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MRCI's ScenarioSM Summary

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ScenarioSM Summary May 31, 2008
Historical Data Scenario Data Current Market Data

Mkt

Cond

Month
Prev
Close
Month
High
Month
Low
Month
Close
Pct
Range
Total
Years
Cond
Years
Action
Years

Pct
Scenario
Objective
Average
Objective
Last
Price
#DJ Lower May 12820.00 13137.00 12443.00 12638.00 28% 45 23 20 87% 12443.00 10780.49 12638.00
#OEX Lower May 641.00 658.70 627.50 639.15 37% 25 7 6 86% 627.50 512.02 639.15
#NDX Higher May 1917.70 2050.80 1921.10 2032.60 86% 22 15 14 93% 2050.80 2096.21 2032.60
#COMPX Higher May 2412.80 2533.70 2444.70 2522.70 88% 13 7 7 100% 2533.70 2602.14 2522.70
#RUT Higher May 716.20 750.70 714.00 748.30 93% 29 19 16 84% 750.70 770.08 748.30
SPU8 Higher May 1387.70 1441.50 1374.90 1402.30 41% 26 17 15 88% 1441.50 1492.98 1402.30
NDU8 Higher May 1931.50 2058.00 1966.00 2044.00 85% 11 5 5 100% 2058.00 2182.96 2044.00
JYU8 Lower May 96.94 97.77 95.30 95.38 3% 31 19 16 84% 95.30 91.18 95.38
ADU8 Higher May 92.98 94.81 91.69 94.29 83% 21 8 8 100% 94.81 96.85 94.29
SX8 Higher May 1225.50 1371.00 1165.00 1354.50 92% 45 22 21 95% 1371.00 1536.82 1354.50
SMZ8 Higher May 301.50 336.50 286.00 332.30 92% 45 26 22 85% 336.50 379.75 332.30
CU8 Lower May 621.75 647.00 586.00 612.50 43% 45 22 20 91% 586.00 531.78 612.50
CZ8 Lower May 628.25 655.00 599.75 626.50 48% 45 23 20 87% 599.75 545.62 626.50
WU8 Lower May 815.50 857.25 747.00 777.50 28% 45 24 23 96% 747.00 685.44 777.50
WZ8 Lower May 834.50 876.00 768.00 799.25 29% 45 23 22 96% 768.00 708.23 799.25
KWU8 Lower May 857.00 896.25 795.50 816.00 20% 32 16 16 100% 795.50 727.20 816.00
KWZ8 Lower May 873.00 912.00 814.00 836.00 22% 32 16 16 100% 814.00 748.17 836.00
MWU8 Lower May 880.00 919.00 843.00 873.00 39% 27 16 15 94% 843.00 769.86 873.00
MWZ8 Lower May 892.75 928.00 850.00 875.00 32% 27 15 15 100% 850.00 790.31 875.00
OU8 Lower May 398.00 434.75 386.50 394.00 16% 33 18 17 94% 386.50 338.00 394.00
OZ8 Lower May 413.00 448.75 406.25 410.00 9% 33 18 18 100% 406.25 357.09 410.00
RRU8 Lower May 19.69 21.30 17.06 18.50 34% 21 11 10 91% 17.06 15.54 18.50
LCQ8 Higher May 98.980 102.135 97.030 101.850 94% 43 20 17 85% 102.135 108.261 101.850
LCV8 Higher May 104.300 108.550 103.000 108.150 93% 43 19 17 89% 108.550 113.668 108.150
FCQ8 Higher May 108.530 116.500 107.200 116.030 95% 36 20 17 85% 116.500 124.336 116.030
FCU8 Higher May 110.000 117.250 108.300 116.800 95% 36 20 17 85% 117.250 125.054 116.800
LEV8 Higher May 72.450 76.250 70.850 74.550 69% 38 18 16 89% 76.250 82.981 74.550
KCU8 Lower May 137.75 144.30 131.30 136.25 38% 34 18 16 89% 131.30 112.24 136.25
KCZ8 Lower May 141.15 147.25 134.75 139.65 39% 34 17 15 88% 134.75 113.43 139.65
SBV8 Lower May 12.70 13.00 11.19 11.43 13% 44 26 22 85% 11.19 9.32 11.43
SBH9 Lower May 13.64 13.99 12.59 12.82 16% 45 24 21 88% 12.59 10.88 12.82
CCU8 Lower May 2739 2775 2530 2737 84% 45 26 22 85% 2530 2301 2737
CCZ8 Higher May 2713 2754 2522 2731 90% 45 18 16 89% 2754 3068 2731
CTZ8 Lower May 79.52 81.44 73.79 74.37 8% 44 21 18 86% 73.79 69.15 74.37


