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October 2012

Monthly AgriculturalReview

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AGRICULTURE

Monthly Agricultural Review

1

AGRICULTURAL TRADING HIGHLIGHTS October 2012

Average daily volume for October 2012 Grain and Oilseed futures was 675,518 contracts,

compared with 753,414 during October 2011, a decrease of 10.34 percent.

Average daily volume for October 2012 Grain and Oilseed options was 184,460 contracts, compared with 195,450 during October 2011, a decrease of 5.62 percent.

Average daily volume for October 2012 Oilseed complex futures was 388,196 contracts, compared with 405,033 during October 2011, a decrease of 4.16 percent.

Average daily volume for October 2012 Oilseed complex options was 84,073 contracts, compared with 70,521 during October 2011, an increase of 19.22 percent.

Electronic average daily volume for October 2012 Grain and Oilseed options was 80,295 contracts, compared with 49,427 during October 2011, an increase of 62.45 percent.

Average daily volume for October 2012 Live Cattle and Lean Hog futures and options was 95,447 contracts, compared with 105,149 during October 2011, a decrease of 9.23 percent.

Electronic average daily volume for October 2012 Live Cattle and Lean Hog futures was 67,263 contracts, compared with 69,483 during October 2011, a decrease of 3.2 percent.

Electronic average daily volume for October 2012 Live Cattle and Lean Hog options was 8,260 contracts, compared with 6,601 during October 2011, an increase of 25.13 percent.

Average daily volume for October 2012 cleared OTC Corn Calendar Swaps was 238 contracts, compared with 1,062 during October 2011, a decrease of 77.59 percent.

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2

October 2012

Contracts $ Notional

($ Millions) Contracts $ Notional

($ Millions)

Spot Month Close on

31-Oct-'12

Spot Month Close in US$/MT

31-Oct-'12

20-Day Historical Volatility

Corn Futures ZC C 204,416 $7,724 1,286,956 $48,631 755 3/4 $297.53 26.92%

Mini Futures XC YC 1,010 $8 8,167 $62

Total Futures 205,426 $7,732 1,295,123 $48,693

Options 85,559 1,944,905

Wheat Futures ZW W 77,236 $3,339 466,197 $20,151 864 1/2 $317.65 20.85%

Mini Futures XW YW 265 $2 2,955 $26

Total Futures 77,501 $3,341 469,152 $20,177

Options 17,047 463,504

Soybeans Futures ZS S 229,220 $17,750 633,974 $49,093 1548 3/4 $569.07 20.07%

Mini Futures XB YK 1,702 $26 9,149 $142

Total Futures 230,922 $17,777 643,123 $49,235

Options 69,460 695,700

Soybean Oil Futures ZL BO 104,022 $3,131 334,166 $10,057 50.16 $1,105.84 18.12%

Options 8,917 224,675

Soybean Meal Futures ZM SM 54,954 $2,650 224,187 $10,810 482.20 $531.53 20.97%

Options 6,059 200,058

Rough Rice Futures ZR RR 1,737 $53 13,893 $421 15.14 $333.78 15.72%

Options 68 1,226

Oats Futures ZO O 957 $19 12,845 $250 389 $225.68 16.58%

Options 52 4,654

Live Cattle Futures LE LC 42,486 $1,589 310,162 $11,597 125.93 7.81%

Options 9,400 247,261

Lean Hog Futures HE LH 37,790 $1,111 217,584 $6,395 78.28 13.00%

Options 5,772 156,312

Scorecard - Average Daily Volume and Open Interest Statistics

Average Daily Volume Open Interest

Ticker Symbols Electronic - Pit

Monthly Agricultural Review

3

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Grain and Oilseed Combined Futures and Options - Average Daily Volume

Futures Options

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Corn and Wheat Futures - Average Daily Volume

Corn Wheat

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Soybean Complex Futures - Average Daily Volume

Soybeans Soybean Meal Soybean Oil

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Oats and Rice Futures - Average Daily Volume

Oats Rough Rice

Monthly Agricultural Review

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Mini Grain and Oilseed Futures - Average Daily VolumeMini Soybeans Mini Corn Mini Wheat

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Options - Average Daily VolumeCorn Soy Complex Wheat

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Live Cattle and Lean Hog Futures - Average Daily Volume

Live Cattle Lean Hogs

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Live Cattle and Lean Hog Options - Average Daily Volume

Live Cattle Lean Hogs

Monthly Agricultural Review

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Corn and Wheat Electronic Futures - Average Daily Volume

Corn Electronic ADV Wheat Electronic ADV

Corn % Electronic ADV Wheat % Electronic ADV

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Soybean Complex Electronic Futures - Average Daily Volume

Soybeans Electronic ADV Soybean Oil Electronic ADV

Soybean Meal Electronic ADV Soybean Meal % Electronic ADV

Soybeans % Electronic ADV Soybean Oil % Electronic ADV

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Live Cattle and Lean Hog Electronic Futures - Average Daily Volume

Live Cattle Electronic ADV Lean Hog Electronic ADV

Lean Hog % Electronic ADV Live Cattle % Electronic ADV

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Corn and Wheat Electronic Options - Average Daily Volume Corn Electronic ADV Wheat Electronic ADV

Corn % Electronic ADV Wheat % Electronic ADV

Monthly Agricultural Review

9

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Soybean Complex Electronic Options - Average Daily Volume

