MRCI's Scenario Summary

MRCI's Scenario^SM Summary

Copyright © 1989- Moore Research Center, Inc. All Rights Reserved.

Scenario^SM Summary Jun 30, 2014

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

#UTIL

Higher

Jun

482.16

491.45

462.66

485.90

81%

88%

491.45

513.44

482.29

ADU4

Higher

Jun

92.37

93.91

91.65

93.76

93%

87%

93.91

97.20

93.76

DXU4

Lower

Jun

80.518

81.170

79.800

79.810

88%

79.800

77.247

79.810

PLV4

Higher

Jun

1453.0

1492.1

1422.6

1482.9

87%

88%

1492.1

1625.4

1482.9

PAU4

Higher

Jun

836.35

864.60

806.35

843.15

63%

92%

864.60

986.99

843.15

HGU4

Higher

Jun

311.55

321.05

301.00

320.35

97%

95%

321.05

350.21

320.35

HGZ4

Higher

Jun

310.75

320.50

300.95

320.10

98%

95%

320.50

350.69

320.10

CLV4

Higher

Jun

100.00

105.55

99.14

103.85

73%

93%

105.55

116.13

103.85

CLX4

Higher

Jun

99.00

104.44

98.25

102.98

76%

100%

104.44

114.23

102.98

CLZ4

Higher

Jun

98.05

103.66

97.38

102.18

76%

100%

103.66

113.00

102.18

HOV4

Higher

Jun

290.37

309.02

286.67

299.48

57%

100%

309.02

340.61

299.48

HOX4

Higher

Jun

290.67

309.39

287.40

300.36

59%

100%

309.39

339.51

300.36

HOZ4

Higher

Jun

290.86

309.45

287.71

300.91

61%

100%

309.45

338.76

300.91

RBV4

Higher

Jun

272.49

289.69

268.34

283.66

72%

100%

289.69

317.13

283.66

RBX4

Higher

Jun

267.69

284.85

263.80

278.97

72%

100%

284.85

310.39

278.97

RBZ4

Higher

Jun

264.55

281.10

260.88

275.49

72%

100%

281.10

304.89

275.49

NGV4

Lower

Jun

4.487

4.879

4.355

4.434

15%

86%

4.355

3.670

4.434

NGX4

Lower

Jun

4.518

4.905

4.389

4.464

15%

86%

4.389

3.879

4.464

NGZ4

Lower

Jun

4.606

4.985

4.457

4.532

14%

87%

4.457

4.012

4.532

CBV4

Higher

Jun

107.34

114.44

105.94

111.68

68%

100%

114.44

126.93

111.68

CBX4

Higher

Jun

106.84

113.81

105.56

111.26

69%

100%

113.81

125.88

111.26

CBZ4

Higher

Jun

106.36

113.19

105.18

110.81

70%

100%

113.19

124.82

110.81

SU4

Lower

Jun

1285.75

1286.50

1188.00

1193.75

96%

1188.00

1077.30

1193.75

SX4

Lower

Jun

1233.75

1246.25

1151.50

1157.25

96%

1151.50

1050.42

1157.25

SF5

Lower

Jun

1239.50

1260.00

1158.25

1164.00

92%

1158.25

1056.89

1164.00

SMU4

Lower

Jun

436.10

436.20

390.50

392.60

86%

390.50

356.18

392.60

SMV4

Lower

Jun

407.00

366.00

369.90

10%

87%

366.00

331.05

369.90

KWU4

Lower

Jun

730.75

748.00

699.50

700.25

88%

699.50

648.27

700.25

KWZ4

Lower

Jun

742.00

756.25

706.00

706.50

84%

706.00

652.71

706.50

LCV4

Higher

Jun

142.600

155.750

142.250

153.135

81%

96%

155.750

165.011

153.135

LCZ4

Higher

Jun

145.735

155.900

145.235

153.735

80%

92%

155.900

164.521

153.735

FCU4

Higher

Jun

198.135

217.530

197.580

214.000

82%

92%

217.530

229.197

214.000

FCV4

Higher

Jun

198.430

217.800

197.780

214.280

82%

96%

217.800

230.107

214.280

FCX4

Higher

Jun

197.580

217.530

196.950

214.030

83%

96%

217.530

229.220

214.030

KCZ4

Lower

Jun

183.20

188.40

170.15

178.70

47%

90%

170.15

150.69

178.70

KCH5

Lower

Jun

185.95

191.40

173.50

181.90

47%

87%

173.50

153.78

181.90

SBH5

Higher

Jun

19.07

19.83

18.51

19.22

54%

88%

19.83

22.24

19.22

CCZ4

Higher

Jun

3071

3141

3045

3125

83%

87%

3141

3494

3125

CTZ4

Lower

Jun

77.47

78.74

73.30

73.51

85%

73.30

66.97

73.51

CTH5

Lower

Jun

77.77

79.09

74.76

74.95

90%

74.76

69.08

74.95

Dow Jones Utilities: The #UTIL(Mkt) ended Higher(Cond) for June(Month). Compared to May's 482.16(Prev Close), the market ended June at 485.90(Month Close), that being 81%(Pct Range) off of 462.66(Month Low) to 491.45(Month High).

In comparing the May/June closes for each of the last 44 years(Total Years), Scenario found that the Dow Jones Utilities also closed higher in June than May in 24(Cond Years) of those years. Of those 24, the #UTIL went on to exceed the June high within the next 2 months in 21 years(Action Years) or 88%(Pct) of the time.

