Website charts: https://www.mrci.com/client/options MRCI's Implied Volatility Data as of Friday November 14, 2025 /==================================================================================\ | Contract | IV | HV | +1SD | CTHV | -1SD |IV+-% |D2EX| |==============================|=======|=======|=======|=======|=======|======|====| |Dec25 Japanese Yen(CME) | 138.96| 6.43| 13.29| 9.29| 5.29|+1396%| 21| |Mar26 Japanese Yen(CME) | 64.65| 6.37| 13.22| 9.24| 5.27| +599%| 112| |May26 Class III Milk(CME) | 22.36| 8.80| 8.92| 7.18| 5.43| +211%| 200| |Apr26 Class III Milk(CME) | 22.59| 7.69| 10.02| 7.93| 5.83| +184%| 165| |Mar26 Class III Milk(CME) | 22.69| 9.53| 13.02| 9.87| 6.71| +129%| 137| |Aug26 Live Cattle(CME) | 20.83| 34.42| 15.45| 10.75| 6.06| +93%| 266| |Aug26 Feeder Cattle(CME) | 24.40| 35.78| 19.01| 12.65| 6.29| +92%| 286| |Mar26 Orange Juice(ICE) | 47.71| 64.24| 32.37| 25.34| 18.32| +88%| 84| |Jun26 Live Cattle(CME) | 21.26| 33.79| 16.69| 11.34| 5.98| +87%| 203| |Jan26 Orange Juice(ICE) | 51.06| 66.94| 35.09| 27.50| 19.91| +85%| 21| |Jun26 Natural Gas(NYM) | 45.91| 21.85| 36.20| 25.34| 14.48| +81%| 193| |Apr26 Live Cattle(CME) | 21.18| 32.91| 17.52| 11.81| 6.11| +79%| 140| |May26 Natural Gas(NYM) | 48.03| 24.83| 38.17| 26.75| 15.32| +79%| 164| |Apr26 Natural Gas(NYM) | 51.35| 27.98| 40.99| 28.96| 16.93| +77%| 132| |Feb26 Class III Milk(CME) | 22.47| 14.82| 16.94| 12.72| 8.49| +76%| 109| |May26 Feeder Cattle(CME) | 24.46| 35.93| 20.00| 13.94| 7.88| +75%| 195| |May26 Orange Juice(ICE) | 42.55| 60.85| 31.15| 24.28| 17.41| +75%| 140| |Mar26 London Cocoa(LCE) | 38.32| 51.80| 32.47| 22.57| 12.68| +69%| 105| |Aug26 Lean Hogs(CME) | 21.96| 19.04| 16.83| 13.02| 9.21| +68%| 273| |Apr26 Feeder Cattle(CME) | 24.14| 35.60| 20.74| 14.43| 8.12| +67%| 167| |Jul26 Lean Hogs(CME) | 22.32| 19.07| 17.38| 13.39| 9.41| +66%| 242| |Feb26 Live Cattle(CME) | 21.57| 32.56| 19.34| 13.25| 7.16| +62%| 84| |Jun26 Lean Hogs(CME) | 22.70| 19.48| 17.68| 14.05| 10.42| +61%| 210| |Jul26 Orange Juice(ICE) | 37.25| 59.06| 29.51| 23.13| 16.74| +61%| 203| |Dec25 London Cocoa(LCE) | 38.43| 50.36| 33.91| 24.08| 14.25| +59%| 14| |Feb26 Natural Gas(NYM) | 69.80| 36.23| 65.19| 44.02| 22.85| +58%| 74| |May26 Lean Hogs(CME) | 23.52| 20.84| 19.03| 14.96| 10.89| +57%| 181| |May26 London Cocoa(LCE) | 33.82| 51.26| 31.19| 21.44| 11.69| +57%| 167| |Mar26 Feeder Cattle(CME) | 23.71| 35.15| 21.87| 15.38| 