Soybean Electronic ADV Soybean Meal Electronic ADV

Soybean Oil Electronic ADV Soybean Meal % Electronic ADV

Soybean % Electronic ADV Soybean Oil % Electronic ADV

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Live Cattle and Lean Hog Electronic Options - Average Daily Volume

Live Cattle Electronic ADV Lean Hog Electronic ADV

Lean Hog % Electronic ADV Live Cattle % Electronic ADV

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0%

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90%

Corn and Wheat Monthly Historical Volatility - Spot MonthWheat Corn

0%

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60%

70%

Soybeans Complex Monthly Historical Volatility - Spot Month

Soybeans Soybean Meal Soybean Oil

Monthly Agricultural Review

11

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80%

Rough Rice and Oats Monthly Historical Volatility - Spot Month

Rough Rice Oats

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70%

Live Cattle and Lean Hog Monthly Historical Volatility - Spot Month

Live Cattle Lean Hog

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Chicago Time

Average Hourly Electronic Volumes - All Hours - October 2012

Lean Hog Futures

Live Cattle Futures

Soybean Oil Futures

Soybean Meal Futures

Soybean Futures

Wheat Futures

Corn Futures

0

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Chicago Time

Average Hourly Electronic Volumes - Extended Trading Hours - October 2012

Lean Hog Futures

Live Cattle Futures

Soybean Oil Futures

Soybean Meal Futures

Soybean Futures

Wheat Futures

Corn Futures

Monthly Agricultural Review

13

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CFTC COT Report - Corn Futures Open Positions - Long

Swap Dealers Long Managed Money Long

% Swap Dealers Long % Managed Money Long

Source: CFTC

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CFTC COT Report - Wheat Futures Open Positions - Long

Swap Dealers Long Managed Money Long

% Swap Dealers Long % Managed Money Long

Source: CFTC

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0%

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CFTC COT Report - Soybean Futures Open Positions - Long

Swap Dealers Long Managed Money Long

% Swap Dealers Long % Managed Money Long

Source: CFTC

0%

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25%

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40%

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CFTC COT Report - Soybean Meal Futures Open Positions - Long

Swap Dealers Long Managed Money Long

% Swap Dealers Long % Managed Money Long

Source: CFTC

Monthly Agricultural Review

15

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CFTC COT Report - Soybean Oil Futures Open Positions - Long

Swap Dealers Long Managed Money Long

% Swap Dealers Long % Managed Money Long

Source: CFTC

0%

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CFTC COT Report - Live Cattle Futures Open Positions - Long

Swap Dealers Long Managed Money Long

% Swap Dealers Long % Managed Money Long

Source: CFTC

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s CFTC COT Report - Lean Hog Futures Open Positions - Long

Swap Dealers Long Managed Money Long

% Swap Dealers Long % Managed Money Long

Source: CFTC

Disclaimer Futures trading is not suitable for all investors, and involves the risk of loss. Futures are a leveraged investment, and because only a percentage of a contract’s value is required to trade, it is possible to lose more than the amount of money deposited for a futures position. Therefore, traders should only use funds that they can afford to lose without affecting their lifestyles. And only a portion of those funds should be devoted to any one trade because they cannot expect to profit on every trade. All references to options refer to options on futures. The Globe logo, CME® and CME Group™ are trademarks of Chicago Mercantile Exchange, Inc. CBOT® and Chicago Board of Trade® are trademarks of The Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. All other trademarks are the property of their respective owners. The information within this presentation has been compiled by CME Group for general purposes only. Although every attempt has been made to ensure the accuracy of the information within this presentation, CME Group assumes no responsibility for any errors or omissions. Additionally, all examples in this presentation are hypothetical situations, used for explanation purposes only, and should not be considered investment advice or the results of actual market experience. All matters pertaining to rules and specifications herein are made subject to and are superseded by official CME, CBOT and CME Group rules. Current rules should be consulted in all cases concerning contract specifications.

AC395.9/0/0512

Futures trading is not suitable for all investors, and involves the risk of loss. Futures are a leveraged investment, and because only a percentage of a contract’s value is required to trade, it is possible to lose more than the amount of money deposited for a futures position. Therefore, traders should only use funds that they can afford to lose without affecting their lifestyles. And only a portion of those funds should be devoted to any one trade because they cannot expect to profi t on every trade.

All references to options refer to options on futures.

CME Group is a trademark of CME Group, Inc. The Globe Logo, CME, Chicago Mercantile Exchange, and Globex are trademarks of Chicago Mercantile Exchange Inc. CBOT and the Chicago Board of Trade are trademarks of the Board of Trade of the City of Chicago. New York Mercantile Exchange and NYMEX are registered trademarks of the New York Mercantile Exchange, Inc. All other trademarks are the properties of their respective owners. The information within this brochure has been compiled by CME Group for general purposes only. CME Group assumes no responsibility for any errors or omissions. Additionally, all examples in this brochure are hypothetical situations, used for explanation purposes only, and should not be considered investment advice or the results of actual market experience. All matters pertaining to rules and specifi cations herein are made subject to and are superseded by offi cial CME, CBOT, and NYMEX rules. Current rules should be consulted in all cases concerning contract specifi cations.

Copyright © 2012 CME Group. All rights reserved.

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