Therefore, the historical odds are high that the the #UTIL should exceed 491.45(Scenario Objective) by no later than the end of August. If it does so, Scenario would further project (based on normalizing those previous 21 years) a potential move toward 513.44(Average Objective).
September Australian Dollar(CME): The ADU4(Mkt) ended Higher(Cond) for June(Month). Compared to May's 92.37(Prev Close), the market ended June at 93.76(Month Close), that being 93%(Pct Range) off of 91.65(Month Low) to 93.91(Month High).

In comparing the May/June closes for each of the last 27 years(Total Years), Scenario found that the September Australian Dollar(CME) also closed higher in June than May in 15(Cond Years) of those years. Of those 15, ADU went on to exceed the June high within the next 2 months in 13 years(Action Years) or 87%(Pct) of the time.

Therefore, the historical odds are high that the ADU should exceed 93.91(Scenario Objective) by no later than the end of August. If it does so, Scenario would further project (based on normalizing those previous 13 years) a potential move toward 97.20(Average Objective).
September US Dollar Index(ICE): The DXU4(Mkt) ended Lower(Cond) for June(Month). Compared to May's 80.518(Prev Close), the market ended June at 79.810(Month Close), that being 1%(Pct Range) off of 79.800(Month Low) to 81.170(Month High).

In comparing the May/June closes for each of the last 28 years(Total Years), Scenario found that the September US Dollar Index(ICE) also closed lower in June than May in 16(Cond Years) of those years. Of those 16, DXU went on to penetrate the June low within the next 2 months in 14 years(Action Years) or 88%(Pct) of the time.

Therefore, the historical odds are high that the DXU should penetrate 79.800(Scenario Objective) by no later than the end of August. If it does so, Scenario would further project (based on normalizing those previous 14 years) a potential move toward 77.247(Average Objective).
October Platinum(NYMEX): The PLV4(Mkt) ended Higher(Cond) for June(Month). Compared to May's 1453.0(Prev Close), the market ended June at 1482.9(Month Close), that being 87%(Pct Range) off of 1422.6(Month Low) to 1492.1(Month High).

In comparing the May/June closes for each of the last 45 years(Total Years), Scenario found that the October Platinum(NYMEX) also closed higher in June than May in 16(Cond Years) of those years. Of those 16, PLV went on to exceed the June high within the next 2 months in 14 years(Action Years) or 88%(Pct) of the time.

Therefore, the historical odds are high that the PLV should exceed 1492.1(Scenario Objective) by no later than the end of August. If it does so, Scenario would further project (based on normalizing those previous 14 years) a potential move toward 1625.4(Average Objective).
September Palladium(NYMEX): The PAU4(Mkt) ended Higher(Cond) for June(Month). Compared to May's 836.35(Prev Close), the market ended June at 843.15(Month Close), that being 63%(Pct Range) off of 806.35(Month Low) to 864.60(Month High).

In comparing the May/June closes for each of the last 37 years(Total Years), Scenario found that the September Palladium(NYMEX) also closed higher in June than May in 13(Cond Years) of those years. Of those 13, PAU went on to exceed the June 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 PAU should exceed 864.60(Scenario Objective) by no later than the end of August. If it does so, Scenario would further project (based on normalizing those previous 12 years) a potential move toward 986.99(Average Objective).
September Copper(CMX): The HGU4(Mkt) ended Higher(Cond) for June(Month). Compared to May's 311.55(Prev Close), the market ended June at 320.35(Month Close), that being 97%(Pct Range) off of 301.00(Month Low) to 321.05(Month High).