DJIA Index
The #DJ(Mkt) ended Lower(Cond) for May(Month). Compared to April's 12820.00(Prev Close), the market ended May at 12638.00(Month Close), that being 28%(Pct Range) off of 12443.00(Month Low) to 13137.00(Month High).

In comparing the April/May closes for each of the last 45 years(Total Years), Scenario found that the DJIA Index also closed lower in May than April in 23(Cond Years) of those years. Of those 23, the #DJ went on to penetrate the May low within the next 2 months in 20 years(Action Years) or 87%(Pct) of the time.

Therefore, the historical odds are high that the the #DJ should penetrate 12443.00(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 20 years) a potential move toward 10780.49(Average Objective).

S & P 100(OEX)
The #OEX(Mkt) ended Lower(Cond) for May(Month). Compared to April's 641.00(Prev Close), the market ended May at 639.15(Month Close), that being 37%(Pct Range) off of 627.50(Month Low) to 658.70(Month High).

In comparing the April/May closes for each of the last 25 years(Total Years), Scenario found that the S & P 100(OEX) also closed lower in May than April in 7(Cond Years) of those years. Of those 7, the #OEX went on to penetrate the May low within the next 2 months in 6 years(Action Years) or 86%(Pct) of the time.

Therefore, the historical odds are high that the the #OEX should penetrate 627.50(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 6 years) a potential move toward 512.02(Average Objective).

NASDAQ 100 Index
The #NDX(Mkt) ended Higher(Cond) for May(Month). Compared to April's 1917.70(Prev Close), the market ended May at 2032.60(Month Close), that being 86%(Pct Range) off of 1921.10(Month Low) to 2050.80(Month High).

In comparing the April/May closes for each of the last 22 years(Total Years), Scenario found that the NASDAQ 100 Index also closed higher in May than April in 15(Cond Years) of those years. Of those 15, the #NDX went on to exceed the May high within the next 2 months in 14 years(Action Years) or 93%(Pct) of the time.

Therefore, the historical odds are high that the the #NDX should exceed 2050.80(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 14 years) a potential move toward 2096.21(Average Objective).

NASDAQ Composite Index
The #COMPX(Mkt) ended Higher(Cond) for May(Month). Compared to April's 2412.80(Prev Close), the market ended May at 2522.70(Month Close), that being 88%(Pct Range) off of 2444.70(Month Low) to 2533.70(Month High).

In comparing the April/May closes for each of the last 13 years(Total Years), Scenario found that the NASDAQ Composite Index also closed higher in May than April in 7(Cond Years) of those years. Of those 7, the #COMPX went on to exceed the May high within the next 2 months in 7 years(Action Years) or 100%(Pct) of the time.

Therefore, the historical odds are high that the the #COMPX should exceed 2533.70(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 7 years) a potential move toward 2602.14(Average Objective).

Russell 2000 Index
The #RUT(Mkt) ended Higher(Cond) for May(Month). Compared to April's 716.20(Prev Close), the market ended May at 748.30(Month Close), that being 93%(Pct Range) off of 714.00(Month Low) to 750.70(Month High).

In comparing the April/May closes for each of the last 29 years(Total Years), Scenario found that the Russell 2000 Index also closed higher in May than April in 19(Cond Years) of those years. Of those 19, the #RUT went on to exceed the May high within the next 2 months in 16 years(Action Years) or 84%(Pct) of the time.

