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MRCI's ScenarioSM Summary

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ScenarioSM Summary May 31, 2010
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
SPU0 Lower May 1178.80 1196.80 1034.80 1084.20 30% 28 9 8 89% Yes 1000.12 1084.20
USU0 Higher May 118~03 126~05 117~18 122~21 59% 32 13 13 100% Yes 131~12 122~21
TYU0 Higher May 116~200 121~205 116~050 119~280 68% 27 11 11 100% Yes 125~086 119~280
JYU0 Higher May 106.63 113.87 105.48 110.33 58% 33 13 12 92% Yes 118.43 110.33
DXU0 Higher May 82.265 87.925 82.410 86.923 82% 24 13 11 85% Yes 89.912 86.923
SIU0 Lower May 1866.7 1986.5 1715.0 1846.1 48% 45 20 17 85% Yes 1554.9 1846.1
SQ0 Lower May 997.50 1001.00 920.25 927.75 9% 45 21 20 95% Yes 846.00 927.75
SU0 Lower May 983.75 987.00 903.50 914.75 13% 45 21 19 90% Yes 838.51 914.75
BOU0 Lower May 39.25 39.40 37.25 38.07 38% 45 22 19 86% Yes 33.87 38.07
BOV0 Lower May 39.38 39.57 37.46 38.25 37% 45 23 21 91% Yes 34.26 38.25
BOZ0 Lower May 39.76 40.01 37.83 38.68 39% 45 23 21 91% Yes 34.81 38.68
SMQ0 Lower May 291.70 293.10 264.60 267.50 10% 45 19 17 89% Yes 242.69 267.50
SMU0 Lower May 286.90 288.30 258.80 261.50 9% 45 19 17 89% Yes 237.26 261.50
SMV0 Lower May 278.90 280.40 250.50 254.10 12% 45 19 16 84% Yes 230.75 254.10
CU0 Lower May 383.50 391.00 362.00 369.00 24% 45 22 20 91% Yes 327.78 369.00
CZ0 Lower May 392.25 399.00 372.00 380.00 30% 45 23 20 87% Yes 337.79 380.00
WU0 Lower May 518.75 532.00 474.00 475.25 2% 45 23 21 91% Yes 435.75 475.25
WZ0 Lower May 545.75 558.25 504.50 505.50 2% 45 22 20 91% Yes 465.84 505.50
KWU0 Lower May 526.25 539.25 492.50 493.50 2% 34 17 16 94% Yes 451.19 493.50
KWZ0 Lower May 544.00 556.50 510.25 510.75 1% 34 17 16 94% Yes 470.03 510.75
MWU0 Lower May 549.25 557.00 514.00 518.75 11% 29 17 15 88% Yes 470.54 518.75
MWZ0 Lower May 566.50 575.00 531.50 535.50 9% 29 16 15 94% Yes 494.97 535.50
OU0 Lower May 222.00 225.00 195.75 199.25 12% 35 19 18 95% Yes 172.12 199.25
RRU0 Lower May 12.26 12.24 11.00 11.67 54% 23 12 11 92% Yes 10.01 11.67
FCV0 Lower May 115.150 116.500 107.000 108.150 12% 38 14 12 86% Yes 100.520 108.150
LEQ0 Lower May 86.600 87.300 80.700 82.800 32% 40 21 19 90% Yes 74.000 82.800
LEV0 Lower May 76.885 77.400 72.585 75.250 55% 40 21 19 90% Yes 65.622 75.250
LEZ0 Lower May 74.300 74.350 68.780 71.930 57% 40 20 18 90% Yes 61.317 71.930
KCU0 Lower May 136.60 140.00 131.60 135.80 50% 36 19 16 84% Yes 112.61 135.80
SBV0 Lower May 15.81 15.96 13.67 14.69 45% 45 26 22 85% Yes 11.37 14.69
SBH1 Lower May 16.61 16.65 14.56 15.65 52% 45 24 21 88% Yes 12.57 15.65
CCZ0 Lower May 3272 3279 2830 3017 42% 45 26 22 85% Yes 2607 3017
LBU0 Lower May 313.8 309.9 233.0 242.0 12% 37 15 14 93% Yes 208.9 242.0
LBX0 Lower May 296.0 292.9 224.8 231.8 10% 37 15 15 100% Yes 206.6 231.8


September S & P 500(CME)
The SPU0(Mkt) ended Lower(Cond) for May(Month). Compared to April's 1178.80(Prev Close), the market ended May at 1084.20(Month Close), that being 30%(Pct Range) off of 1034.80(Month Low) to 1196.80(Month High).