In comparing the May/June closes for each of the last 45 years(Total Years), Scenario found that the September Copper(CMX) also closed higher in June than May in 22(Cond Years) of those years. Of those 22, HGU went on to exceed the June 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 HGU should exceed 321.05(Scenario Objective) by no later than the end of August. If it does so, Scenario would further project (based on normalizing those previous 21 years) a potential move toward 350.21(Average Objective).
December Copper(CMX): The HGZ4(Mkt) ended Higher(Cond) for June(Month). Compared to May's 310.75(Prev Close), the market ended June at 320.10(Month Close), that being 98%(Pct Range) off of 300.95(Month Low) to 320.50(Month High).

In comparing the May/June closes for each of the last 44 years(Total Years), Scenario found that the December Copper(CMX) also closed higher in June than May in 22(Cond Years) of those years. Of those 22, HGZ went on to exceed the June 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 HGZ should exceed 320.50(Scenario Objective) by no later than the end of August. If it does so, Scenario would further project (based on normalizing those previous 21 years) a potential move toward 350.69(Average Objective).
October Crude Oil(NYM): The CLV4(Mkt) ended Higher(Cond) for June(Month). Compared to May's 100.00(Prev Close), the market ended June at 103.85(Month Close), that being 73%(Pct Range) off of 99.14(Month Low) to 105.55(Month High).

In comparing the May/June closes for each of the last 31 years(Total Years), Scenario found that the October Crude Oil(NYM) also closed higher in June than May in 15(Cond Years) of those years. Of those 15, CLV went on to exceed the June 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 CLV should exceed 105.55(Scenario Objective) by no later than the end of August. If it does so, Scenario would further project (based on normalizing those previous 14 years) a potential move toward 116.13(Average Objective).
November Crude Oil(NYM): The CLX4(Mkt) ended Higher(Cond) for June(Month). Compared to May's 99.00(Prev Close), the market ended June at 102.98(Month Close), that being 76%(Pct Range) off of 98.25(Month Low) to 104.44(Month High).

In comparing the May/June closes for each of the last 31 years(Total Years), Scenario found that the November Crude Oil(NYM) also closed higher in June than May in 15(Cond Years) of those years. Of those 15, CLX went on to exceed the June high within the next 2 months in 15 years(Action Years) or 100%(Pct) of the time.

Therefore, the historical odds are high that the CLX should exceed 104.44(Scenario Objective) by no later than the end of August. If it does so, Scenario would further project (based on normalizing those previous 15 years) a potential move toward 114.23(Average Objective).
December Crude Oil(NYM): The CLZ4(Mkt) ended Higher(Cond) for June(Month). Compared to May's 98.05(Prev Close), the market ended June at 102.18(Month Close), that being 76%(Pct Range) off of 97.38(Month Low) to 103.66(Month High).

In comparing the May/June closes for each of the last 31 years(Total Years), Scenario found that the December Crude Oil(NYM) also closed higher in June than May in 15(Cond Years) of those years. Of those 15, CLZ went on to exceed the June high within the next 2 months in 15 years(Action Years) or 100%(Pct) of the time.

Therefore, the historical odds are high that the CLZ should exceed 103.66(Scenario Objective) by no later than the end of August. If it does so, Scenario would further project (based on normalizing those previous 15 years) a potential move toward 113.00(Average Objective).
October NY Harbor ULSD(NYM): The HOV4(Mkt) ended Higher(Cond) for June(Month). Compared to May's 290.37(Prev Close), the market ended June at 299.48(Month Close), that being 57%(Pct Range) off of 286.67(Month Low) to 309.02(Month High).

In comparing the May/June closes for each of the last 34 years(Total Years), Scenario found that the October NY Harbor ULSD(NYM) also closed higher in June than May in 16(Cond Years) of those years. Of those 16, HOV went on to exceed the June high within the next 2 months in 16 years(Action Years) or 100%(Pct) of the time.