Therefore, the historical odds are high that the the #RUT should exceed 750.70(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 16 years) a potential move toward 770.08(Average Objective).

September S & P 500(CME)
The SPU8(Mkt) ended Higher(Cond) for May(Month). Compared to April's 1387.70(Prev Close), the market ended May at 1402.30(Month Close), that being 41%(Pct Range) off of 1374.90(Month Low) to 1441.50(Month High).

In comparing the April/May closes for each of the last 26 years(Total Years), Scenario found that the September S & P 500(CME) also closed higher in May than April in 17(Cond Years) of those years. Of those 17, SPU went on to exceed the May high within the next 2 months in 15 years(Action Years) or 88%(Pct) of the time.

Therefore, the historical odds are high that the SPU should exceed 1441.50(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 15 years) a potential move toward 1492.98(Average Objective).

September NASDAQ 100(CME)
The NDU8(Mkt) ended Higher(Cond) for May(Month). Compared to April's 1931.50(Prev Close), the market ended May at 2044.00(Month Close), that being 85%(Pct Range) off of 1966.00(Month Low) to 2058.00(Month High).

In comparing the April/May closes for each of the last 11 years(Total Years), Scenario found that the September NASDAQ 100(CME) also closed higher in May than April in 5(Cond Years) of those years. Of those 5, NDU went on to exceed the May high within the next 2 months in 5 years(Action Years) or 100%(Pct) of the time.

Therefore, the historical odds are high that the NDU should exceed 2058.00(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 5 years) a potential move toward 2182.96(Average Objective).

September Japanese Yen(CME)
The JYU8(Mkt) ended Lower(Cond) for May(Month). Compared to April's 96.94(Prev Close), the market ended May at 95.38(Month Close), that being 3%(Pct Range) off of 95.30(Month Low) to 97.77(Month High).

In comparing the April/May closes for each of the last 31 years(Total Years), Scenario found that the September Japanese Yen(CME) also closed lower in May than April in 19(Cond Years) of those years. Of those 19, JYU went on to penetrate the May low within the next 2 months in 16 years(Action Years) or 84%(Pct) of the time.

Therefore, the historical odds are high that the JYU should penetrate 95.30(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 16 years) a potential move toward 91.18(Average Objective).

September Australian Dollar(CME)
The ADU8(Mkt) ended Higher(Cond) for May(Month). Compared to April's 92.98(Prev Close), the market ended May at 94.29(Month Close), that being 83%(Pct Range) off of 91.69(Month Low) to 94.81(Month High).

In comparing the April/May closes for each of the last 21 years(Total Years), Scenario found that the September Australian Dollar(CME) also closed higher in May than April in 8(Cond Years) of those years. Of those 8, ADU went on to exceed the May high within the next 2 months in 8 years(Action Years) or 100%(Pct) of the time.

Therefore, the historical odds are high that the ADU should exceed 94.81(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 8 years) a potential move toward 96.85(Average Objective).

November Soybeans(CBOT)
The SX8(Mkt) ended Higher(Cond) for May(Month). Compared to April's 1225.50(Prev Close), the market ended May at 1354.50(Month Close), that being 92%(Pct Range) off of 1165.00(Month Low) to 1371.00(Month High).

In comparing the April/May closes for each of the last 45 years(Total Years), Scenario found that the November Soybeans(CBOT) also closed higher in May than April in 22(Cond Years) of those years. Of those 22, SX went on to exceed the May high within the next 2 months in 21 years(Action Years) or 95%(Pct) of the time.

Therefore, the historical odds are high that the SX should exceed 1371.00(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 21 years) a potential move toward 1536.82(Average Objective).

December Soybean Meal(CBOT)
The SMZ8(Mkt) ended Higher(Cond) for May(Month). Compared to April's 301.50(Prev Close), the market ended May at 332.30(Month Close), that being 92%(Pct Range) off of 286.00(Month Low) to 336.50(Month High).

In comparing the April/May closes for each of the last 45 years(Total Years), Scenario found that the December Soybean Meal(CBOT) also closed higher in May than April in 26(Cond Years) of those years. Of those 26, SMZ went on to exceed the May high within the next 2 months in 22 years(Action Years) or 85%(Pct) of the time.