In comparing the April/May closes for each of the last 28 years(Total Years), Scenario found that the September S & P 500(CME) also closed lower in May than April in 9(Cond Years) of those years. Of those 9, SPU went on to penetrate the May low within the next 2 months in 8 years(Action Years) or 89%(Pct) of the time.

Therefore, the historical odds are high that the SPU should penetrate 1034.80(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 1000.12(Average Objective).

September 30-Year T-Bonds(CBOT)
The USU0(Mkt) ended Higher(Cond) for May(Month). Compared to April's 118~03(Prev Close), the market ended May at 122~21(Month Close), that being 59%(Pct Range) off of 117~18(Month Low) to 126~05(Month High).

In comparing the April/May closes for each of the last 32 years(Total Years), Scenario found that the September 30-Year T-Bonds(CBOT) also closed higher in May than April in 13(Cond Years) of those years. Of those 13, USU went on to exceed the May high within the next 2 months in 13 years(Action Years) or 100%(Pct) of the time.

Therefore, the historical odds are high that the USU should exceed 126~05(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 13 years) a potential move toward 131~12(Average Objective).

September 10-Year T-Notes(CBOT)
The TYU0(Mkt) ended Higher(Cond) for May(Month). Compared to April's 116~200(Prev Close), the market ended May at 119~280(Month Close), that being 68%(Pct Range) off of 116~050(Month Low) to 121~205(Month High).

In comparing the April/May closes for each of the last 27 years(Total Years), Scenario found that the September 10-Year T-Notes(CBOT) also closed higher in May than April in 11(Cond Years) of those years. Of those 11, TYU went on to exceed the May high within the next 2 months in 11 years(Action Years) or 100%(Pct) of the time.

Therefore, the historical odds are high that the TYU should exceed 121~205(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 11 years) a potential move toward 125~086(Average Objective).

September Japanese Yen(CME)
The JYU0(Mkt) ended Higher(Cond) for May(Month). Compared to April's 106.63(Prev Close), the market ended May at 110.33(Month Close), that being 58%(Pct Range) off of 105.48(Month Low) to 113.87(Month High).

In comparing the April/May closes for each of the last 33 years(Total Years), Scenario found that the September Japanese Yen(CME) also closed higher in May than April in 13(Cond Years) of those years. Of those 13, JYU went on to exceed the May high within the next 2 months in 12 years(Action Years) or 92%(Pct) of the time.

Therefore, the historical odds are high that the JYU should exceed 113.87(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 12 years) a potential move toward 118.43(Average Objective).

September US Dollar Index(ICE)
The DXU0(Mkt) ended Higher(Cond) for May(Month). Compared to April's 82.265(Prev Close), the market ended May at 86.923(Month Close), that being 82%(Pct Range) off of 82.410(Month Low) to 87.925(Month High).

In comparing the April/May closes for each of the last 24 years(Total Years), Scenario found that the September US Dollar Index(ICE) also closed higher in May than April in 13(Cond Years) of those years. Of those 13, DXU went on to exceed the May high within the next 2 months in 11 years(Action Years) or 85%(Pct) of the time.

Therefore, the historical odds are high that the DXU should exceed 87.925(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 11 years) a potential move toward 89.912(Average Objective).

September Silver(CMX)
The SIU0(Mkt) ended Lower(Cond) for May(Month). Compared to April's 1866.7(Prev Close), the market ended May at 1846.1(Month Close), that being 48%(Pct Range) off of 1715.0(Month Low) to 1986.5(Month High).