Therefore, the historical odds are high that the HOV should exceed 309.02(Scenario Objective) by no later than the end of August. If it does so, Scenario would further project (based on normalizing those previous 16 years) a potential move toward 340.61(Average Objective).
November NY Harbor ULSD(NYM): The HOX4(Mkt) ended Higher(Cond) for June(Month). Compared to May's 290.67(Prev Close), the market ended June at 300.36(Month Close), that being 59%(Pct Range) off of 287.40(Month Low) to 309.39(Month High).

In comparing the May/June closes for each of the last 35 years(Total Years), Scenario found that the November NY Harbor ULSD(NYM) also closed higher in June than May in 17(Cond Years) of those years. Of those 17, HOX went on to exceed the June high within the next 2 months in 17 years(Action Years) or 100%(Pct) of the time.

Therefore, the historical odds are high that the HOX should exceed 309.39(Scenario Objective) by no later than the end of August. If it does so, Scenario would further project (based on normalizing those previous 17 years) a potential move toward 339.51(Average Objective).
December NY Harbor ULSD(NYM): The HOZ4(Mkt) ended Higher(Cond) for June(Month). Compared to May's 290.86(Prev Close), the market ended June at 300.91(Month Close), that being 61%(Pct Range) off of 287.71(Month Low) to 309.45(Month High).

In comparing the May/June closes for each of the last 35 years(Total Years), Scenario found that the December NY Harbor ULSD(NYM) also closed higher in June than May in 17(Cond Years) of those years. Of those 17, HOZ went on to exceed the June high within the next 2 months in 17 years(Action Years) or 100%(Pct) of the time.

Therefore, the historical odds are high that the HOZ should exceed 309.45(Scenario Objective) by no later than the end of August. If it does so, Scenario would further project (based on normalizing those previous 17 years) a potential move toward 338.76(Average Objective).
October RBOB Gasoline(NYM): The RBV4(Mkt) ended Higher(Cond) for June(Month). Compared to May's 272.49(Prev Close), the market ended June at 283.66(Month Close), that being 72%(Pct Range) off of 268.34(Month Low) to 289.69(Month High).

In comparing the May/June closes for each of the last 29 years(Total Years), Scenario found that the October RBOB Gasoline(NYM) also closed higher in June than May in 15(Cond Years) of those years. Of those 15, RBV went on to exceed the June high within the next 2 months in 15 years(Action Years) or 100%(Pct) of the time.

Therefore, the historical odds are high that the RBV should exceed 289.69(Scenario Objective) by no later than the end of August. If it does so, Scenario would further project (based on normalizing those previous 15 years) a potential move toward 317.13(Average Objective).
November RBOB Gasoline(NYM): The RBX4(Mkt) ended Higher(Cond) for June(Month). Compared to May's 267.69(Prev Close), the market ended June at 278.97(Month Close), that being 72%(Pct Range) off of 263.80(Month Low) to 284.85(Month High).

In comparing the May/June closes for each of the last 29 years(Total Years), Scenario found that the November RBOB Gasoline(NYM) also closed higher in June than May in 13(Cond Years) of those years. Of those 13, RBX went on to exceed the June 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 RBX should exceed 284.85(Scenario Objective) by no later than the end of August. If it does so, Scenario would further project (based on normalizing those previous 13 years) a potential move toward 310.39(Average Objective).
December RBOB Gasoline(NYM): The RBZ4(Mkt) ended Higher(Cond) for June(Month). Compared to May's 264.55(Prev Close), the market ended June at 275.49(Month Close), that being 72%(Pct Range) off of 260.88(Month Low) to 281.10(Month High).

In comparing the May/June closes for each of the last 29 years(Total Years), Scenario found that the December RBOB Gasoline(NYM) also closed higher in June than May in 13(Cond Years) of those years. Of those 13, RBZ went on to exceed the June 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 RBZ should exceed 281.10(Scenario Objective) by no later than the end of August. If it does so, Scenario would further project (based on normalizing those previous 13 years) a potential move toward 304.89(Average Objective).
October Natural Gas(NYM): The NGV4(Mkt) ended Lower(Cond) for June(Month). Compared to May's 4.487(Prev Close), the market ended June at 4.434(Month Close), that being 15%(Pct Range) off of 4.355(Month Low) to 4.879(Month High).

