Table of Contents

Historical Grains Report 2012 Edition

Page
For Your Preface ...............................................................................................................2
Seasonal Pattern Explanation and Month Symbols ...........................................3
Information Strategy Explanation .........................................................................................4
Section Index .....................................................................................................5
Contract and Spread Seasonal Pattern & Weekly Charts .................................. 6
Corn Trade and Spread Strategy Summary .............................................................. 16
Strategy Detail Tables .....................................................................................17
Section Index ...................................................................................................29
Contract and Spread Seasonal Pattern & Weekly Charts ................................ 30
Oats Trade and Spread Strategy Summary .............................................................. 40
Strategy Detail Tables .....................................................................................41
Section Index ...................................................................................................47
Wheat Contract and Spread Seasonal Pattern & Weekly Charts ................................ 48
(W,KW,MW) Trade and Spread Strategy Summary .............................................................. 78

E
Strategy Detail Tables .....................................................................................80

L
Section Index .................................................................................................105

P
Spread Seasonal Pattern & Weekly Charts ...................................................106
Grain Spread Strategy Summary ............................................................................ 121

M
Inter-Market Spread Strategy Detail Tables .......................................................................123

A
Section Index .................................................................................................141

S
Historical Volatility Charts ...........................................................................142
Miscellaneous Cash & Basis Charts ...................................................................................... 152
Chronological Summary of Trade & Spread Strategies ................................ 169

(All charts current through at least February 16, 2012.)

The Moore Research Center, Inc. (MRCI), located on 73 secluded

acres outside Eugene, Oregon, is sought for its futures market analysis,
combining many years of intensive computerized study and the
experience of real-time trading. Our hardware and software both are
constantly upgraded, giving MRCI the speed and depth of capability to
study price movement that we believe are state-of-the-art for the industry.
——————————————————————
Copyright ©1989-2012. Moore Research Center, Inc. No part of this publication may be
reproduced or transmitted in any form or by any means, electronic or mechanical,
including photocopy, recording, facsimile, or any information storage and retrieval
system, without written permission. Retransmission by fax or other means which results
in the creation of an additional copy is unlawful.

K nowledge is the foundation essential to making
consistently successful decisions. Would a
prudent businessman market product or purchase raw
material without first researching profit and cost
potential? Would a successful trader/investor jump at
a “hot tip” or a story in The Wall St. Journal? Or
would he look before he leaped?
The purpose of this publication is to quantify price
history in the grains complex, offer it from a variety of
relevant perspectives, and present it in a format useful
to those whose commerce is substantially affected by
fluctuations in prices for and between corn, oats, and
wheat (CBOT, KCBT, MGE) futures. Therefore, not
only speculative traders but also producers, processors,
and business executives throughout the industry are
encouraged to thoroughly examine the following
comprehensive study, for seasonality can be a primary
component in price movement.
Seasonal Patterns
Nearly all markets — real estate, interest rates,
cash hogs, grain futures — are affected by various
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fundamental forces, many of which are seasonal in
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nature. Such forces as weather, fiscal calendars, crop
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cycles, and certain characteristics of futures contracts
themselves (such as delivery and expiration) tend to
recur and influence, to one degree or another, certain
markets every year. As any market or spread
relationship responds to a series of annually recurring
factors, seasonal price patterns tend to evolve.
Daily seasonal patterns, both the 15- and most recent
5-year, are derived from and a composite of historical
daily price activity in the specific contract or spread
under consideration. The numerical index to the right
reflects a historical tendency to reach its seasonal high
(100) or low (0) at a given time.
Weekly continuation charts are also contract-specific.
They are intended to better illustrate historical relative
value, turning points, and long-term trends for particular
trading, spread, and hedging strategies.
Windows of Opportunity
From these seasonal patterns, one can derive a
seasonal approach to markets that is designed to
anticipate, enter, and capture recurrent price trends as
they emerge and exit before they are “realized.”
Within these patterns may exist certain “windows of
Preface
opportunity,” well-defined seasonal tops, bottoms,
and trends.
2 HISTORICAL GRAINS REPORT
Preface
Moore Research Center, Inc. computer programs
have rigorously analyzed trends that have recurred in the
same direction during a similar period of time in at least
80% of the last 15 years. The underlying theory
assumes that causal fundamental factors specific to that
time period must have existed and may be influential
again, thus making each historically 80%-or-more
reliable strategy valid as a potential trading idea.
Because past performance is not necessarily
indicative of future results, these strategies are not
recommendations but rather presentations of quantified
historical fact — the cold, hard historical facts from
which to better anticipate future price movement.
Essentially, these strategies identify computer-
optimized, critical dates on which prices/values have
consistently been higher/lower than on preceding dates.
In any one given year, markets can certainly trade
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contrary to their usual patterns. However, rather than a
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series of statistical aberrations, these strategies tend to
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reflect a seasonal “flow” — a matrix of tendencies —
from which only unusual fundamental conditions may
cause trading to depart drastically. Any assumptions
about future price movement are merely reflections of
the market’s own past behavior.
Special Comments
All spread values in this publication are found by
subtracting the price (or equity value) of the sell side
from that for the buy side. Some spreads reflect
changes in value between multiple contracts.
In any trade or spread involving wheat futures, close
attention must be paid to the appropriate exchange.
Because contracts at each (Chicago Board of Trade,
Kansas City Board of Trade, Minneapolis Grain
Exchange) reflect trading for wheats of different type,
class, use, and crop cycle, trading results will vary.
The effort to provide a cross-section of seasonal
spread ideas could create some unintended net positions
if all were traded. The responsibility for developing an
appropriate real-time trading plan lies with the user.
“Red” Contracts
“Red” denotes a contract for delivery one year
deferred from a nearby contract of the same month. For
example, during the year 2012, the July 2013 contract is
designated as “Red” until the July 2012 contract expires.
 Seasonal Pattern Chart Explanation

