Commodity Futures Trading Margins

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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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