In comparing the May/June closes for each of the last 24 years(Total Years), Scenario found that the October Natural Gas(NYM) also closed lower in June than May in 14(Cond Years) of those years. Of those 14, NGV went on to penetrate the June 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 NGV should penetrate 4.355(Scenario Objective) by no later than the end of August. If it does so, Scenario would further project (based on normalizing those previous 12 years) a potential move toward 3.670(Average Objective).
November Natural Gas(NYM): The NGX4(Mkt) ended Lower(Cond) for June(Month). Compared to May's 4.518(Prev Close), the market ended June at 4.464(Month Close), that being 15%(Pct Range) off of 4.389(Month Low) to 4.905(Month High).

In comparing the May/June closes for each of the last 24 years(Total Years), Scenario found that the November Natural Gas(NYM) also closed lower in June than May in 14(Cond Years) of those years. Of those 14, NGX went on to penetrate the June 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 NGX should penetrate 4.389(Scenario Objective) by no later than the end of August. If it does so, Scenario would further project (based on normalizing those previous 12 years) a potential move toward 3.879(Average Objective).
December Natural Gas(NYM): The NGZ4(Mkt) ended Lower(Cond) for June(Month). Compared to May's 4.606(Prev Close), the market ended June at 4.532(Month Close), that being 14%(Pct Range) off of 4.457(Month Low) to 4.985(Month High).

In comparing the May/June closes for each of the last 24 years(Total Years), Scenario found that the December Natural Gas(NYM) also closed lower in June than May in 15(Cond Years) of those years. Of those 15, NGZ went on to penetrate the June low within the next 2 months in 13 years(Action Years) or 87%(Pct) of the time.

Therefore, the historical odds are high that the NGZ should penetrate 4.457(Scenario Objective) by no later than the end of August. If it does so, Scenario would further project (based on normalizing those previous 13 years) a potential move toward 4.012(Average Objective).
October Brent Crude Oil(ICE): The CBV4(Mkt) ended Higher(Cond) for June(Month). Compared to May's 107.34(Prev Close), the market ended June at 111.68(Month Close), that being 68%(Pct Range) off of 105.94(Month Low) to 114.44(Month High).

In comparing the May/June closes for each of the last 24 years(Total Years), Scenario found that the October Brent Crude Oil(ICE) also closed higher in June than May in 12(Cond Years) of those years. Of those 12, CBV went on to exceed the June high within the next 2 months in 12 years(Action Years) or 100%(Pct) of the time.

Therefore, the historical odds are high that the CBV should exceed 114.44(Scenario Objective) by no later than the end of August. If it does so, Scenario would further project (based on normalizing those previous 12 years) a potential move toward 126.93(Average Objective).
November Brent Crude Oil(ICE): The CBX4(Mkt) ended Higher(Cond) for June(Month). Compared to May's 106.84(Prev Close), the market ended June at 111.26(Month Close), that being 69%(Pct Range) off of 105.56(Month Low) to 113.81(Month High).

In comparing the May/June closes for each of the last 24 years(Total Years), Scenario found that the November Brent Crude Oil(ICE) also closed higher in June than May in 12(Cond Years) of those years. Of those 12, CBX went on to exceed the June high within the next 2 months in 12 years(Action Years) or 100%(Pct) of the time.

Therefore, the historical odds are high that the CBX should exceed 113.81(Scenario Objective) by no later than the end of August. If it does so, Scenario would further project (based on normalizing those previous 12 years) a potential move toward 125.88(Average Objective).
December Brent Crude Oil(ICE): The CBZ4(Mkt) ended Higher(Cond) for June(Month). Compared to May's 106.36(Prev Close), the market ended June at 110.81(Month Close), that being 70%(Pct Range) off of 105.18(Month Low) to 113.19(Month High).

In comparing the May/June closes for each of the last 24 years(Total Years), Scenario found that the December Brent Crude Oil(ICE) also closed higher in June than May in 12(Cond Years) of those years. Of those 12, CBZ went on to exceed the June high within the next 2 months in 12 years(Action Years) or 100%(Pct) of the time.

Therefore, the historical odds are high that the CBZ should exceed 113.19(Scenario Objective) by no later than the end of August. If it does so, Scenario would further project (based on normalizing those previous 12 years) a potential move toward 124.82(Average Objective).
September Soybeans(CBOT): The SU4(Mkt) ended Lower(Cond) for June(Month). Compared to May's 1285.75(Prev Close), the market ended June at 1193.75(Month Close), that being 6%(Pct Range) off of 1188.00(Month Low) to 1286.50(Month High).