Therefore, the historical odds are high that the SMZ should exceed 336.50(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 22 years) a potential move toward 379.75(Average Objective).

September Corn(CBOT)
The CU8(Mkt) ended Lower(Cond) for May(Month). Compared to April's 621.75(Prev Close), the market ended May at 612.50(Month Close), that being 43%(Pct Range) off of 586.00(Month Low) to 647.00(Month High).

In comparing the April/May closes for each of the last 45 years(Total Years), Scenario found that the September Corn(CBOT) also closed lower in May than April in 22(Cond Years) of those years. Of those 22, CU went on to penetrate the May low within the next 2 months in 20 years(Action Years) or 91%(Pct) of the time.

Therefore, the historical odds are high that the CU should penetrate 586.00(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 20 years) a potential move toward 531.78(Average Objective).

December Corn(CBOT)
The CZ8(Mkt) ended Lower(Cond) for May(Month). Compared to April's 628.25(Prev Close), the market ended May at 626.50(Month Close), that being 48%(Pct Range) off of 599.75(Month Low) to 655.00(Month High).

In comparing the April/May closes for each of the last 45 years(Total Years), Scenario found that the December Corn(CBOT) also closed lower in May than April in 23(Cond Years) of those years. Of those 23, CZ went on to penetrate the May low within the next 2 months in 20 years(Action Years) or 87%(Pct) of the time.

Therefore, the historical odds are high that the CZ should penetrate 599.75(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 20 years) a potential move toward 545.62(Average Objective).

September Wheat(CBOT)
The WU8(Mkt) ended Lower(Cond) for May(Month). Compared to April's 815.50(Prev Close), the market ended May at 777.50(Month Close), that being 28%(Pct Range) off of 747.00(Month Low) to 857.25(Month High).

In comparing the April/May closes for each of the last 45 years(Total Years), Scenario found that the September Wheat(CBOT) also closed lower in May than April in 24(Cond Years) of those years. Of those 24, WU went on to penetrate the May low within the next 2 months in 23 years(Action Years) or 96%(Pct) of the time.

Therefore, the historical odds are high that the WU should penetrate 747.00(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 23 years) a potential move toward 685.44(Average Objective).

December Wheat(CBOT)
The WZ8(Mkt) ended Lower(Cond) for May(Month). Compared to April's 834.50(Prev Close), the market ended May at 799.25(Month Close), that being 29%(Pct Range) off of 768.00(Month Low) to 876.00(Month High).

In comparing the April/May closes for each of the last 45 years(Total Years), Scenario found that the December Wheat(CBOT) also closed lower in May than April in 23(Cond Years) of those years. Of those 23, WZ went on to penetrate the May low within the next 2 months in 22 years(Action Years) or 96%(Pct) of the time.

Therefore, the historical odds are high that the WZ should penetrate 768.00(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 22 years) a potential move toward 708.23(Average Objective).

September Wheat(KCBT)
The KWU8(Mkt) ended Lower(Cond) for May(Month). Compared to April's 857.00(Prev Close), the market ended May at 816.00(Month Close), that being 20%(Pct Range) off of 795.50(Month Low) to 896.25(Month High).

In comparing the April/May closes for each of the last 32 years(Total Years), Scenario found that the September Wheat(KCBT) also closed lower in May than April in 16(Cond Years) of those years. Of those 16, KWU went on to penetrate the May low within the next 2 months in 16 years(Action Years) or 100%(Pct) of the time.

Therefore, the historical odds are high that the KWU should penetrate 795.50(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 16 years) a potential move toward 727.20(Average Objective).

December Wheat(KCBT)
The KWZ8(Mkt) ended Lower(Cond) for May(Month). Compared to April's 873.00(Prev Close), the market ended May at 836.00(Month Close), that being 22%(Pct Range) off of 814.00(Month Low) to 912.00(Month High).