Each chart consists of two aspects of a market’s seasonal pattern—the most recent 15-year (solid line) and its
most recent 5-year (dotted line), December 2011 contracts inclusive. Thus, any evolution in the pattern may
be perceived, as well as trends, tops, and bottoms coincident to both. The numerical index to the right measures
the greatest historical tendency for the market to make a seasonal high (100) or low (0) at a given time.
Besides illustrating the more obvious seasonal tops, seasonal bottoms, and seasonal trends, these patterns also
suggest certain cause/effect phenomena which may present secondary opportunities. For instance, do smaller but
well-defined breaks/rallies typically precede certain events, such as Thanksgiving or first deliveries against a lead
contract? If so, does there exist an implied opportunity?

Mar Corn(CBOT) 15 Year Seasonal(97-11)

100

80

E
15 Year

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Pattern 60

P
40

M
5 Year
Pattern
20

A
0

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

Month Symbols
MONTH SYMBOL MONTH SYMBOL
January F July N
February G August Q
March H September U
April J October V
May K November X
June M December Z

MOORE RESEARCH CENTER, INC. 3

 Strategy Explanation Sheet

MRCI strategy sheets present each historically reliable seasonal trade or spread with a table of its relevant
Unique
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 15 years (when available) of historical price
data for those trends recurrent, with a minimum reliability of 80%, during similar time windows. Those strategies are
then subjected to further criteria established for average profit and duration of time window. Once
discovered and initially evaluated, a trading strategy is outlined, its crucial data tabulated, and then presented in the
format below for closer analysis perspective on the third dimension, if you will. (Special reports may contain certain
strategies that have more commercial rather than speculative application, for instance, those that duplicate/overlap
other strategies or trade a “spot month” contract.)
Reading the Table
For each contract year studied, the table lists entry date and price, exit date and price, and the ultimate profit or
loss. Entry and exit prices are definitively based on the settlement price of the dates listed, as are profit and loss
values. If an optimized trade date fell on a weekend or holiday, entry was considered to have been made on the
following trading day while exit on the prior. In order to reflect historical fact and actual market movement, studies
on these strategy sheets do not utilize the equity protection techniques (STOPS) suggested for real-time trading. The
table encourages further evaluation by providing peak equity/worst drawdown dates and amounts.
Because past performance is not necessarily indicative of future results, these strategies are not

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recommendations but rather presentations of quantified historical fact. MRCI urges all traders to employ

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proper money- management techniques at all times.

M P
S A
Corn(CBOT)—September
Buy on approximately 01/29 - Exit on approximately 03/09 Contract Size: 5,000 bushels

BEST BEST WORST WORST

CONT BUY BUY EXIT EXIT PROFIT EQUITY EQUITY EQUITY EQUITY
YEAR DATE PRICE DATE PRICE PROFIT AMOUNT DATE AMOUNT DATE AMOUNT
2011 01/31/11 626.25 03/09/11 654.25 28.00 1400.00 03/03/11 1937.50
2010 01/29/10 384.25 03/09/10 388.75 4.50 225.00 02/26/10 1087.50 02/05/10 -200.00
2009 01/29/09 414.00 03/09/09 384.00 -30.00 -1500.00 03/02/09 -2287.50
2008 01/29/08 515.75 03/07/08 559.00 43.25 2162.50 03/05/08 3187.50 01/30/08 -75.00
2007 01/29/07 402.75 03/09/07 416.75 14.00 700.00 02/22/07 1900.00 02/07/07 -187.50
2006 01/30/06 243.75 03/09/06 250.50 6.75 337.50 03/03/06 625.00
2005 01/31/05 219.25 03/09/05 230.00 10.75 537.50 02/28/05 800.00 02/04/05 -75.00
2004 01/29/04 272.00 03/09/04 297.75 25.75 1287.50 03/01/04 1375.00
2003 01/29/03 240.75 03/07/03 241.75 1.00 50.00 02/10/03 237.50 02/24/03 -275.00
2002 01/29/02 225.25 03/08/02 221.25 -4.00 -200.00 02/13/02 100.00 02/26/02 -325.00
2001 01/29/01 233.25 03/09/01 235.75 2.50 125.00 03/01/01 337.50 02/23/01 -25.00
2000 01/31/00 240.25 03/09/00 243.25 3.00 150.00 02/10/00 350.00 02/28/00 -200.00
Strategy Explanation

1999 01/29/99 231.50 03/09/99 234.25 2.75 137.50 02/10/99 262.50 02/26/99 -362.50
1998 01/29/98 284.75 03/09/98 286.25 1.50 75.00 02/10/98 75.00 02/24/98 -337.50
1997 01/29/97 266.25 03/07/97 290.50 24.25 1212.50 03/06/97 1262.50 02/03/97 -237.50
Percentage Correct 87
Average Profit on Winning Trades 12.92 646.15 Winners 13
Average Loss on Trades -17.00 -850.00 Losers 2
Average Net Profit Per Trade 8.93 446.67 Total trades 15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.