In comparing the April/May closes for each of the last 45 years(Total Years), Scenario found that the September Silver(CMX) also closed lower in May than April in 20(Cond Years) of those years. Of those 20, SIU went on to penetrate the May low within the next 2 months in 17 years(Action Years) or 85%(Pct) of the time.

Therefore, the historical odds are high that the SIU should penetrate 1715.0(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 1554.9(Average Objective).

August Soybeans(CBOT)
The SQ0(Mkt) ended Lower(Cond) for May(Month). Compared to April's 997.50(Prev Close), the market ended May at 927.75(Month Close), that being 9%(Pct Range) off of 920.25(Month Low) to 1001.00(Month High).

In comparing the April/May closes for each of the last 45 years(Total Years), Scenario found that the August Soybeans(CBOT) also closed lower in May than April in 21(Cond Years) of those years. Of those 21, SQ went on to penetrate the May low within the next 2 months in 20 years(Action Years) or 95%(Pct) of the time.

Therefore, the historical odds are high that the SQ should penetrate 920.25(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 846.00(Average Objective).

September Soybeans(CBOT)
The SU0(Mkt) ended Lower(Cond) for May(Month). Compared to April's 983.75(Prev Close), the market ended May at 914.75(Month Close), that being 13%(Pct Range) off of 903.50(Month Low) to 987.00(Month High).

In comparing the April/May closes for each of the last 45 years(Total Years), Scenario found that the September Soybeans(CBOT) also closed lower in May than April in 21(Cond Years) of those years. Of those 21, SU went on to penetrate the May low within the next 2 months in 19 years(Action Years) or 90%(Pct) of the time.

Therefore, the historical odds are high that the SU should penetrate 903.50(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 19 years) a potential move toward 838.51(Average Objective).

September Soybean Oil(CBOT)
The BOU0(Mkt) ended Lower(Cond) for May(Month). Compared to April's 39.25(Prev Close), the market ended May at 38.07(Month Close), that being 38%(Pct Range) off of 37.25(Month Low) to 39.40(Month High).

In comparing the April/May closes for each of the last 45 years(Total Years), Scenario found that the September Soybean Oil(CBOT) also closed lower in May than April in 22(Cond Years) of those years. Of those 22, BOU went on to penetrate the May low within the next 2 months in 19 years(Action Years) or 86%(Pct) of the time.

Therefore, the historical odds are high that the BOU should penetrate 37.25(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 19 years) a potential move toward 33.87(Average Objective).

October Soybean Oil(CBOT)
The BOV0(Mkt) ended Lower(Cond) for May(Month). Compared to April's 39.38(Prev Close), the market ended May at 38.25(Month Close), that being 37%(Pct Range) off of 37.46(Month Low) to 39.57(Month High).

In comparing the April/May closes for each of the last 45 years(Total Years), Scenario found that the October Soybean Oil(CBOT) also closed lower in May than April in 23(Cond Years) of those years. Of those 23, BOV went on to penetrate the May low within the next 2 months in 21 years(Action Years) or 91%(Pct) of the time.

Therefore, the historical odds are high that the BOV should penetrate 37.46(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 34.26(Average Objective).

December Soybean Oil(CBOT)
The BOZ0(Mkt) ended Lower(Cond) for May(Month). Compared to April's 39.76(Prev Close), the market ended May at 38.68(Month Close), that being 39%(Pct Range) off of 37.83(Month Low) to 40.01(Month High).

In comparing the April/May closes for each of the last 45 years(Total Years), Scenario found that the December Soybean Oil(CBOT) also closed lower in May than April in 23(Cond Years) of those years. Of those 23, BOZ went on to penetrate the May low within the next 2 months in 21 years(Action Years) or 91%(Pct) of the time.

Therefore, the historical odds are high that the BOZ should penetrate 37.83(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 34.81(Average Objective).

August Soybean Meal(CBOT)
The SMQ0(Mkt) ended Lower(Cond) for May(Month). Compared to April's 291.70(Prev Close), the market ended May at 267.50(Month Close), that being 10%(Pct Range) off of 264.60(Month Low) to 293.10(Month High).