In comparing the April/May closes for each of the last 32 years(Total Years), Scenario found that the December Wheat(KCBT) also closed lower in May than April in 16(Cond Years) of those years. Of those 16, KWZ went on to penetrate the May low within the next 2 months in 16 years(Action Years) or 100%(Pct) of the time.

Therefore, the historical odds are high that the KWZ should penetrate 814.00(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 16 years) a potential move toward 748.17(Average Objective).

September Wheat(MGE)
The MWU8(Mkt) ended Lower(Cond) for May(Month). Compared to April's 880.00(Prev Close), the market ended May at 873.00(Month Close), that being 39%(Pct Range) off of 843.00(Month Low) to 919.00(Month High).

In comparing the April/May closes for each of the last 27 years(Total Years), Scenario found that the September Wheat(MGE) also closed lower in May than April in 16(Cond Years) of those years. Of those 16, MWU went on to penetrate the May low within the next 2 months in 15 years(Action Years) or 94%(Pct) of the time.

Therefore, the historical odds are high that the MWU should penetrate 843.00(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 15 years) a potential move toward 769.86(Average Objective).

December Wheat(MGE)
The MWZ8(Mkt) ended Lower(Cond) for May(Month). Compared to April's 892.75(Prev Close), the market ended May at 875.00(Month Close), that being 32%(Pct Range) off of 850.00(Month Low) to 928.00(Month High).

In comparing the April/May closes for each of the last 27 years(Total Years), Scenario found that the December Wheat(MGE) also closed lower in May than April in 15(Cond Years) of those years. Of those 15, MWZ went on to penetrate the May low within the next 2 months in 15 years(Action Years) or 100%(Pct) of the time.

Therefore, the historical odds are high that the MWZ should penetrate 850.00(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 15 years) a potential move toward 790.31(Average Objective).

September Oats(CBOT)
The OU8(Mkt) ended Lower(Cond) for May(Month). Compared to April's 398.00(Prev Close), the market ended May at 394.00(Month Close), that being 16%(Pct Range) off of 386.50(Month Low) to 434.75(Month High).

In comparing the April/May closes for each of the last 33 years(Total Years), Scenario found that the September Oats(CBOT) also closed lower in May than April in 18(Cond Years) of those years. Of those 18, OU went on to penetrate the May low within the next 2 months in 17 years(Action Years) or 94%(Pct) of the time.

Therefore, the historical odds are high that the OU should penetrate 386.50(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 17 years) a potential move toward 338.00(Average Objective).

December Oats(CBOT)
The OZ8(Mkt) ended Lower(Cond) for May(Month). Compared to April's 413.00(Prev Close), the market ended May at 410.00(Month Close), that being 9%(Pct Range) off of 406.25(Month Low) to 448.75(Month High).

In comparing the April/May closes for each of the last 33 years(Total Years), Scenario found that the December Oats(CBOT) also closed lower in May than April in 18(Cond Years) of those years. Of those 18, OZ went on to penetrate the May low within the next 2 months in 18 years(Action Years) or 100%(Pct) of the time.

Therefore, the historical odds are high that the OZ should penetrate 406.25(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 18 years) a potential move toward 357.09(Average Objective).

September Rough Rice(CBOT)
The RRU8(Mkt) ended Lower(Cond) for May(Month). Compared to April's 19.69(Prev Close), the market ended May at 18.50(Month Close), that being 34%(Pct Range) off of 17.06(Month Low) to 21.30(Month High).

In comparing the April/May closes for each of the last 21 years(Total Years), Scenario found that the September Rough Rice(CBOT) also closed lower in May than April in 11(Cond Years) of those years. Of those 11, RRU went on to penetrate the May low within the next 2 months in 10 years(Action Years) or 91%(Pct) of the time.

Therefore, the historical odds are high that the RRU should penetrate 17.06(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 10 years) a potential move toward 15.54(Average Objective).

August Live Cattle(CME)
The LCQ8(Mkt) ended Higher(Cond) for May(Month). Compared to April's 98.980(Prev Close), the market ended May at 101.850(Month Close), that being 94%(Pct Range) off of 97.030(Month Low) to 102.135(Month High).