4 HISTORICAL GRAINS REPORT

 Corn (C)

Page
SEASONAL PATTERNS & WEEKLY CONTINUATIONS
Corn (C)
CH; CH vs: CK, CN, CU .................................................................................................... . 6
CK; CK vs: CN, CU, CZ ...................................................................................................... 8
CN; CN vs: CU, CZ, CH ................................................................................................... 10
CU; CU vs: CZ, CH, CK ................................................................................................... 12
CZ; CZ vs: CH, CK, CN ................................................................................................... . 14
STRATEGIES
Seasonal Trade and Spread Strategy Summary ............................................................... 16
Seasonal Strategy Detail Tables ........................................................................................ . 18

P L E
S A M
Corn (C)

MOORE RESEARCH CENTER, INC. 5

 Mar Corn(CBOT) 15 Year Seasonal(97-11)
100

80

15 Year
Pattern 60

40
5 Year
Pattern
20

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

Mar Corn(CBOT) - May Corn(CBOT) 15 Year Seasonal(97-11)

100

80

15 Year
Pattern 60

E
40

L
5 Year
Pattern
20

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

15 Year
Pattern
S A
Mar Corn(CBOT) - Jul Corn(CBOT) 15 Year Seasonal(97-11)
100

80

60

40
5 Year
Pattern
Corn: March Seasonal Patterns

20

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

Mar Corn(CBOT) - Sep Corn(CBOT) 15 Year Seasonal(97-11)

100

80

15 Year
Pattern 60

40
5 Year
Pattern
20

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

6 HISTORICAL GRAINS REPORT

 Weekly Mar Corn(CBOT)
900.00

800.00

700.00

600.00

500.00

400.00

300.00

200.00

100.00
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Weekly Mar Corn(CBOT) - May Corn(CBOT)

2.00

0.00

-2.00

-4.00

-6.00

-8.00

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-10.00

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-12.00

P
-14.00

M
-16.00
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

A
Weekly Mar Corn(CBOT) - Jul Corn(CBOT)

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5.00

0.00

-5.00

-10.00

-15.00

-20.00

-25.00

-30.00
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Weekly Mar Corn(CBOT) - Sep Corn(CBOT)

80.00 Corn: March Weeklies
60.00

40.00

20.00

0.00

-20.00

-40.00
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

MOORE RESEARCH CENTER, INC. 7

 May Corn(CBOT) 15 Year Seasonal(97-11)
100

80

15 Year
Pattern 60

40
5 Year
Pattern
20

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

May Corn(CBOT) - Jul Corn(CBOT) 15 Year Seasonal(97-11)

100

80

15 Year
Pattern 60

E
40

L
5 Year
Pattern
20

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

15 Year
Pattern
S A
May Corn(CBOT) - Sep Corn(CBOT) 15 Year Seasonal(97-11)
100

80

60

40
5 Year
Pattern
20
Corn: May Seasonal Patterns

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

May Corn(CBOT) - Dec Corn(CBOT) 15 Year Seasonal(97-11)

100

80

15 Year
Pattern 60

40
5 Year
Pattern
20

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

8 HISTORICAL GRAINS REPORT

 Seasonal Corn and Spread Strategies
Seasonal Entry Exit Win Win Loss Total Average Ave PPD/ Pg
Strategy Date Date Pct Years Years Years Profit Days No
1 Buy Corn(CBOT)—September 1/29 3/09 87 13 2 15 447 11/41 17
2 Buy Corn(CBOT)—July 2/01 2/10 93 14 1 15 298 30/10 17
3 Buy Mar Corn(CBOT) 3/15 6/30 93 14 1 15 817 8/108 18
Sell Jul Corn(CBOT) *
4 Sell Corn(CBOT)—July 4/09 4/27 93 14 1 15 463 24/19 18
5 Sell Corn(CBOT)—July * 4/09 6/30 87 13 2 15 1305 16/83 19
6 Buy Dec Corn(CBOT) 5/02 8/04 100 15 0 15 422 4/95 19
Sell Sep Corn(CBOT)
7 Buy May Corn(CBOT) 5/20 6/30 100 15 0 15 624 15/42 20
Sell Jul Corn(CBOT) *
8 Buy Mar Corn(CBOT) 5/20 8/15 100 15 0 15 605 7/88 20
Sell Sep Corn(CBOT)
9 Sell Corn(CBOT)—July * 5/21 6/30 87 13 2 15 1040 25/41 21
10 Buy Corn(CBOT)—December 5/24 6/01 80 12 3 15 263 29/9 21
11 Buy May Corn(CBOT) 6/04 7/30 93 14 1 15 483 8/57 22
Sell Sep Corn(CBOT)
12 Buy Mar Corn(CBOT) 6/13 8/16 93 14 1 15 506 8/65 22
Sell Sep Corn(CBOT)

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13 Buy "Red" Dec Corn(CBOT) 6/17 7/27 87 13 2 15 1054 26/41 23

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Sell Dec Corn(CBOT)

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14 Sell Corn(CBOT)—July * 6/18 6/30 87 13 2 15 1070 82/13 23
15 Sell Corn(CBOT)—September 6/21 7/26 87 13 2 15 1542 43/36 24

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16 Sell Corn(CBOT)—December 7/13 7/25 87 13 2 15 625 48/13 24

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17 Sell Corn(CBOT)—December 8/23 10/02 80 12 3 15 1313 32/41 25

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18 Sell Corn(CBOT)—December 9/04 10/02 80 12 3 15 1225 42/29 25
19 Sell Corn(CBOT)—December 9/15 10/02 87 13 2 15 994 55/18 26
20 Sell Corn(CBOT)—May 11/09 12/06 87 13 2 15 713 25/28 26
21 Sell Corn(CBOT)—March 11/15 12/06 87 13 2 15 668 30/22 27
22 Buy Corn(CBOT)—May 12/09 1/06 87 13 2 15 900 31/29 27
23 Buy Corn(CBOT)—September 12/15 12/28 80 12 3 15 588 42/14 28
24 Buy Corn(CBOT)—September 12/15 1/11 87 13 2 15 715 26/28 28
* Caution: Trade exit is during delivery period. Longs may be subject to delivery.

