year Average(98-07)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec -0.50
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
10 YearPattern
5 YearPattern
Cheddar Cheese Blocks - Sep Class III Milk(CME) 11 Year Average(97-07)
Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep -1.50
-1.00
-0.50
0.00
0.50
1.00
1.50
11 YearPattern
5 YearPattern
98 HISTORICAL DAIRY REPORT
Weekly Cheddar Cheese Blocks minus Nov Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-4.00
-2.00
0.00
2.00
4.00
6.00
8.00
10.00
Weekly Cheddar Cheese Blocks minus Oct Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-4.00
-2.00
0.00
2.00
4.00
6.00
8.00
Weekly Cheddar Cheese Blocks minus Dec Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-4.00
-2.00
0.00
2.00
4.00
6.00
8.00
10.00
Weekly Cheddar Cheese Blocks minus Sep Class III Milk(CME)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007-4.00
-2.00
0.00
2.00
4.00
6.00
8.00
Che
ese/
Milk
Bas
is W
eekl
y C
hart
s
MOORE RESEARCH CENTER, INC. 99
Cas
h M
arke
t Sea
sona
l Pat
tern
s
Cheddar Cheese Blocks 15 Year Seasonal(1993-2007)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 0
20
40
60
80
100
15 YearPattern
5 YearPattern
Butter, AA 15 Year Seasonal(1993-2007)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 0
20
40
60
80
100
15 YearPattern
5 YearPattern
Cheddar Cheese Barrels 15 Year Seasonal(1993-2007)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 0
20
40
60
80
100
15 YearPattern
5 YearPattern
Class III Milk 15 Year Seasonal(1993-2007)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 0
20
40
60
80
100
15 YearPattern
5 YearPattern
100 HISTORICAL DAIRY REPORT
Weekly Cheddar Cheese Blocks
2002 2003 2004 2005 2006 2007 90.00
100.00
110.00
120.00
130.00
140.00
150.00
160.00
170.00
180.00
190.00
200.00
210.00
220.00
230.00
Weekly Butter, AA
2002 2003 2004 2005 2006 2007 80.00
100.00
120.00
140.00
160.00
180.00
200.00
220.00
240.00
Weekly Cheddar Cheese Barrels
2002 2003 2004 2005 2006 2007100.00
110.00
120.00
130.00
140.00
150.00
160.00
170.00
180.00
190.00
200.00
210.00
220.00
Weekly Class III Milk
2002 2003 2004 2005 2006 2007 9.00
10.00
11.00
12.00
13.00
14.00
15.00
16.00
17.00
18.00
19.00
20.00
21.00
22.00
Cas
h M
arke
t Wee
kly
Cha
rts
MOORE RESEARCH CENTER, INC. 101
Cas
h M
arke
t Mon
thly
Cha
rts
Monthly Cheddar Cheese Blocks
91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 90.00
100.00
110.00
120.00
130.00
140.00
150.00
160.00
170.00
180.00
190.00
200.00
210.00
220.00
230.00
Monthly Butter, AA
91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 60.00
80.00
100.00
120.00
140.00
160.00
180.00
200.00
220.00
240.00
260.00
280.00
300.00
Monthly Cheddar Cheese Barrels
91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 90.00
100.00
110.00
120.00
130.00
140.00
150.00
160.00
170.00
180.00
190.00
200.00
210.00
220.00
Monthly Class III Milk
91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 8.00
9.00
10.00
11.00
12.00
13.00
14.00
15.00
16.00
17.00
18.00
19.00
20.00
21.00
22.00
102 HISTORICAL DAIRY REPORT
All material in this report iscopyrighted, and all rights are reservedunless specifically stated otherwise.Material is provided for informationonly; no recommendation to buy or sellfutures is made. Opinions expressed aresolely those of the author(s). All informa-tion is derived from sources believed tobe reliable, but MRCI does not guarantee its accuracy. Any losses resulting from following information contained hereinare the sole responsibility of the reader.While representatives of MRCI may havea position in and/or intend to buy or sellfutures referred to, their positions and intentions may not necessarily be consistent with the enclosed material.
When reviewing performanceresults, please consider the added impact of transaction costs and slippage. Market conditions mayprevent execution of a stop-lossorder at its specified price. Also,results shown in this report do not include a deduction for transactioncosts (commissions and fees).
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Prices and rates current as of November, 2000 and are subject to change without notice. THERE IS RISK OF FINANCIAL LOSS IN FUTURES TRADING.
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104 HISTORICAL DAIRY REPORT
Futures trading is not suitable for all investors, and involves the risk of loss. Futures are a leveraged investment, and because only a percentage of a contract’s value is required to trade, it is possible to lose more than the amount of money deposited for a futures position. therefore, traders should only use funds that they can afford to lose without affecting their lifestyles. And only a portion of those funds should be devoted to any one trade because they cannot expect to profit on every trade.
All references to options refer to options on futures.
the Globe logo, cme®, chicago mercantile exchange®, cme Group™, Globex® and cme eoS trader™ are trademarks of chicago mercantile exchange Inc. the information within this document has been compiled by cme Group for general purposes only. Although every attempt has been made to ensure the accuracy of the information within this document, cme Group assumes no responsibility for any errors or omissions. Additionally, any examples in this document are hypothetical situations, used for explanation purposes only, and should not be considered investment advice or the results of actual market experience.
All matters pertaining to rules and specifications herein are made subject to and are superseded by official cme, cBot and cme Group rules. current rules should be consulted in all cases concerning contract specifications.
copyright © 2008 cme Group. All rights reserved.
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