In comparing the April/May closes for each of the last 43 years(Total Years), Scenario found that the August Live Cattle(CME) also closed higher in May than April in 20(Cond Years) of those years. Of those 20, LCQ went on to exceed the May high within the next 2 months in 17 years(Action Years) or 85%(Pct) of the time.

Therefore, the historical odds are high that the LCQ should exceed 102.135(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 17 years) a potential move toward 108.261(Average Objective).

October Live Cattle(CME)
The LCV8(Mkt) ended Higher(Cond) for May(Month). Compared to April's 104.300(Prev Close), the market ended May at 108.150(Month Close), that being 93%(Pct Range) off of 103.000(Month Low) to 108.550(Month High).

In comparing the April/May closes for each of the last 43 years(Total Years), Scenario found that the October Live Cattle(CME) also closed higher in May than April in 19(Cond Years) of those years. Of those 19, LCV went on to exceed the May high within the next 2 months in 17 years(Action Years) or 89%(Pct) of the time.

Therefore, the historical odds are high that the LCV should exceed 108.550(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 17 years) a potential move toward 113.668(Average Objective).

August Feeder Cattle(CME)
The FCQ8(Mkt) ended Higher(Cond) for May(Month). Compared to April's 108.530(Prev Close), the market ended May at 116.030(Month Close), that being 95%(Pct Range) off of 107.200(Month Low) to 116.500(Month High).

In comparing the April/May closes for each of the last 36 years(Total Years), Scenario found that the August Feeder Cattle(CME) also closed higher in May than April in 20(Cond Years) of those years. Of those 20, FCQ went on to exceed the May high within the next 2 months in 17 years(Action Years) or 85%(Pct) of the time.

Therefore, the historical odds are high that the FCQ should exceed 116.500(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 17 years) a potential move toward 124.336(Average Objective).

September Feeder Cattle(CME)
The FCU8(Mkt) ended Higher(Cond) for May(Month). Compared to April's 110.000(Prev Close), the market ended May at 116.800(Month Close), that being 95%(Pct Range) off of 108.300(Month Low) to 117.250(Month High).

In comparing the April/May closes for each of the last 36 years(Total Years), Scenario found that the September Feeder Cattle(CME) also closed higher in May than April in 20(Cond Years) of those years. Of those 20, FCU went on to exceed the May high within the next 2 months in 17 years(Action Years) or 85%(Pct) of the time.

Therefore, the historical odds are high that the FCU should exceed 117.250(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 17 years) a potential move toward 125.054(Average Objective).

October Lean Hogs(CME)
The LEV8(Mkt) ended Higher(Cond) for May(Month). Compared to April's 72.450(Prev Close), the market ended May at 74.550(Month Close), that being 69%(Pct Range) off of 70.850(Month Low) to 76.250(Month High).

In comparing the April/May closes for each of the last 38 years(Total Years), Scenario found that the October Lean Hogs(CME) also closed higher in May than April in 18(Cond Years) of those years. Of those 18, LEV went on to exceed the May high within the next 2 months in 16 years(Action Years) or 89%(Pct) of the time.

Therefore, the historical odds are high that the LEV should exceed 76.250(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 16 years) a potential move toward 82.981(Average Objective).

September Coffee "C"(ICE)
The KCU8(Mkt) ended Lower(Cond) for May(Month). Compared to April's 137.75(Prev Close), the market ended May at 136.25(Month Close), that being 38%(Pct Range) off of 131.30(Month Low) to 144.30(Month High).

In comparing the April/May closes for each of the last 34 years(Total Years), Scenario found that the September Coffee "C"(ICE) also closed lower in May than April in 18(Cond Years) of those years. Of those 18, KCU went on to penetrate the May low within the next 2 months in 16 years(Action Years) or 89%(Pct) of the time.

Therefore, the historical odds are high that the KCU should penetrate 131.30(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 16 years) a potential move toward 112.24(Average Objective).