For other MRCI products and information: 1-800-927-7259

Corn Strategy Summary

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

Website: http://www.mrci.com Email: sales@mrci.com
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 UNDERLYING
FUNDAMENTAL CIRCUMSTANCES THAT OCCUR ANNUALLY THAT TEND TO CAUSE THE FUTURES MARKETS TO REACT IN A SIMILAR DIRECTIONAL MANNER DURING A CERTAIN CALENDAR PERIOD OF THE YEAR. EVEN
IF A SEASONAL TENDENCY OCCURS IN THE FUTURE, IT MAY NOT RESULT IN A PROFITABLE TRANSACTION AS FEES, AND THE TIMING OF THE ENTRY AND LIQUIDATION MAY IMPACT ON THE RESULTS. NO
REPRESENTATION IS BEING MADE THAT ANY ACCOUNT HAS IN THE PAST OR WILL IN THE FUTURE ACHIEVE PROFITS UTILIZING THESE STRATEGIES. NO REPRESENTATION IS BEING MADE THAT PRICE PATTERNS WILL
RECUR IN THE FUTURE. HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR
IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS
SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF
HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL
TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL
TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED
FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.

Copyright ©1989-2012 Moore Research Center, Inc.

16 HISTORICAL GRAINS REPORT

 Corn(CBOT)—September
Buy on approximately 01/29 - Exit on approximately 03/09 Contract Size: 5,000 bushels

BEST BEST WORST WORST

CONT BUY BUY EXIT EXIT PROFIT EQUITY EQUITY EQUITY EQUITY
YEAR DATE PRICE DATE PRICE PROFIT AMOUNT DATE AMOUNT DATE AMOUNT
2011 01/31/11 626.25 03/09/11 654.25 28.00 1400.00 03/03/11 1937.50
2010 01/29/10 384.25 03/09/10 388.75 4.50 225.00 02/26/10 1087.50 02/05/10 -200.00
2009 01/29/09 414.00 03/09/09 384.00 -30.00 -1500.00 03/02/09 -2287.50
2008 01/29/08 515.75 03/07/08 559.00 43.25 2162.50 03/05/08 3187.50 01/30/08 -75.00
2007 01/29/07 402.75 03/09/07 416.75 14.00 700.00 02/22/07 1900.00 02/07/07 -187.50
2006 01/30/06 243.75 03/09/06 250.50 6.75 337.50 03/03/06 625.00
2005 01/31/05 219.25 03/09/05 230.00 10.75 537.50 02/28/05 800.00 02/04/05 -75.00
2004 01/29/04 272.00 03/09/04 297.75 25.75 1287.50 03/01/04 1375.00
2003 01/29/03 240.75 03/07/03 241.75 1.00 50.00 02/10/03 237.50 02/24/03 -275.00
2002 01/29/02 225.25 03/08/02 221.25 -4.00 -200.00 02/13/02 100.00 02/26/02 -325.00
2001 01/29/01 233.25 03/09/01 235.75 2.50 125.00 03/01/01 337.50 02/23/01 -25.00
2000 01/31/00 240.25 03/09/00 243.25 3.00 150.00 02/10/00 350.00 02/28/00 -200.00
1999 01/29/99 231.50 03/09/99 234.25 2.75 137.50 02/10/99 262.50 02/26/99 -362.50
1998 01/29/98 284.75 03/09/98 286.25 1.50 75.00 02/10/98 75.00 02/24/98 -337.50
1997 01/29/97 266.25 03/07/97 290.50 24.25 1212.50 03/06/97 1262.50 02/03/97 -237.50
Percentage Correct 87
Average Profit on Winning Trades 12.92 646.15 Winners 13
Average Loss on Trades -17.00 -850.00 Losers 2
Average Net Profit Per Trade 8.93 446.67 Total trades 15

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HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED

L
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE

P
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.

CONT
YEAR
BUY
DATE
BUY
PRICE
S A M
Buy on approximately 02/01 - Exit on approximately 02/10

EXIT
DATE
EXIT
PRICE PROFIT
Corn(CBOT)—July

PROFIT
AMOUNT
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
Contract Size: 5,000 bushels

WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
2011 02/01/11 681.00 02/10/11 713.75 32.75 1637.50 02/10/11 1637.50 02/03/11 -150.00
2010 02/01/10 380.25 02/10/10 383.75 3.50 175.00 02/02/10 300.00 02/05/10 -362.50
2009 02/02/09 392.50 02/10/09 397.25 4.75 237.50 02/09/09 300.00 02/04/09 -662.50
2008 02/01/08 522.25 02/08/08 531.50 9.25 462.50 02/04/08 537.50
2007 02/01/07 417.00 02/09/07 424.25 7.25 362.50 02/09/07 362.50 02/07/07 -300.00
2006 02/01/06 236.00 02/10/06 240.50 4.50 225.00 02/09/06 437.50
2005 02/01/05 212.00 02/10/05 212.50 0.50 25.00 02/10/05 25.00 02/08/05 -112.50
2004 02/02/04 278.25 02/10/04 288.75 10.50 525.00 02/09/04 712.50
2003 02/03/03 242.00 02/10/03 246.25 4.25 212.50 02/10/03 212.50 02/05/03 -25.00
2002 02/01/02 218.00 02/08/02 218.25 0.25 12.50 02/05/02 100.00
2001 02/01/01 227.25 02/09/01 226.25 -1.00 -50.00 02/06/01 137.50 02/08/01 -50.00
2000 02/01/00 237.00 02/10/00 241.50 4.50 225.00 02/10/00 225.00 02/03/00 -162.50 Corn Strategy Tables
1999 02/01/99 226.25 02/10/99 231.00 4.75 237.50 02/10/99 237.50
1998 02/02/98 288.00 02/10/98 288.50 0.50 25.00 02/10/98 25.00 02/06/98 -200.00
1997 02/03/97 266.00 02/10/97 269.25 3.25 162.50 02/05/97 225.00
Percentage Correct 93
Average Profit on Winning Trades 6.46 323.21 Winners 14
Average Loss on Trades -1.00 -50.00 Losers 1
Average Net Profit Per Trade 5.97 298.33 Total trades 15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.