8.90| +54%| 132| |Mar26 Cocoa(ICE) | 39.54| 48.09| 35.66| 25.67| 15.68| +54%| 84| |Sep26 Cocoa(ICE) | 34.60| 45.19| 30.49| 22.57| 14.65| +53%| 266| |Jul26 London Cocoa(LCE) | 31.20| 49.63| 29.56| 20.32| 11.09| +53%| 228| |Dec25 Live Cattle(CME) | 21.88| 29.86| 20.43| 14.40| 8.37| +51%| 21| |May26 Cocoa(ICE) | 37.00| 47.70| 34.02| 24.50| 14.98| +51%| 140| |Jul26 Cocoa(ICE) | 35.43| 46.17| 32.27| 23.54| 14.81| +50%| 203| |Dec25 2 Year T-Notes(CBOT) | 1.50| 1.00| 1.80| 1.01| 0.22| +48%| 7| |Jan26 Natural Gas(NYM) | 67.73| 39.41| 67.22| 45.58| 23.94| +48%| 42| |Mar26 Natural Gas(NYM) | 60.49| 32.55| 61.68| 41.81| 21.94| +44%| 102| |Sep26 Coffee "C"(ICE) | 40.47| 39.72| 35.84| 28.73| 21.63| +40%| 273| |Jan26 Feeder Cattle(CME) | 23.18| 33.59| 23.29| 16.64| 10.00| +39%| 76| |Apr26 Lean Hogs(CME) | 25.37| 22.14| 23.31| 18.49| 13.68| +37%| 151| |May26 Coffee "C"(ICE) | 41.26| 40.88| 37.50| 30.06| 22.63| +37%| 147| |Jul26 Coffee "C"(ICE) | 40.16| 40.22| 36.66| 29.39| 22.12| +36%| 210| |Mar26 Coffee "C"(ICE) | 41.69| 40.09| 38.33| 30.72| 23.11| +35%| 90| |Dec25 Natural Gas(NYM) | 66.44| 45.75| 74.30| 50.80| 27.31| +30%| 11| |Jan26 Class III Milk(CME) | 21.52| 19.08| 23.56| 16.67| 9.78| +29%| 81| |Mar26 2 Year T-Notes(CBOT) | 1.48| 1.00| 2.03| 1.15| 0.27| +28%| 98| |Apr26 RBOB Gasoline(NYM) | 30.64| 18.13| 31.01| 24.48| 17.95| +25%| 132| |May26 RBOB Gasoline(NYM) | 29.81| 17.46| 30.22| 24.00| 17.78| +24%| 164| |Apr26 NY Harbor ULSD(NYM) | 29.55| 25.21| 30.43| 24.02| 17.61| +23%| 132| |May26 NY Harbor ULSD(NYM) | 29.18| 23.33| 29.94| 23.62| 17.30| +23%| 164| |May26 Soybean Oil(CBOT) | 25.79| 17.18| 26.87| 21.08| 15.29| +22%| 161| |Jul26 Soybean Oil(CBOT) | 25.35| 16.70| 26.40| 20.71| 15.02| +22%| 224| |Jul26 Wheat(KCBT) | 24.60| 21.65| 25.31| 20.04| 14.78| +22%| 224| |Feb26 NY Harbor ULSD(NYM) | 30.59| 29.33| 31.38| 24.88| 18.38| +22%| 74| |Mar26 NY Harbor ULSD(NYM) | 29.98| 27.32| 30.82| 24.39| 17.96| +22%| 102| |Aug26 Soybean Oil(CBOT) | 24.65| 16.41| 25.97| 20.34| 14.71| +21%| 252| |Jul26 Wheat(CBOT) | 24.17| 20.83| 25.63| 20.13| 14.63| +20%| 224| |May26 Copper(CMX) | 27.17| 22.55| 33.61| 22.59| 11.56| +20%| 164| |Jan26 NY Harbor ULSD(NYM) | 30.49| 31.62| 32.12| 25.52| 18.91| +19%| 42| |Mar26 Soybean Oil(CBOT) | 25.72| 17.69| 27.56| 21.64| 15.72| +18%| 98| |Feb26 Lean Hogs(CME) | 26.40| 24.41| 29.37| 22.72| 16.07| +16%| 91| |Mar26 S & P 500 E-Mini(CME) | 16.82| 13.17| 