December Coffee "C"(ICE)
The KCZ8(Mkt) ended Lower(Cond) for May(Month). Compared to April's 141.15(Prev Close), the market ended May at 139.65(Month Close), that being 39%(Pct Range) off of 134.75(Month Low) to 147.25(Month High).

In comparing the April/May closes for each of the last 34 years(Total Years), Scenario found that the December Coffee "C"(ICE) also closed lower in May than April in 17(Cond Years) of those years. Of those 17, KCZ went on to penetrate the May low within the next 2 months in 15 years(Action Years) or 88%(Pct) of the time.

Therefore, the historical odds are high that the KCZ should penetrate 134.75(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 15 years) a potential move toward 113.43(Average Objective).

October Sugar #11(ICE)
The SBV8(Mkt) ended Lower(Cond) for May(Month). Compared to April's 12.70(Prev Close), the market ended May at 11.43(Month Close), that being 13%(Pct Range) off of 11.19(Month Low) to 13.00(Month High).

In comparing the April/May closes for each of the last 44 years(Total Years), Scenario found that the October Sugar #11(ICE) also closed lower in May than April in 26(Cond Years) of those years. Of those 26, SBV went on to penetrate the May low within the next 2 months in 22 years(Action Years) or 85%(Pct) of the time.

Therefore, the historical odds are high that the SBV should penetrate 11.19(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 22 years) a potential move toward 9.32(Average Objective).

March Sugar #11(ICE)
The SBH9(Mkt) ended Lower(Cond) for May(Month). Compared to April's 13.64(Prev Close), the market ended May at 12.82(Month Close), that being 16%(Pct Range) off of 12.59(Month Low) to 13.99(Month High).

In comparing the April/May closes for each of the last 45 years(Total Years), Scenario found that the March Sugar #11(ICE) also closed lower in May than April in 24(Cond Years) of those years. Of those 24, SBH went on to penetrate the May low within the next 2 months in 21 years(Action Years) or 88%(Pct) of the time.

Therefore, the historical odds are high that the SBH should penetrate 12.59(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 21 years) a potential move toward 10.88(Average Objective).

September Cocoa(ICE)
The CCU8(Mkt) ended Lower(Cond) for May(Month). Compared to April's 2739(Prev Close), the market ended May at 2737(Month Close), that being 84%(Pct Range) off of 2530(Month Low) to 2775(Month High).

In comparing the April/May closes for each of the last 45 years(Total Years), Scenario found that the September Cocoa(ICE) also closed lower in May than April in 26(Cond Years) of those years. Of those 26, CCU went on to penetrate the May low within the next 2 months in 22 years(Action Years) or 85%(Pct) of the time.

Therefore, the historical odds are high that the CCU should penetrate 2530(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 22 years) a potential move toward 2301(Average Objective).

December Cocoa(ICE)
The CCZ8(Mkt) ended Higher(Cond) for May(Month). Compared to April's 2713(Prev Close), the market ended May at 2731(Month Close), that being 90%(Pct Range) off of 2522(Month Low) to 2754(Month High).

In comparing the April/May closes for each of the last 45 years(Total Years), Scenario found that the December Cocoa(ICE) also closed higher in May than April in 18(Cond Years) of those years. Of those 18, CCZ went on to exceed the May high within the next 2 months in 16 years(Action Years) or 89%(Pct) of the time.

Therefore, the historical odds are high that the CCZ should exceed 2754(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 16 years) a potential move toward 3068(Average Objective).

December Cotton(ICE)
The CTZ8(Mkt) ended Lower(Cond) for May(Month). Compared to April's 79.52(Prev Close), the market ended May at 74.37(Month Close), that being 8%(Pct Range) off of 73.79(Month Low) to 81.44(Month High).

In comparing the April/May closes for each of the last 44 years(Total Years), Scenario found that the December Cotton(ICE) also closed lower in May than April in 21(Cond Years) of those years. Of those 21, CTZ went on to penetrate the May low within the next 2 months in 18 years(Action Years) or 86%(Pct) of the time.

Therefore, the historical odds are high that the CTZ should penetrate 73.79(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 18 years) a potential move toward 69.15(Average Objective).