MOORE RESEARCH CENTER, INC. 17

 Buy Mar Corn(CBOT) / Sell Jul Corn(CBOT)
Enter on approximately 03/15 - Exit on approximately 06/30 - Caution: This Trade Enters Deliverable Period
BEST BEST WORST WORST
CONT ENTRY ENTRY EXIT EXIT PROFIT EQUITY EQUITY EQUITY EQUITY
YEAR DATE PRICE DATE PRICE PROFIT AMOUNT DATE AMOUNT DATE AMOUNT
2012 03/15/11 -85.00 06/30/11 3.75 88.75 4437.50 06/30/11 4437.50 04/05/11 -1675.00
2011 03/15/10 30.00 06/30/10 32.25 2.25 112.50 04/08/10 237.50 05/12/10 -200.00
2010 03/16/09 29.75 06/30/09 31.75 2.00 100.00 05/28/09 250.00 05/08/09 -12.50
2009 03/17/08 11.75 06/30/08 49.00 37.25 1862.50 06/25/08 2050.00 04/02/08 -625.00
2008 03/15/07 -2.25 06/29/07 34.25 36.50 1825.00 06/29/07 1825.00 03/21/07 -37.50
2007 03/15/06 26.75 06/30/06 36.50 9.75 487.50 06/23/06 612.50
2006 03/15/05 18.00 06/30/05 28.25 10.25 512.50 06/29/05 525.00
2005 03/15/04 -11.25 06/30/04 16.25 27.50 1375.00 06/30/04 1375.00 03/17/04 -12.50
2004 03/17/03 8.25 06/30/03 2.25 -6.00 -300.00 03/28/03 50.00 05/15/03 -400.00
2003 03/15/02 22.50 06/28/02 24.50 2.00 100.00 04/29/02 162.50 03/18/02 -25.00
2002 03/15/01 28.25 06/29/01 31.25 3.00 150.00 06/29/01 150.00 03/20/01 -50.00
2001 03/15/00 22.50 06/30/00 31.63 9.13 456.25 06/29/00 500.00 03/17/00 -37.50
2000 03/15/99 22.00 06/30/99 24.25 2.25 112.50 04/16/99 137.50 03/30/99 -200.00
1999 03/16/98 9.25 06/30/98 22.50 13.25 662.50 06/30/98 662.50 03/17/98 -25.00
1998 03/17/97 -9.25 06/30/97 -2.00 7.25 362.50 06/30/97 362.50 04/01/97 -450.00
Percentage Correct 93
Average Profit on Winning Trades 17.94 896.88 Winners 14
Average Loss on Trades -6.00 -300.00 Losers 1
Average Net Profit Per Trade 16.34 817.08 Total trades 15

E
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED

L
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE

P
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.

CONT
YEAR
SELL
DATE
SELL
PRICE
S
DATE
A
EXIT
M
Sell on approximately 04/09 - Exit on approximately 04/27

EXIT
PRICE PROFIT
Corn(CBOT)—July

PROFIT
AMOUNT
BEST
EQUITY
DATE
BEST
EQUITY
AMOUNT
Contract Size: 5,000 bushels

WORST
EQUITY
DATE
WORST
EQUITY
AMOUNT
2011 04/11/11 781.25 04/27/11 759.25 22.00 1100.00 04/20/11 2037.50
2010 04/09/10 357.25 04/27/10 353.75 3.50 175.00 04/27/10 175.00 04/16/10 -837.50
2009 04/09/09 399.75 04/27/09 380.75 19.00 950.00 04/20/09 1050.00 04/14/09 -187.50
2008 04/09/08 618.00 04/25/08 590.75 27.25 1362.50 04/24/08 1425.00 04/15/08 -75.00
2007 04/09/07 376.25 04/27/07 373.75 2.50 125.00 04/23/07 612.50 04/19/07 -300.00
2006 04/10/06 252.75 04/27/06 242.75 10.00 500.00 04/25/06 525.00 04/11/06 -50.00
2005 04/11/05 214.00 04/27/05 217.00 -3.00 -150.00 04/18/05 75.00 04/25/05 -412.50
2004 04/12/04 329.50 04/27/04 315.50 14.00 700.00 04/26/04 1112.50
2003 04/09/03 243.75 04/25/03 234.00 9.75 487.50 04/25/03 487.50
2002 04/09/02 208.00 04/26/02 203.00 5.00 250.00 04/15/02 287.50
2001 04/09/01 218.50 04/27/01 204.25 14.25 712.50 04/24/01 812.50 04/16/01 -87.50
2000 04/10/00 235.50 04/27/00 234.25 1.25 62.50 04/11/00 187.50 04/25/00 -200.00
Corn Strategy Tables

1999 04/09/99 223.75 04/27/99 219.75 4.00 200.00 04/12/99 200.00 04/20/99 -300.00
1998 04/09/98 258.25 04/27/98 254.75 3.50 175.00 04/13/98 237.50 04/15/98 -50.00
1997 04/09/97 300.25 04/25/97 294.50 5.75 287.50 04/24/97 325.00 04/14/97 -300.00
Percentage Correct 93
Average Profit on Winning Trades 10.13 506.25 Winners 14
Average Loss on Trades -3.00 -150.00 Losers 1
Average Net Profit Per Trade 9.25 462.50 Total trades 15
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED
BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE
ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE
ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF
HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.