22.88| 14.92| 6.95| +12%| 126| |Mar26 Copper(CMX) | 25.83| 22.77| 33.99| 22.91| 11.84| +12%| 101| |Dec25 Silver(CMX) | 34.93| 47.48| 41.70| 31.05| 20.40| +12%| 11| |Jun26 Crude Oil(NYM) | 30.80| 20.28| 35.26| 27.48| 19.70| +12%| 182| |Dec25 NY Harbor ULSD(NYM) | 29.76| 34.02| 33.67| 26.54| 19.40| +12%| 11| |Aug26 Soybean Meal(CBOT) | 19.92| 21.03| 25.22| 17.92| 10.62| +11%| 252| |Jul26 Corn(CBOT) | 18.60| 14.59| 22.57| 16.73| 10.90| +11%| 224| |May26 Wheat(KCBT) | 23.42| 22.17| 26.20| 21.05| 15.91| +11%| 161| |Mar26 RBOB Gasoline(NYM) | 30.79| 21.67| 35.35| 27.66| 19.96| +11%| 102| |May26 Crude Oil(NYM) | 30.74| 21.27| 36.10| 28.14| 20.19| +9%| 153| |Jul26 Soybean Meal(CBOT) | 20.38| 22.31| 26.24| 18.71| 11.17| +8%| 224| |May26 Wheat(CBOT) | 23.08| 21.86| 27.00| 21.33| 15.66| +8%| 161| |Dec25 S & P 500 E-Mini(CME) | 16.05| 13.10| 22.80| 14.86| 6.92| +8%| 35| |Mar26 Silver(CMX) | 33.71| 47.21| 41.66| 30.99| 20.32| +8%| 101| |May26 Silver(CMX) | 33.48| 47.12| 41.65| 30.95| 20.25| +8%| 164| |Feb26 RBOB Gasoline(NYM) | 30.92| 22.55| 36.22| 28.39| 20.55| +8%| 74| |Apr26 Crude Oil(NYM) | 30.67| 22.42| 37.05| 28.83| 20.62| +6%| 123| |May26 Brent Crude Oil(ICE) | 28.37| 20.78| 33.48| 26.62| 19.77| +6%| 131| |Apr26 Brent Crude Oil(ICE) | 28.01| 21.88| 34.28| 27.15| 20.02| +3%| 101| |May26 Soybean Meal(CBOT) | 20.30| 23.63| 27.58| 19.76| 11.93| +2%| 161| |Mar26 Wheat(KCBT) | 22.22| 22.96| 26.81| 21.70| 16.59| +2%| 98| |Mar26 Crude Oil(NYM) | 30.30| 23.93| 38.06| 29.57| 21.08| +2%| 95| |Dec25 Soybean Meal(CBOT) | 24.41| 27.65| 35.03| 24.14| 13.25| +1%| 7| |Dec25 5-Year T-Notes(CBOT) | 3.37| 2.39| 4.86| 3.33| 1.80| +1%| 7| |Aug26 Soybeans(CBOT) | 16.29| 14.68| 22.20| 16.20| 10.19| +0%| 252| |Mar26 Soybean Meal(CBOT) | 21.02| 25.14| 29.42| 21.10| 12.78| +0%| 98| |Dec25 Copper(CMX) | 23.42| 23.11| 34.64| 23.41| 12.19| +0%| 11| |Feb26 Crude Oil(NYM) | 30.15| 25.69| 39.15| 30.36| 21.58| +0%| 62| |Mar26 Brent Crude Oil(ICE) | 27.56| 23.24| 35.12| 27.74| 20.36| +0%| 73| |Jan26 Soybean Oil(CBOT) | 21.88| 18.30| 28.51| 22.30| 16.10| -1%| 42| |Dec25 Wheat(KCBT) | 22.43| 24.43| 28.04| 22.85| 17.66| -1%| 7| |Jan26 RBOB Gasoline(NYM) | 28.88| 23.72| 37.26| 29.29| 21.31| -1%| 42| |Nov25 Feeder Cattle(CME) | 13.49| 29.88| 20.13| 13.83| 7.53| -2%| 6| |Jul26 Soybeans(CBOT) | 16.51| 16.30| 23.00| 16.85| 10.70| -2%| 224| |Mar26 Wheat(CBOT) | 21.74| 22.74| 28.15| 22.20| 16.25| -2%| 98| |Mar26 