In comparing the April/May closes for each of the last 45 years(Total Years), Scenario found that the August Soybean Meal(CBOT) also closed lower in May than April in 19(Cond Years) of those years. Of those 19, SMQ went on to penetrate the May low within the next 2 months in 17 years(Action Years) or 89%(Pct) of the time.

Therefore, the historical odds are high that the SMQ should penetrate 264.60(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 242.69(Average Objective).

September Soybean Meal(CBOT)
The SMU0(Mkt) ended Lower(Cond) for May(Month). Compared to April's 286.90(Prev Close), the market ended May at 261.50(Month Close), that being 9%(Pct Range) off of 258.80(Month Low) to 288.30(Month High).

In comparing the April/May closes for each of the last 45 years(Total Years), Scenario found that the September Soybean Meal(CBOT) also closed lower in May than April in 19(Cond Years) of those years. Of those 19, SMU went on to penetrate the May low within the next 2 months in 17 years(Action Years) or 89%(Pct) of the time.

Therefore, the historical odds are high that the SMU should penetrate 258.80(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 237.26(Average Objective).

October Soybean Meal(CBOT)
The SMV0(Mkt) ended Lower(Cond) for May(Month). Compared to April's 278.90(Prev Close), the market ended May at 254.10(Month Close), that being 12%(Pct Range) off of 250.50(Month Low) to 280.40(Month High).

In comparing the April/May closes for each of the last 45 years(Total Years), Scenario found that the October Soybean Meal(CBOT) also closed lower in May than April in 19(Cond Years) of those years. Of those 19, SMV 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 SMV should penetrate 250.50(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 230.75(Average Objective).

September Corn(CBOT)
The CU0(Mkt) ended Lower(Cond) for May(Month). Compared to April's 383.50(Prev Close), the market ended May at 369.00(Month Close), that being 24%(Pct Range) off of 362.00(Month Low) to 391.00(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 362.00(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 327.78(Average Objective).

December Corn(CBOT)
The CZ0(Mkt) ended Lower(Cond) for May(Month). Compared to April's 392.25(Prev Close), the market ended May at 380.00(Month Close), that being 30%(Pct Range) off of 372.00(Month Low) to 399.00(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 372.00(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 337.79(Average Objective).

September Wheat(CBOT)
The WU0(Mkt) ended Lower(Cond) for May(Month). Compared to April's 518.75(Prev Close), the market ended May at 475.25(Month Close), that being 2%(Pct Range) off of 474.00(Month Low) to 532.00(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 23(Cond Years) of those years. Of those 23, WU went on to penetrate the May low within the next 2 months in 21 years(Action Years) or 91%(Pct) of the time.

Therefore, the historical odds are high that the WU should penetrate 474.00(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 435.75(Average Objective).

December Wheat(CBOT)
The WZ0(Mkt) ended Lower(Cond) for May(Month). Compared to April's 545.75(Prev Close), the market ended May at 505.50(Month Close), that being 2%(Pct Range) off of 504.50(Month Low) to 558.25(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 22(Cond Years) of those years. Of those 22, WZ 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 WZ should penetrate 504.50(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 465.84(Average Objective).

September Wheat(KCBT)
The KWU0(Mkt) ended Lower(Cond) for May(Month). Compared to April's 526.25(Prev Close), the market ended May at 493.50(Month Close), that being 2%(Pct Range) off of 492.50(Month Low) to 539.25(Month High).

In comparing the April/May closes for each of the last 34 years(Total Years), Scenario found that the September Wheat(KCBT) also closed lower in May than April in 17(Cond Years) of those years. Of those 17, KWU went on to penetrate the May low within the next 2 months in 16 years(Action Years) or 94%(Pct) of the time.

Therefore, the historical odds are high that the KWU should penetrate 492.50(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 451.19(Average Objective).

December Wheat(KCBT)
The KWZ0(Mkt) ended Lower(Cond) for May(Month). Compared to April's 544.00(Prev Close), the market ended May at 510.75(Month Close), that being 1%(Pct Range) off of 510.25(Month Low) to 556.50(Month High).

In comparing the April/May closes for each of the last 34 years(Total Years), Scenario found that the December Wheat(KCBT) also closed lower in May than April in 17(Cond Years) of those years. Of those 17, KWZ went on to penetrate the May low within the next 2 months in 16 years(Action Years) or 94%(Pct) of the time.