18 HISTORICAL GRAINS REPORT

 Oats (O)

Page
SEASONAL PATTERNS & WEEKLY CONTINUATIONS
Oats (O)
OH; OH vs: OK, ON, OU .................................................................................................. 30
OK; OK vs: ON, OU, OZ................................................................................................... 32
ON; ON vs: OU, OZ, OH .................................................................................................. 34
OU; OU vs: OZ, OH, OK .................................................................................................. 36
OZ; OZ vs: OH, OK, ON ................................................................................................... 38
STRATEGIES
Seasonal Trade and Spread Strategy Summary ............................................................... 40
Seasonal Strategy Detail Tables ........................................................................................ . 41

P L E
S A M
Oats (O)

MOORE RESEARCH CENTER, INC. 29

 Mar Oats(CBOT) 15 Year Seasonal(97-11)
100

80

15 Year
Pattern 60

40
5 Year
Pattern
20

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

Mar Oats(CBOT) - May Oats(CBOT) 15 Year Seasonal(97-11)

100

80

15 Year
Pattern 60

E
40

L
5 Year
Pattern
20

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

15 Year
Pattern
S A
Mar Oats(CBOT) - Jul Oats(CBOT) 15 Year Seasonal(97-11)
100

80

60

40
5 Year
Pattern
Oats: March Seasonal Patterns

20

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

Mar Oats(CBOT) - Sep Oats(CBOT) 15 Year Seasonal(97-11)

100

80

15 Year
Pattern 60

40
5 Year
Pattern
20

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

30 HISTORICAL GRAINS REPORT

 Weekly Mar Oats(CBOT)
600.00

500.00

400.00

300.00

200.00

100.00
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Weekly Mar Oats(CBOT) - May Oats(CBOT)

50.00

40.00

30.00

20.00

10.00

L E
0.00

P
-10.00

M
-20.00
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

A
Weekly Mar Oats(CBOT) - Jul Oats(CBOT)

S
70.00
60.00
50.00
40.00
30.00
20.00
10.00
0.00
-10.00
-20.00
-30.00
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Weekly Mar Oats(CBOT) - Sep Oats(CBOT)

100.00

80.00

60.00

40.00

20.00

0.00

-20.00

-40.00
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

MOORE RESEARCH CENTER, INC. 31

 Wheat (W, KW, MW)

Page
SEASONAL PATTERNS & WEEKLY CONTINUATIONS
CBOT Wheat (W)
WH; WH vs: WK, WN, WU ............................................................................................ . 48
WK; WK vs: WN, WU, WZ .............................................................................................. 50
WN; WN vs: WU, WZ, WH .............................................................................................. 52
WU; WU vs: WZ, WH, WK .............................................................................................. 54
WZ; WZ vs: WH, WK, WN .............................................................................................. 56
KCBT Wheat (KW)
KWH; KWH vs: KWK, KWN, KWU ............................................................................... 58
KWK; KWK vs: KWN, KWU, KWZ ............................................................................... . 60
KWN; KWN vs: KWU, KWZ, KWH............................................................................... . 62
KWU; KWU vs: KWZ, KWH, KWK............................................................................... . 64

Wheat(W,KW,MW)
KWZ; KWZ vs: KWH, KWK, KWN ............................................................................... . 66

E
MGE Wheat (MW)

L
MWH; MWH vs: MWK, MWN, MWU ........................................................................... 68

P
MWK; MWK vs: MWN, MWU, MWZ ........................................................................... . 70
MWN; MWN vs: MWU, MWZ, MWH ........................................................................... . 72

M
MWU; MWU vs: MWZ, MWH, MWK ........................................................................... . 74

A
MWZ; MWZ vs: MWH, MWK, MWN ........................................................................... . 76

S
STRATEGIES
Seasonal Trade and Spread Strategy Summary ............................................................... 78
Seasonal Strategy Detail Tables ........................................................................................ . 80

MOORE RESEARCH CENTER, INC. 47

 Mar Wheat(CBOT) 15 Year Seasonal(97-11)
100

80

15 Year
Pattern 60

40
5 Year
Pattern
20

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

Mar Wheat(CBOT) - May Wheat(CBOT) 15 Year Seasonal(97-11)

100

80

15 Year
Pattern 60

E
40

L
5 Year
Pattern
20

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

S A
Mar Wheat(CBOT) - Jul Wheat(CBOT) 15 Year Seasonal(97-11)
100

80
Wheat(CBT): March Seasonal Patterns

15 Year
Pattern 60

40
5 Year
Pattern
20

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

Mar Wheat(CBOT) - Sep Wheat(CBOT) 15 Year Seasonal(97-11)

100

80

15 Year
Pattern 60

40
5 Year
Pattern
20

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

48 HISTORICAL GRAINS REPORT

 Weekly Mar Wheat(CBOT)
1400.00

1200.00

1000.00

800.00

600.00

400.00

200.00
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Weekly Mar Wheat(CBOT) - May Wheat(CBOT)

140.00

120.00

100.00

80.00

60.00

40.00

E
20.00

L
0.00

P
-20.00

M
-40.00
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

A
Weekly Mar Wheat(CBOT) - Jul Wheat(CBOT)

S
300.00

250.00

200.00

150.00

100.00

50.00

0.00

Wheat(CBT): March Weeklies

-50.00

-100.00
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Weekly Mar Wheat(CBOT) - Sep Wheat(CBOT)