In comparing the May/June closes for each of the last 45 years(Total Years), Scenario found that the September Soybeans(CBOT) also closed lower in June than May in 23(Cond Years) of those years. Of those 23, SU went on to penetrate the June 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 SU should penetrate 1188.00(Scenario Objective) by no later than the end of August. If it does so, Scenario would further project (based on normalizing those previous 22 years) a potential move toward 1077.30(Average Objective).
November Soybeans(CBOT): The SX4(Mkt) ended Lower(Cond) for June(Month). Compared to May's 1233.75(Prev Close), the market ended June at 1157.25(Month Close), that being 6%(Pct Range) off of 1151.50(Month Low) to 1246.25(Month High).

In comparing the May/June closes for each of the last 45 years(Total Years), Scenario found that the November Soybeans(CBOT) also closed lower in June than May in 24(Cond Years) of those years. Of those 24, SX went on to penetrate the June 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 SX should penetrate 1151.50(Scenario Objective) by no later than the end of August. If it does so, Scenario would further project (based on normalizing those previous 23 years) a potential move toward 1050.42(Average Objective).
January Soybeans(CBOT): The SF5(Mkt) ended Lower(Cond) for June(Month). Compared to May's 1239.50(Prev Close), the market ended June at 1164.00(Month Close), that being 6%(Pct Range) off of 1158.25(Month Low) to 1260.00(Month High).

In comparing the May/June closes for each of the last 45 years(Total Years), Scenario found that the January Soybeans(CBOT) also closed lower in June than May in 24(Cond Years) of those years. Of those 24, SF went on to penetrate the June low within the next 2 months in 22 years(Action Years) or 92%(Pct) of the time.

Therefore, the historical odds are high that the SF should penetrate 1158.25(Scenario Objective) by no later than the end of August. If it does so, Scenario would further project (based on normalizing those previous 22 years) a potential move toward 1056.89(Average Objective).
September Soybean Meal(CBOT): The SMU4(Mkt) ended Lower(Cond) for June(Month). Compared to May's 436.10(Prev Close), the market ended June at 392.60(Month Close), that being 5%(Pct Range) off of 390.50(Month Low) to 436.20(Month High).

In comparing the May/June closes for each of the last 45 years(Total Years), Scenario found that the September Soybean Meal(CBOT) also closed lower in June than May in 21(Cond Years) of those years. Of those 21, SMU went on to penetrate the June 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 SMU should penetrate 390.50(Scenario Objective) by no later than the end of August. If it does so, Scenario would further project (based on normalizing those previous 18 years) a potential move toward 356.18(Average Objective).
October Soybean Meal(CBOT): The SMV4(Mkt) ended Lower(Cond) for June(Month). Compared to May's 407.00(Prev Close), the market ended June at 369.90(Month Close), that being 10%(Pct Range) off of 366.00(Month Low) to 407.00(Month High).

In comparing the May/June closes for each of the last 45 years(Total Years), Scenario found that the October Soybean Meal(CBOT) also closed lower in June than May in 23(Cond Years) of those years. Of those 23, SMV went on to penetrate the June 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 SMV should penetrate 366.00(Scenario Objective) by no later than the end of August. If it does so, Scenario would further project (based on normalizing those previous 20 years) a potential move toward 331.05(Average Objective).
September Wheat(KCBT): The KWU4(Mkt) ended Lower(Cond) for June(Month). Compared to May's 730.75(Prev Close), the market ended June at 700.25(Month Close), that being 2%(Pct Range) off of 699.50(Month Low) to 748.00(Month High).

In comparing the May/June closes for each of the last 38 years(Total Years), Scenario found that the September Wheat(KCBT) also closed lower in June than May in 24(Cond Years) of those years. Of those 24, KWU went on to penetrate the June 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 KWU should penetrate 699.50(Scenario Objective) by no later than the end of August. If it does so, Scenario would further project (based on normalizing those previous 21 years) a potential move toward 648.27(Average Objective).
December Wheat(KCBT): The KWZ4(Mkt) ended Lower(Cond) for June(Month). Compared to May's 742.00(Prev Close), the market ended June at 706.50(Month Close), that being 1%(Pct Range) off of 706.00(Month Low) to 756.25(Month High).

In comparing the May/June closes for each of the last 38 years(Total Years), Scenario found that the December Wheat(KCBT) also closed lower in June than May in 25(Cond Years) of those years. Of those 25, KWZ went on to penetrate the June low within the next 2 months in 21 years(Action Years) or 84%(Pct) of the time.