Therefore, the historical odds are high that the KWZ should penetrate 510.25(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 470.03(Average Objective).

September Wheat(MGE)
The MWU0(Mkt) ended Lower(Cond) for May(Month). Compared to April's 549.25(Prev Close), the market ended May at 518.75(Month Close), that being 11%(Pct Range) off of 514.00(Month Low) to 557.00(Month High).

In comparing the April/May closes for each of the last 29 years(Total Years), Scenario found that the September Wheat(MGE) also closed lower in May than April in 17(Cond Years) of those years. Of those 17, MWU 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 MWU should penetrate 514.00(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 470.54(Average Objective).

December Wheat(MGE)
The MWZ0(Mkt) ended Lower(Cond) for May(Month). Compared to April's 566.50(Prev Close), the market ended May at 535.50(Month Close), that being 9%(Pct Range) off of 531.50(Month Low) to 575.00(Month High).

In comparing the April/May closes for each of the last 29 years(Total Years), Scenario found that the December Wheat(MGE) also closed lower in May than April in 16(Cond Years) of those years. Of those 16, MWZ 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 MWZ should penetrate 531.50(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 494.97(Average Objective).

September Oats(CBOT)
The OU0(Mkt) ended Lower(Cond) for May(Month). Compared to April's 222.00(Prev Close), the market ended May at 199.25(Month Close), that being 12%(Pct Range) off of 195.75(Month Low) to 225.00(Month High).

In comparing the April/May closes for each of the last 35 years(Total Years), Scenario found that the September Oats(CBOT) also closed lower in May than April in 19(Cond Years) of those years. Of those 19, OU went on to penetrate the May low within the next 2 months in 18 years(Action Years) or 95%(Pct) of the time.

Therefore, the historical odds are high that the OU should penetrate 195.75(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 172.12(Average Objective).

September Rough Rice(CBOT)
The RRU0(Mkt) ended Lower(Cond) for May(Month). Compared to April's 12.26(Prev Close), the market ended May at 11.67(Month Close), that being 54%(Pct Range) off of 11.00(Month Low) to 12.24(Month High).

In comparing the April/May closes for each of the last 23 years(Total Years), Scenario found that the September Rough Rice(CBOT) also closed lower in May than April in 12(Cond Years) of those years. Of those 12, RRU went on to penetrate the May low within the next 2 months in 11 years(Action Years) or 92%(Pct) of the time.

Therefore, the historical odds are high that the RRU should penetrate 11.00(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 11 years) a potential move toward 10.01(Average Objective).

October Feeder Cattle(CME)
The FCV0(Mkt) ended Lower(Cond) for May(Month). Compared to April's 115.150(Prev Close), the market ended May at 108.150(Month Close), that being 12%(Pct Range) off of 107.000(Month Low) to 116.500(Month High).

In comparing the April/May closes for each of the last 38 years(Total Years), Scenario found that the October Feeder Cattle(CME) also closed lower in May than April in 14(Cond Years) of those years. Of those 14, FCV went on to penetrate the May low within the next 2 months in 12 years(Action Years) or 86%(Pct) of the time.

Therefore, the historical odds are high that the FCV should penetrate 107.000(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 12 years) a potential move toward 100.520(Average Objective).

August Lean Hogs(CME)
The LEQ0(Mkt) ended Lower(Cond) for May(Month). Compared to April's 86.600(Prev Close), the market ended May at 82.800(Month Close), that being 32%(Pct Range) off of 80.700(Month Low) to 87.300(Month High).

In comparing the April/May closes for each of the last 40 years(Total Years), Scenario found that the August Lean Hogs(CME) also closed lower in May than April in 21(Cond Years) of those years. Of those 21, LEQ went on to penetrate the May low within the next 2 months in 19 years(Action Years) or 90%(Pct) of the time.

Therefore, the historical odds are high that the LEQ should penetrate 80.700(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 19 years) a potential move toward 74.000(Average Objective).