300.00

250.00

200.00

150.00

100.00

50.00

0.00

-50.00

-100.00
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

MOORE RESEARCH CENTER, INC. 49

 Wheat Seasonal and Spread Strategies
Seasonal Entry Exit Win Win Loss Total Average Ave PPD/ Pg
Strategy Date Date Pct Years Years Years Profit Days No
1 Buy Jul Wheat(CBOT) 1/03 2/04 100 15 0 15 623 19/33 80
Sell Mar Wheat(CBOT)
2 Buy Jul Wheat(CBOT) 1/03 4/08 100 15 0 15 1006 10/97 80
Sell May Wheat(CBOT)
3 Sell Wheat(CBOT)—May 1/03 4/18 93 14 1 15 1506 14/107 81
4 Buy May Wheat(KCBT) 1/03 4/21 93 14 1 15 1217 11/110 81
Sell May Wheat(CBOT)
5 Buy Mar Wheat(MGE) 1/05 2/13 93 14 1 15 2929 73/40 82
Sell Mar Wheat(CBOT)
6 Buy May Wheat(KCBT) 1/06 2/02 100 15 0 15 413 15/28 82
Sell May Wheat(CBOT)
7 Buy Mar Wheat(KCBT) 1/07 2/27 93 14 1 15 719 14/52 83
Sell Mar Wheat(CBOT)
8 Buy Mar Wheat(MGE) 1/17 1/31 87 13 2 15 617 41/15 83
Sell Jul Wheat(MGE)
9 Buy Mar Wheat(MGE) 1/17 1/31 87 13 2 15 913 61/15 84
Sell Mar Wheat(KCBT)
10 Sell Wheat(MGE)—May 2/09 4/09 87 13 2 15 1032 17/61 84

E
11 Sell Wheat(CBOT)—May 2/09 4/18 87 13 2 15 1728 25/70 85

L
12 Buy Dec Wheat(KCBT) 2/14 4/10 93 14 1 15 564 10/57 85
Sell May Wheat(KCBT)

P
13 Buy Sep Wheat(MGE) 2/18 3/25 100 15 0 15 1036 28/37 86
Sell May Wheat(MGE)

M
14 Buy Sep Wheat(MGE) 2/21 3/22 100 15 0 15 465 15/31 86

A
Sell Jul Wheat(MGE)

S
15 Sell Wheat(CBOT)—May 2/27 4/28 87 13 2 15 2253 36/62 87
16 Sell Wheat(KCBT)—May 3/08 4/28 87 13 2 15 1443 28/52 87
17 Sell Wheat(CBOT)—July * 3/12 6/30 80 12 3 15 2668 24/111 88
18 Sell Wheat(KCBT)—May 3/14 3/24 87 13 2 15 838 76/11 88
19 Buy Jul Wheat(MGE) 3/20 6/06 87 13 2 15 1535 19/79 89
Sell Jul Wheat(CBOT)
20 Buy Jul Wheat(KCBT) 3/28 5/22 87 13 2 15 586 10/56 89
Sell Jul Wheat(CBOT)
21 Buy May Wheat(KCBT) 3/29 4/20 93 14 1 15 560 24/23 90
Sell May Wheat(CBOT)
22 Buy Jul Wheat(MGE) 4/01 6/23 100 15 0 15 662 8/84 90
Sell Sep Wheat(MGE)
23 Buy Jul Wheat(MGE) 4/05 6/28 87 13 2 15 1218 14/85 91
Wheat Strategy Summary

Sell Jul Wheat(KCBT)

24 Buy Jul Wheat(MGE) 4/20 6/23 100 15 0 15 558 9/65 91
Sell Dec Wheat(MGE)
25 Sell Wheat(KCBT)—July * 5/21 6/30 80 12 3 15 1171 29/41 92
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 UNDERLYING
FUNDAMENTAL CIRCUMSTANCES THAT OCCUR ANNUALLY THAT TEND TO CAUSE THE FUTURES MARKETS TO REACT IN A SIMILAR DIRECTIONAL MANNER DURING A CERTAIN CALENDAR PERIOD OF THE YEAR. EVEN
IF A SEASONAL TENDENCY OCCURS IN THE FUTURE, IT MAY NOT RESULT IN A PROFITABLE TRANSACTION AS FEES, AND THE TIMING OF THE ENTRY AND LIQUIDATION MAY IMPACT ON THE RESULTS. NO
REPRESENTATION IS BEING MADE THAT ANY ACCOUNT HAS IN THE PAST OR WILL IN THE FUTURE ACHIEVE PROFITS UTILIZING THESE STRATEGIES. NO REPRESENTATION IS BEING MADE THAT PRICE PATTERNS WILL
RECUR IN THE FUTURE. HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR
IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS
SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF
HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL
TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL
TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED
FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.

Copyright ©1989-2012 Moore Research Center, Inc.

78 HISTORICAL GRAINS REPORT

 Inter-Market Grain Spreads

Page
SEASONAL PATTERNS & WEEKLY CONTINUATIONS
Corn vs. Oats (C - O)
March, May, July, September ........................................................................................... 106
December ....................................................................................................................... ... 108
Corn vs. 2 Oats (C - 2O)
March, May, July .............................................................................................................. 108
September, December ....................................................................................................... 110
Corn vs. Chicago Wheat (C - W)
March, May .................................................................................................. ..................... 110
July, September, December .............................................................................................. 112
Chicago Wheat vs. Kansas City Wheat (W - KW)
March ................................................................................................................................ 112

Grain Inter-Market
May, July, September, December ..................................................................................... 114
Chicago Wheat vs. Minneapolis Wheat (W - MW)

E
March, May, July, September ........................................................................................... 116

L
December ....................................................................................................................... ... 118

P
Kansas City Wheat vs. Minneapolis Wheat (KW - MW)
March, May, July .............................................................................................................. 118

M
September, December ....................................................................................................... 120

A
STRATEGIES

S
Seasonal Spread Strategy Summary ............................................................................... 121
Seasonal Strategy Detail Tables ....................................................................................... 123

MOORE RESEARCH CENTER, INC. 105

 Mar Corn(CBOT) - Mar Oats(CBOT) 15 Year Seasonal(97-11)
100

80

15 Year
Pattern 60

40
5 Year
Pattern
20

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

May Corn(CBOT) - May Oats(CBOT) 15 Year Seasonal(97-11)

