VOLATILITY SUMMARY - CBOT SOY COMPLEX 
As of: 052202    :  S N02 |  S Q02 |  BON02 |  BOQ02 |  SMN02 |  SMQ02 |
           Change:   +2-4 |   +2-0 |   +.31 |   +.35 |   -.90 |   -.90 |
                 :        |        |        |        |        |        |
Implied Volatility  23.65s|  25.29s|  21.13s|  23.70s|  24.45s|  23.69s|
 Change from Prev:  N/A   |  N/A   |  +3.59 |  N/A   |  +3.52 |  +2.31 |
 last 20Days High:  N/A   |  N/A   |  N/A   |  N/A   |  N/A   |  N/A   |
              Avg:  N/A   |  N/A   |  N/A   |  N/A   |  N/A   |  N/A   |
              Low:  N/A   |  N/A   |  N/A   |  N/A   |  N/A   |  N/A   |
 last 60Days High:  N/A   |  N/A   |  N/A   |  N/A   |  N/A   |  N/A   |
              Avg:  N/A   |  N/A   |  N/A   |  N/A   |  N/A   |  N/A   |
              Low:  N/A   |  N/A   |  N/A   |  N/A   |  N/A   |  N/A   |
                 :        |        |        |        |        |        |
Historical 20 Day: 53.02% | 14.02% | 19.56% | 19.65% | 18.53% | 16.54% |
Volatility 30 Day: 43.82% | 14.37% | 18.28% | 18.27% | 17.59% | 16.50% |
           50 Day:169.69% | 17.72% | 20.76% | 20.32% | 16.92% | 16.22% |
          100 Day:120.09% |  N/A   | 19.84% | 19.80% | 19.21% | 18.11% |
          200 Day:  N/A   |  N/A   | 20.71% | 20.61% | 17.36% | 16.43% |
Notes: Implied Volatility is interpolated for the at-the-money straddle.

VOLATILITY CHEAPNESS INDEX - CBOT SOY COMPLEX
As of: 052202    :  S N02 |  S Q02 |  BON02 |  BOQ02 |  SMN02 |  SMQ02 |
Implied Volatility  23.65s|  25.29s|  21.13s|  23.70s|  24.45s|  23.69s|
   change        :  N/A   |  N/A   |  +3.59 |  N/A   |  +3.52 |  +2.31 |
Historical Volat :        |        |        |        |        |        |
          Max    :   37.9 |   32.8 |   33.4 |   30.3 |   38.5 |   31.8 |
          Median :   14.0 |   15.2 |   17.6 |   18.0 |   15.1 |   15.8 |
          Min    :    4.9 |    6.5 |    8.2 |   10.5 |    7.1 |    7.9 |
Vol Cheapness Ind:   84.4 |   92.7 |   71.8 |   88.9 |   87.6 |   90.5 |
   change        :   unch |   unch |  +33.1 |   unch |   +8.5 |  +10.3 |
   Last 20 sess  :        |        |        |        |        |        |
          High   :  N/A   |  N/A   |   71.8 |  N/A   |   87.6 |   90.5 |
          Avg    :  N/A   |  N/A   |   55.2 |  N/A   |   83.4 |   85.4 |
          Low    :  N/A   |  N/A   |   38.7 |  N/A   |   79.1 |   80.3 |
   Last 60 sess  :        |        |        |        |        |        |
          High   :  N/A   |  N/A   |   71.8 |  N/A   |   87.6 |   90.5 |
          Avg    :  N/A   |  N/A   |   55.2 |  N/A   |   79.8 |   81.7 |
          Low    :  N/A   |  N/A   |   38.7 |  N/A   |   72.7 |   74.4 |
Days to Expiration     30 |     65 |     30 |     65 |     30 |     65 |
Notes: VCI ranks implied vol on a percentile basis (100 max, 0 min)
against historical vol for given days to expiration. Call for more info.

SIGMA BOUNDARY - CBOT SOY COMPLEX
As of: 052202    :  S N02 |  S Q02 |  BON02 |  BOQ02 |  SMN02 |  SMQ02 |
Today: +1 Std Dev:    7-4 |    7-6 |    .24 |    .27 |   2.55 |   2.42 |
       -1 Std Dev:    7-2 |    7-6 |    .23 |    .26 |   2.51 |   2.39 |
            68% H:  500-4 |  495-6 |  17.99 |  18.15 | 166.75 | 163.62 |
                L:  485-6 |  480-2 |  17.51 |  17.61 | 161.69 | 158.81 |
            95% H:  507-6 |  503-6 |  18.22 |  18.42 | 169.30 | 166.05 |
                L:  478-4 |  472-4 |  17.28 |  17.35 | 159.18 | 156.42 |
            99% H:  515-2 |  511-4 |  18.46 |  18.68 | 171.85 | 168.47 |
                L:  471-2 |  464-6 |  17.04 |  17.08 | 156.67 | 154.03 |
20Days +1 Std Dev:   34-0 |   36-0 |   1.09 |   1.23 |  11.71 |  11.13 |
  Out: -1 Std Dev:   31-6 |   33-4 |   1.02 |   1.15 |  10.93 |  10.41 |
To     +1 Std Dev:   34-4 |   55-0 |   1.11 |   1.88 |  11.92 |  16.95 |
Expir- -1 Std Dev:   32-2 |   49-4 |   1.04 |   1.70 |  11.12 |  15.34 |
ation       68% H:  527-4 |  543-0 |  18.86 |  19.76 | 176.12 | 178.15 |
                L:  460-6 |  438-4 |  16.70 |  16.18 | 153.08 | 145.86 |
            95% H:  562-2 |  598-0 |  19.97 |  21.64 | 188.05 | 195.10 |
                L:  428-2 |  389-2 |  15.66 |  14.47 | 141.96 | 130.52 |
            99% H:  596-6 |  653-0 |  21.07 |  23.52 | 199.98 | 212.05 |
                L:  396-0 |  339-6 |  14.62 |  12.77 | 130.84 | 115.18 |
Notes:  Shows probability of closing within price range based on
 implied volatility on sub-annual basis.  Call for charts & info.


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