Therefore, the historical odds are high that the KWZ should penetrate 706.00(Scenario Objective) by no later than the end of August. If it does so, Scenario would further project (based on normalizing those previous 21 years) a potential move toward 652.71(Average Objective).
October Live Cattle(CME): The LCV4(Mkt) ended Higher(Cond) for June(Month). Compared to May's 142.600(Prev Close), the market ended June at 153.135(Month Close), that being 81%(Pct Range) off of 142.250(Month Low) to 155.750(Month High).

In comparing the May/June closes for each of the last 45 years(Total Years), Scenario found that the October Live Cattle(CME) also closed higher in June than May in 24(Cond Years) of those years. Of those 24, LCV went on to exceed the June high within the next 2 months in 23 years(Action Years) or 96%(Pct) of the time.

Therefore, the historical odds are high that the LCV should exceed 155.750(Scenario Objective) by no later than the end of August. If it does so, Scenario would further project (based on normalizing those previous 23 years) a potential move toward 165.011(Average Objective).
December Live Cattle(CME): The LCZ4(Mkt) ended Higher(Cond) for June(Month). Compared to May's 145.735(Prev Close), the market ended June at 153.735(Month Close), that being 80%(Pct Range) off of 145.235(Month Low) to 155.900(Month High).

In comparing the May/June closes for each of the last 45 years(Total Years), Scenario found that the December Live Cattle(CME) also closed higher in June than May in 25(Cond Years) of those years. Of those 25, LCZ went on to exceed the June high within the next 2 months in 23 years(Action Years) or 92%(Pct) of the time.

Therefore, the historical odds are high that the LCZ should exceed 155.900(Scenario Objective) by no later than the end of August. If it does so, Scenario would further project (based on normalizing those previous 23 years) a potential move toward 164.521(Average Objective).
September Feeder Cattle(CME): The FCU4(Mkt) ended Higher(Cond) for June(Month). Compared to May's 198.135(Prev Close), the market ended June at 214.000(Month Close), that being 82%(Pct Range) off of 197.580(Month Low) to 217.530(Month High).

In comparing the May/June closes for each of the last 42 years(Total Years), Scenario found that the September Feeder Cattle(CME) also closed higher in June than May in 25(Cond Years) of those years. Of those 25, FCU went on to exceed the June high within the next 2 months in 23 years(Action Years) or 92%(Pct) of the time.

Therefore, the historical odds are high that the FCU should exceed 217.530(Scenario Objective) by no later than the end of August. If it does so, Scenario would further project (based on normalizing those previous 23 years) a potential move toward 229.197(Average Objective).
October Feeder Cattle(CME): The FCV4(Mkt) ended Higher(Cond) for June(Month). Compared to May's 198.430(Prev Close), the market ended June at 214.280(Month Close), that being 82%(Pct Range) off of 197.780(Month Low) to 217.800(Month High).

In comparing the May/June closes for each of the last 42 years(Total Years), Scenario found that the October Feeder Cattle(CME) also closed higher in June than May in 24(Cond Years) of those years. Of those 24, FCV went on to exceed the June high within the next 2 months in 23 years(Action Years) or 96%(Pct) of the time.

Therefore, the historical odds are high that the FCV should exceed 217.800(Scenario Objective) by no later than the end of August. If it does so, Scenario would further project (based on normalizing those previous 23 years) a potential move toward 230.107(Average Objective).
November Feeder Cattle(CME): The FCX4(Mkt) ended Higher(Cond) for June(Month). Compared to May's 197.580(Prev Close), the market ended June at 214.030(Month Close), that being 83%(Pct Range) off of 196.950(Month Low) to 217.530(Month High).

In comparing the May/June closes for each of the last 42 years(Total Years), Scenario found that the November Feeder Cattle(CME) also closed higher in June than May in 25(Cond Years) of those years. Of those 25, FCX went on to exceed the June high within the next 2 months in 24 years(Action Years) or 96%(Pct) of the time.

Therefore, the historical odds are high that the FCX should exceed 217.530(Scenario Objective) by no later than the end of August. If it does so, Scenario would further project (based on normalizing those previous 24 years) a potential move toward 229.220(Average Objective).
December Coffee "C"(ICE): The KCZ4(Mkt) ended Lower(Cond) for June(Month). Compared to May's 183.20(Prev Close), the market ended June at 178.70(Month Close), that being 47%(Pct Range) off of 170.15(Month Low) to 188.40(Month High).