100

80

15 Year
Pattern 60

E
40

L
5 Year
Pattern
20

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

15 Year S A
Jul Corn(CBOT) - Jul Oats(CBOT) 15 Year Seasonal(97-11)
100

80
Grain: Inter-Market Seasonal Patterns

Pattern 60

40
5 Year
Pattern
20

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

Sep Corn(CBOT) - Sep Oats(CBOT) 15 Year Seasonal(97-11)

100

80

15 Year
Pattern 60

40
5 Year
Pattern
20

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

106 HISTORICAL GRAINS REPORT

 Weekly Mar Corn(CBOT) - Mar Oats(CBOT)
450.00
400.00
350.00
300.00
250.00
200.00
150.00
100.00
50.00
0.00
-50.00
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Weekly May Corn(CBOT) - May Oats(CBOT)

450.00
400.00
350.00
300.00
250.00
200.00

E
150.00

L
100.00

P
50.00
0.00

M
-50.00
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

A
Weekly Jul Corn(CBOT) - Jul Oats(CBOT)

S
450.00
400.00
350.00
300.00
250.00
200.00
150.00
100.00
50.00

Grain: Inter-Market Weeklies

0.00
-50.00
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Weekly Sep Corn(CBOT) - Sep Oats(CBOT)

400.00

350.00

300.00

250.00

200.00

150.00

100.00

50.00

0.00
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

MOORE RESEARCH CENTER, INC. 107

 Dec Corn(CBOT) - Dec Oats(CBOT) 15 Year Seasonal(97-11)
100

80

15 Year
Pattern 60

40
5 Year
Pattern
20

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

Mar Corn(CBOT) - 2 Mar Oats(CBOT) 15 Year Seasonal(97-11)

100

80

15 Year
Pattern 60

E
40

L
5 Year
Pattern
20

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

15 Year S A
May Corn(CBOT) - 2 May Oats(CBOT) 15 Year Seasonal(97-11)
100

80
Grain: Inter-Market Seasonal Patterns

Pattern 60

40
5 Year
Pattern
20

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

Jul Corn(CBOT) - 2 Jul Oats(CBOT) 15 Year Seasonal(97-11)

100

80

15 Year
Pattern 60

40
5 Year
Pattern
20

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

108 HISTORICAL GRAINS REPORT

 Weekly Dec Corn(CBOT) - Dec Oats(CBOT)
450.00
400.00
350.00
300.00
250.00
200.00
150.00
100.00
50.00
0.00
-50.00
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Weekly Mar Corn(CBOT) - 2 Mar Oats(CBOT)

100.00

50.00

0.00

-50.00

-100.00

-150.00

E
-200.00

L
-250.00

P
-300.00

M
-350.00
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

A
Weekly May Corn(CBOT) - 2 May Oats(CBOT)

S
100.00

50.00

0.00

-50.00

-100.00

-150.00

-200.00

-250.00

Grain: Inter-Market Weeklies

-300.00

-350.00
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Weekly Jul Corn(CBOT) - 2 Jul Oats(CBOT)

100.00

50.00

0.00

-50.00

-100.00

-150.00

-200.00

-250.00

-300.00

-350.00
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

MOORE RESEARCH CENTER, INC. 109

 Miscellaneous

Page
Historical Volatility Charts
Corn (CBOT) .................................................................................................................... 142
Oats (CBOT) ..................................................................................................................... 144
Wheat (CBOT) ................................................................................................................ . 146
Wheat (KCBT) .................................................................................................................. 148
Wheat (MGE) ................................................................................................................... 150

Seasonal Pattern/Average & Weekly Continuation Charts

Cash & Basis
Corn: Cash and Cash vs: Mar, May .............................................................................. 152
Corn: Cash vs: Jul, Sep, Dec ........................................................................................ . 154
Chicago Wheat: Cash and Cash vs: Mar, May ............................................................ 156
Chicago Wheat: Cash vs: Jul, Sep, Dec ....................................................................... 158

E
KC Wheat: Cash and Cash vs: Mar, May, Jul.............................................................. 160

L
KC Wheat: Cash vs: Jul, Sep, Dec ............................................................................... 162

P
Minneapolis Wheat: Cash and Cash vs: Mar, May ..................................................... 164

M
Minneapolis Wheat: Cash vs: Jul, Sep, Dec ................................................................ 166

Miscellaneous
S A

MOORE RESEARCH CENTER, INC. 141

 Mar Corn(CBOT) 15 Year Ave Volatility(97-11)
45%

40%

+1 STD 35%
Above
30%

25%
Central
Tendency
20%

15%
-1 STD
Below
10%

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

May Corn(CBOT) 15 Year Ave Volatility(97-11)

E
45%

L
40%

P
+1 STD 35%

M
Above
30%

A
25%

S
Central
Tendency
20%

15%
-1 STD
Below
10%

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

Jul Corn(CBOT) 15 Year Ave Volatility(97-11)

50%
Volatility: Corn(CBOT)

40%
+1 STD
Above

30%

Central
Tendency
20%

-1 STD 10%
Below

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

142 HISTORICAL GRAINS REPORT

 Sep Corn(CBOT) 15 Year Ave Volatility(97-11)
50%

40%
+1 STD
Above

30%

Central
Tendency
20%

-1 STD 10%
Below

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

Dec Corn(CBOT) 15 Year Ave Volatility(97-11)

E
50%

P L
40%
+1 STD

M
Above

30%

S A
Central
Tendency
20%

-1 STD 10%
Below

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

Volatility: Corn(CBOT)

MOORE RESEARCH CENTER, INC. 143

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