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E. Commodity Futures Trading Margins:
The following is a list of typical commodity futures trading margins and maintenance amounts required for a trade. They are in Commodity Price Chart sequence. Check with your broker for current margin requirements.
As of May 26, 2005
INITIAL MAINT.
COMMODITY MARGIN MARGIN
----------------------------- ------- -------
Corn (CBOT) ................. 810 600
Soybeans (CBOT) ............. 2,500 1,850
Soybean Meal (CBOT) ......... 1,485 1,100
Soybean Oil (CBOT) .......... 1,080 800
Wheat (CBOT) ................ 945 700
Oats (CBOT) ................. 405 300
Cotton (NYCE) ............... 1,820 1,300
Orange Juice (NYCE) ......... 840 600
Cocoa (CSCE) ................ 980 700
Coffee (CSCE) ............... 2,800 2,000
Sugar (CSCE) ................ 700 500
Feeder Cattle (CME) ......... $ 1,485 $ 1,100
Live Cattle (CME) ........... 1,080 800
Pork Bellies, Frozen (CME) .. 1,620 1,200
Hogs, Lean (CME) ............ 1,080 800
Mexican Peso (CME) .......... 1,875 1,500
Australian Dollar (CME) ..... 1,555 1,150
British Pound (CME) ......... 1,755 1,300
Canadian Dollar (CME) ....... 1,215 900
Euro FX (CME) ............... 3,105 2,300
Japanese Yen (CME) .......... 2,700 2,000
Swiss Franc (CME) ........... 1,890 1,400
US Dollar Index (NYCE) ...... 1,600 1,200
Eurodollars (CME) ........... 945 700
T-Notes 10yr (CBOT) ......... 1,150 850
T-Bonds 30yr (CBOT) ......... 1,555 1,150
Copper H.G. (COMEX) ......... 2,700 2,000
Gold (COMEX) ................ 1,350 1,000
Platinum (NYMEX) ............ 2,700 2,000
Silver (COMEX) .............. 2,700 2,000
RBOB Gasoline (NYMEX) ....... 11,475 8,500
Heating Oil (NYMEX) ......... 7,425 5,500
Crude Oil (NYMEX) ........... 6,075 4,500
Natural Gas (NYMEX) ......... 16,875 12,500
S&P 500 (CME) ............... 19,690 15,750
The following Futures Multiplier Table is presented in Commodity Price Chart sequence. There are two sections. In the top section, the Multipl(ier) column contains the value to multiply the change in price (as reported in Investor's Business Daily to determine the value of the price move. The $400 stop column identifies a price value that represents $400 of risk. The Commodities column contains the commodities to which this line of data applies. T-notes and T-bonds are presented separately because the value reported is in 32nds. The bottom section contains three columns: the current Marg/Maint for each commodity, Daily Limit shows the maximum amount price may move in one trading day, VAL shows the amount the daily limit move represents (in dollars).
FUTURES MULTIPLIER TABLE
======================================================================================
| <----------- Value ------------> | $400
Multipl | 1.0 0.1 .01 .001 .0001 | stop Commodities
------- | ------- ------ ----- ----- ----- | ------ ----------------------------------
10 | 10 ****** ***** ***** ***** | 40. cocoa
50 | 5,000 500 50 5 ***** | 8.00 corn,oat,soybean,wheat,plat,silver
100 | 100 10 1 ***** ***** | 4.00 soymeal, gold
150 | 150 15 1.50 ***** ***** | 2.67 orange juice
250 | 250 25 ***** ***** ***** | 1.6 S&P 500
250 | 250 25 2.50 ***** ***** | 1.60 copper
375 | 375 37.50 3.75 ***** ***** | 1.07 coffee
400 | 400 40 4 ***** ***** | 1.00 cattle(live),hogs,pork bellies
420 | 420 42 4.20 ***** ***** | .95 heating oil,unleaded gas
500 | 500 50 5 ***** ***** | .80 cattle(feeder),cotton
600 | 600 60 6 ***** ***** | .67 soybean oil
1,000 | 1,000 100 10 ***** ***** | .40 US dollar index,crude oil
1,120 | 1,120 112 11.20 ***** ***** | .36 sugar
2,500 | 2,500 250 25 ***** ***** | .16 Eurodollar
10,000 | 10,000 1,000 100 10 ***** | .040 natural gas
62,500 | 62,500 6,250 625 62.50 6.25 | .0064 british pound
100,000 | 100,000 10,000 1,000 100 10 | .0040 canadian dollar,australian dollar
125,000 | 125,000 12,500 1,250 125 12.50 | .0032 Euro FX,japanese yen,swiss franc
500,000 | 500,000 50,000 5,000 500 50 | .0008 mexican peso
| <----------- Value ------------> |
Multipl | 1.0 0-08 0-04 0-02 0-01 | Commodities
------- | ------- ------ ----- ----- ----- | ------ ----------------------------------
1,000 | 1,000 250 125 62.50 31.25 0-13 t-note(10 yr),t-bond(30 yr)
======================================================================================
Daily Daily
(May 26, 2005) Marg/ Maint Limit VAL Margin Limit VAL
-------------------------- --------- ---------------------------- -------------
Corn......... 810/ 600 12¢/ 600 Mexican Peso. 1,875/ 1,500 none
Soybeans..... 2,500/1,850 30¢/1,500 Austral. Doll 1,555/ 1,150
Soy Meal..... 1,485/1,100 $10/1,000 British Pound 1,755/ 1,300 (2) 5,000
Soy Oil...... 1,080/ 800 1¢/ 600 Canadian Doll 1,215/ 900 (2) 4,000
Wheat........ 945/ 700 20¢/1,000 Euro FX...... 3,105/ 2,300 (2) 5,000
Oats......... 405/ 300 10¢/ 500 Japanese Yen. 2,700/ 2,000 (2) 5,000
Cotton....... 1,820/1,300 3¢/1,500 Swiss Franc.. 1,890/ 1,400 (2) 5,000
Orange Juice. 840/ 600 5¢/ 750(1) US Dol Index. 1,600/ 1,200 none
Cocoa........ 980/ 700 none Eurodollar... 945/ 700 none
Coffee....... 2,800/2,000 none T-Note (10).. 1,150/ 850 96/32/ 3,000
Sugar........ 700/ 500 none T-Bond (30).. 1,555/ 1,150 96/32/ 3,000
Feed Cattle.. 1,485/1,100 1.5¢/ 750 Copper....... 2,700/ 2,000 20¢/ 5,000
Live Cattle.. 1,080/ 800 1.5¢/ 600 Gold......... 1,350/ 1,000 $75/ 7,500
Pork Bellies. 1,620/1,200 3¢/1,200 Platinum..... 2,700/ 2,000 $25/ 2,500
Hogs (lean).. 1,080/ 800 2.0¢/ 800 Silver....... 2,700/ 2,000 1.50/ 7,500
(1) no daily limit for front month RBOB Gas..... 11,475/ 8,500 4¢/ 1,680
(2) none 7:20-7:35/1:45-2:00, Heating Oil.. 7,425/ 5,500 20¢(3)/8,400
then 400 pts expandable Crude Oil.... 6,075/ 4,500 1.50/ 1,500
(3) nearest 2 contracts, Natural Gas.. 16,875/12,500 10¢/ 1,000
400 pts remaining ones S&P 500...... 19,690/15,750 none
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