NASDAQ 100 E-Mini(CME) | 23.27| 53.80| 43.90| 23.76| 3.62| -2%| 126| |Mar26 5-Year T-Notes(CBOT) | 3.43| 2.42| 5.09| 3.53| 1.97| -2%| 98| |Dec25 RBOB Gasoline(NYM) | 30.03| 25.87| 38.95| 30.84| 22.74| -2%| 11| |Jul26 Sugar #11(ICE) | 22.92| 24.49| 40.45| 23.56| 6.67| -2%| 213| |Mar26 Soybeans(CBOT) | 17.40| 18.50| 24.37| 18.07| 11.77| -3%| 98| |May26 Corn(CBOT) | 16.83| 15.82| 23.14| 17.52| 11.89| -3%| 161| |Jan26 Crude Oil(NYM) | 30.11| 27.84| 40.20| 31.16| 22.11| -3%| 32| |Feb26 Brent Crude Oil(ICE) | 27.46| 24.94| 35.99| 28.34| 20.70| -3%| 40| |Jan26 Soybeans(CBOT) | 17.71| 19.89| 24.90| 18.57| 12.24| -4%| 42| |Dec25 NASDAQ 100 E-Mini(CME) | 23.07| 54.76| 45.21| 24.03| 2.85| -4%| 35| |May26 Soybeans(CBOT) | 16.40| 17.29| 23.52| 17.32| 11.12| -5%| 161| |Mar26 Sugar #11(ICE) | 25.47| 29.06| 41.39| 26.84| 12.30| -5%| 94| |May26 Sugar #11(ICE) | 23.81| 26.75| 40.45| 25.09| 9.73| -5%| 152| |Aug26 London Sugar(LCE) | 18.20| 21.66| 31.81| 19.34| 6.87| -5%| 229| |Jan26 Soybean Meal(CBOT) | 21.24| 26.45| 32.01| 22.61| 13.20| -6%| 42| |Dec25 Soybean Oil(CBOT) | 20.78| 18.77| 29.70| 22.98| 16.26| -9%| 7| |Jan26 Brent Crude Oil(ICE) | 26.28| 27.15| 36.94| 29.04| 21.13| -9%| 10| |Mar26 Corn(CBOT) | 16.29| 16.32| 23.78| 18.19| 12.61| -10%| 98| |May26 London Sugar(LCE) | 18.58| 23.10| 32.80| 20.70| 8.59| -10%| 138| |Dec25 Wheat(CBOT) | 21.46| 23.84| 30.56| 24.12| 17.67| -11%| 7| |Mar26 30-Year T-Bonds(CBOT) | 9.95| 6.53| 15.71| 11.25| 6.79| -11%| 98| |Mar26 10-Year T-Notes(CBOT) | 5.08| 3.61| 7.87| 5.77| 3.67| -11%| 98| |Dec25 Corn(CBOT) | 16.81| 16.83| 25.07| 19.28| 13.50| -12%| 7| |Dec25 10-Year T-Notes(CBOT) | 4.84| 3.58| 7.66| 5.54| 3.42| -12%| 7| |Mar26 New Zealand Dollar(CME) | 10.40| 5.89| 15.64| 11.94| 8.25| -12%| 112| |Dec25 British Pound(CME) | 7.81| 6.42| 13.40| 9.35| 5.30| -16%| 21| |Mar26 London Sugar(LCE) | 18.14| 23.60| 33.84| 21.89| 9.95| -17%| 79| |Jul26 Cotton(ICE) | 15.19| 10.46| 30.63| 19.66| 8.70| -22%| 203| |Dec25 30-Year T-Bonds(CBOT) | 8.58| 6.50| 15.40| 11.06| 6.72| -22%| 7| |Mar26 British Pound(CME) | 7.26| 6.39| 13.33| 9.31| 5.29| -22%| 112| |Dec25 Lean Hogs(CME) | 20.25| 24.19| 34.67| 26.42| 18.17| -23%| 28| |Mar26 Australian Dollar(CME) | 8.45| 6.26| 15.70| 10.98| 6.26| -23%| 112| |Dec25 Crude Oil(NYM) | 24.46| 30.05| 41.30| 32.00| 22.69| -23%| 3| |Dec25 Australian Dollar(CME) | 7.72| 6.30| 15.74| 11.01| 6.27| -29%| 21| |Dec25 US Dollar Index(ICE) | 