In comparing the May/June closes for each of the last 40 years(Total Years), Scenario found that the December Coffee "C"(ICE) also closed lower in June than May in 31(Cond Years) of those years. Of those 31, KCZ went on to penetrate the June low within the next 2 months in 28 years(Action Years) or 90%(Pct) of the time.

Therefore, the historical odds are high that the KCZ should penetrate 170.15(Scenario Objective) by no later than the end of August. If it does so, Scenario would further project (based on normalizing those previous 28 years) a potential move toward 150.69(Average Objective).
March Coffee "C"(ICE): The KCH5(Mkt) ended Lower(Cond) for June(Month). Compared to May's 185.95(Prev Close), the market ended June at 181.90(Month Close), that being 47%(Pct Range) off of 173.50(Month Low) to 191.40(Month High).

In comparing the May/June closes for each of the last 40 years(Total Years), Scenario found that the March Coffee "C"(ICE) also closed lower in June than May in 30(Cond Years) of those years. Of those 30, KCH went on to penetrate the June low within the next 2 months in 26 years(Action Years) or 87%(Pct) of the time.

Therefore, the historical odds are high that the KCH should penetrate 173.50(Scenario Objective) by no later than the end of August. If it does so, Scenario would further project (based on normalizing those previous 26 years) a potential move toward 153.78(Average Objective).
March Sugar #11(ICE): The SBH5(Mkt) ended Higher(Cond) for June(Month). Compared to May's 19.07(Prev Close), the market ended June at 19.22(Month Close), that being 54%(Pct Range) off of 18.51(Month Low) to 19.83(Month High).

In comparing the May/June closes for each of the last 45 years(Total Years), Scenario found that the March Sugar #11(ICE) also closed higher in June than May in 25(Cond Years) of those years. Of those 25, SBH went on to exceed the June high within the next 2 months in 22 years(Action Years) or 88%(Pct) of the time.

Therefore, the historical odds are high that the SBH should exceed 19.83(Scenario Objective) by no later than the end of August. If it does so, Scenario would further project (based on normalizing those previous 22 years) a potential move toward 22.24(Average Objective).
December Cocoa(ICE): The CCZ4(Mkt) ended Higher(Cond) for June(Month). Compared to May's 3071(Prev Close), the market ended June at 3125(Month Close), that being 83%(Pct Range) off of 3045(Month Low) to 3141(Month High).

In comparing the May/June closes for each of the last 45 years(Total Years), Scenario found that the December Cocoa(ICE) also closed higher in June than May in 23(Cond Years) of those years. Of those 23, CCZ went on to exceed the June high within the next 2 months in 20 years(Action Years) or 87%(Pct) of the time.

Therefore, the historical odds are high that the CCZ should exceed 3141(Scenario Objective) by no later than the end of August. If it does so, Scenario would further project (based on normalizing those previous 20 years) a potential move toward 3494(Average Objective).
December Cotton(ICE): The CTZ4(Mkt) ended Lower(Cond) for June(Month). Compared to May's 77.47(Prev Close), the market ended June at 73.51(Month Close), that being 4%(Pct Range) off of 73.30(Month Low) to 78.74(Month High).

In comparing the May/June closes for each of the last 44 years(Total Years), Scenario found that the December Cotton(ICE) also closed lower in June than May in 20(Cond Years) of those years. Of those 20, CTZ went on to penetrate the June 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 CTZ should penetrate 73.30(Scenario Objective) by no later than the end of August. If it does so, Scenario would further project (based on normalizing those previous 17 years) a potential move toward 66.97(Average Objective).
March Cotton(ICE): The CTH5(Mkt) ended Lower(Cond) for June(Month). Compared to May's 77.77(Prev Close), the market ended June at 74.95(Month Close), that being 4%(Pct Range) off of 74.76(Month Low) to 79.09(Month High).

In comparing the May/June closes for each of the last 44 years(Total Years), Scenario found that the March Cotton(ICE) also closed lower in June than May in 20(Cond Years) of those years. Of those 20, CTH went on to penetrate the June 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 CTH should penetrate 74.76(Scenario Objective) by no later than the end of August. If it does so, Scenario would further project (based on normalizing those previous 18 years) a potential move toward 69.08(Average Objective).

Moore Research Center, Inc.

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