October Lean Hogs(CME)
The LEV0(Mkt) ended Lower(Cond) for May(Month). Compared to April's 76.885(Prev Close), the market ended May at 75.250(Month Close), that being 55%(Pct Range) off of 72.585(Month Low) to 77.400(Month High).

In comparing the April/May closes for each of the last 40 years(Total Years), Scenario found that the October Lean Hogs(CME) also closed lower in May than April in 21(Cond Years) of those years. Of those 21, LEV went on to penetrate the May low within the next 2 months in 19 years(Action Years) or 90%(Pct) of the time.

Therefore, the historical odds are high that the LEV should penetrate 72.585(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 19 years) a potential move toward 65.622(Average Objective).

December Lean Hogs(CME)
The LEZ0(Mkt) ended Lower(Cond) for May(Month). Compared to April's 74.300(Prev Close), the market ended May at 71.930(Month Close), that being 57%(Pct Range) off of 68.780(Month Low) to 74.350(Month High).

In comparing the April/May closes for each of the last 40 years(Total Years), Scenario found that the December Lean Hogs(CME) also closed lower in May than April in 20(Cond Years) of those years. Of those 20, LEZ went on to penetrate the May low within the next 2 months in 18 years(Action Years) or 90%(Pct) of the time.

Therefore, the historical odds are high that the LEZ should penetrate 68.780(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 61.317(Average Objective).

September Coffee "C"(ICE)
The KCU0(Mkt) ended Lower(Cond) for May(Month). Compared to April's 136.60(Prev Close), the market ended May at 135.80(Month Close), that being 50%(Pct Range) off of 131.60(Month Low) to 140.00(Month High).

In comparing the April/May closes for each of the last 36 years(Total Years), Scenario found that the September Coffee "C"(ICE) also closed lower in May than April in 19(Cond Years) of those years. Of those 19, KCU 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 KCU should penetrate 131.60(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 112.61(Average Objective).

October Sugar #11(ICE)
The SBV0(Mkt) ended Lower(Cond) for May(Month). Compared to April's 15.81(Prev Close), the market ended May at 14.69(Month Close), that being 45%(Pct Range) off of 13.67(Month Low) to 15.96(Month High).

In comparing the April/May closes for each of the last 45 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 13.67(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 11.37(Average Objective).

March Sugar #11(ICE)
The SBH1(Mkt) ended Lower(Cond) for May(Month). Compared to April's 16.61(Prev Close), the market ended May at 15.65(Month Close), that being 52%(Pct Range) off of 14.56(Month Low) to 16.65(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 14.56(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 12.57(Average Objective).

December Cocoa(ICE)
The CCZ0(Mkt) ended Lower(Cond) for May(Month). Compared to April's 3272(Prev Close), the market ended May at 3017(Month Close), that being 42%(Pct Range) off of 2830(Month Low) to 3279(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 lower in May than April in 26(Cond Years) of those years. Of those 26, CCZ 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 CCZ should penetrate 2830(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 2607(Average Objective).

September Lumber(CME)
The LBU0(Mkt) ended Lower(Cond) for May(Month). Compared to April's 313.8(Prev Close), the market ended May at 242.0(Month Close), that being 12%(Pct Range) off of 233.0(Month Low) to 309.9(Month High).

In comparing the April/May closes for each of the last 37 years(Total Years), Scenario found that the September Lumber(CME) also closed lower in May than April in 15(Cond Years) of those years. Of those 15, LBU went on to penetrate the May low within the next 2 months in 14 years(Action Years) or 93%(Pct) of the time.

Therefore, the historical odds are high that the LBU should penetrate 233.0(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 208.9(Average Objective).

November Lumber(CME)
The LBX0(Mkt) ended Lower(Cond) for May(Month). Compared to April's 296.0(Prev Close), the market ended May at 231.8(Month Close), that being 10%(Pct Range) off of 224.8(Month Low) to 292.9(Month High).

In comparing the April/May closes for each of the last 37 years(Total Years), Scenario found that the November Lumber(CME) also closed lower in May than April in 15(Cond Years) of those years. Of those 15, LBX 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 LBX should penetrate 224.8(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 206.6(Average Objective).