5.55| 4.09| 11.74| 8.04| 4.34| -30%| 21| |Mar26 US Dollar Index(ICE) | 5.61| 4.05| 11.77| 8.04| 4.31| -30%| 112| |May26 Cotton(ICE) | 14.36| 11.07| 31.94| 20.88| 9.82| -31%| 147| |Mar26 EuroFX(CME) | 6.25| 4.25| 12.90| 9.11| 5.32| -31%| 112| |Dec25 EuroFX(CME) | 6.10| 4.32| 12.98| 9.16| 5.33| -33%| 21| |Dec25 Class III Milk(CME) | 14.63| 19.07| 31.70| 22.72| 13.73| -35%| 46| |Mar26 Canadian Dollar(CME) | 4.59| 3.60| 10.09| 7.23| 4.37| -36%| 112| |Mar26 Cotton(ICE) | 13.06| 11.67| 33.84| 22.22| 10.60| -41%| 91| |Dec25 New Zealand Dollar(CME) | 6.84| 5.92| 15.66| 11.96| 8.25| -42%| 21| |Dec25 Canadian Dollar(CME) | 4.05| 3.59| 10.14| 7.26| 4.38| -44%| 21| |Nov25 Class III Milk(CME) | 4.50| 17.10| 21.89| 16.55| 11.21| -72%| 18| \==================================================================================/ Implied Volatility Description (IV) Current daily level of Implied Volatility (IV) for options on this futures contract, as derived from (implied by) options premiums (Black Model). Historical Volatility Description (HV) Current daily level of 20-day Historical Volatility (HV) for this futures contract, as calculated from futures price movement. Central Tendency Description (CTHV) Current daily level of the Central Tendency of Historical Volatility (CTHV), the 15-year average of 20-day historical volatility (of futures prices). Thus, CTHV is the historical reference against which to compare IV and HV. CTHV is also used to calculate +1 and -1 STD (Standard Deviation), between which HV has theoretically been found 67% of the time. Implied Volatility Over/Under Percentage Description (IV+-%) The percentage the current Implied Volatility (IV) is above or below the Central Tendency (CTHV). Days to Expiration Description (D2Ex) Conveniently enumerates how many days until options on that futures contract expires. If you have any questions, please just let us know. Best Regards, The MRCI Team 541-525-0521 Website: http://www.mrci.com Twitter: https://twitter.com/MooreResearch Facebook: http://www.facebook.com/mooreresearchcenter Copyright (c) 1989-2025 Moore Research Center, Inc. Redistributing this email in ANY form or sharing your website access codes without written authorization from Moore Research Center, Inc., violates both our copyright and the rights of our paid subscribers. Violators will lose access and all other subscription rights --- WITHOUT REFUND.