CFTC Website:   www.cftc.gov

COMMODITY FUTURES TRADING COMMISSION

Agricultural Advisory CommitteeJuly 29, 2008 Washington, DC

% Annual Price ChangesJuly 2007 – July 2008

COMMODITY Price Change

CORN* 86%

RICE 76%

SOYBEANS* 73%

SOYMEAL 73%

CRUDE OIL (NYMEX) 72%

SOYOIL* 66%

OATS 62%

GASOLINE 44%

GOLD 42%

WHEAT (KCBT)* 38%

COCOA* 33%

WHEAT (CBOT)* 29%

SUGAR (#11)* 24%

COFFEE* 21%

COTTON* 9%

PRODUCER PRICE INDEX 9%

LIVE CATTLE* 7%

LEAN HOGS* 4%

FEEDER CATTLE* -1%

MILK (Class III) -14%

LUMBER -14%

Based upon nearby futures price on or about July 18 this year versus what was the nearby futures price on about that same date last year.  PPI is annual change in ‘Finished Goods’ as of June 2008

*Included in COT Supplemental Report

Major U.S. Grain/Soy Futures PricesNearby Future Settlement Price 7/2/07 - 7/23/08 

2

4

6

8

10

12

14

16

18

20

22

247/

2

7/17

7/31

8/14

8/28

9/12

9/26

10/1

0

10/2

4

11/7

11/2

1

12/6

12/2

0

1/7

1/22 2/5

2/20 3/5

3/19 4/3

4/17 5/1

5/15

5/30

6/13

6/27

7/14

Dol

lars

 per

 Bus

hel   

.

Corn

Soybeans

MGEX Wheat

KCBOT WheatCBOT Wheat

Rice ($/cwt)

Oats

All-Time Record High Nearby Futures Price

   MGEX Wheat $25.00 on 2/25/08   KCBOT Wheat $13.70 on 2/27/08   CBOT Wheat $13.00 on 2/27/08

   Rice $24.46 on 4/23/08Soybeans $16.60 on 7/3/08   

Corn $7.625 on 6/27/08Oats $4.55 on 7/3/08

Source: FutureSource data service

Thousands DOLLARS PER BUSHEL

1/31/22 2/72/26

3/14

3/30

4/18 5/45/22 6/86/26

7/13

7/31

8/16 9/49/20

10/8

10/2411

/911

/2812

/14 1/31/22 2/72/26

3/13 4/14/17 5/55/21 6/96/25

7/14

0100200300400500

0-100-200-300-400-500-600-700-800 3.00

3.353.704.054.404.755.105.455.806.156.506.857.207.55

CBOT Corn Market Composition January 2007 Through July 21st, 2008Reportable AFOC Net Daily Positions

COMMERCIAL MERCHANTS = PHYSICAL HANDLER OF GRAINMANAGED MONEY FUNDS = REGISTRATION CODE OF CTA, CPO, OR MANAGED MONEYCIT = COMMODITY INDEX TRADER. AFOC = ALL FUTURES AND OPTIONS COMBINED. OPTIONS AS FUTURES EQUIVALENT

Commercial Merchants Managed Money Funds CIT CBOT Nearby Future

THOUSAND CONTRACTS DOLLARS PER BUSHEL

1/3/07

1/26/0

72/2

0/07

3/14/0

74/5

/074/3

0/07

5/22/0

76/1

4/07

7/9/07

7/31/0

78/2

2/07

9/14/0

710

/8/07

10/30

/0711

/21/07

12/14

/071/9

/082/1

/082/2

6/08

3/19/0

84/1

1/08

5/5/08

5/28/0

86/1

9/08

7/14/0

8

0306090

120150180210

0-30-60-90

-120-150-180-210-240-270-300-330-360 5.40

6.006.607.207.808.409.009.6010.2010.8011.4012.0012.6013.2013.8014.4015.0015.6016.2016.80

CBOT Soybean Market Composition January 2007 Through July 21st, 2008Reportable AFOC Net Daily Positions

COMMERCIAL MERCHANTS = PHYSICAL HANDLER OF GRAINMANAGED MONEY FUNDS = REGISTRATION CODE OF CTA, CPO, OR MANAGED MONEYCIT = COMMODITY INDEX TRADER. AFOC = ALL FUTURES AND OPTIONS COMBINED. OPTIONS AS FUTURES EQUIVALENT

Commercial Merchants Managed Money Funds CIT CBOT Nearby Future

THOUSAND CONTRACTS DOLLARS PER BUSHEL

1/31/22 2/72/26

3/14

3/30

4/18 5/45/22 6/86/26

7/13

7/31

8/16 9/49/20

10/8

10/2411

/911

/2812

/14 1/31/22 2/72/26

3/13 4/14/17 5/55/21 6/96/25

7/14

0255075

100125150175200225

0-25-50-75

-100-125-150-175-200-225 4.00

4.505.005.506.006.507.007.508.008.509.009.5010.0010.5011.0011.5012.0012.5013.00

CBOT Wheat Market Composition January 2007 Through July 21st, 2008Reportable AFOC Net Daily Positions

COMMERCIAL MERCHANT = PHYSICAL HANDLER OF GRAINMANAGED MONEY = USE CODE OF CPO/CTA/MMCIT = COMMODITY INDEX TRADER. AFOC = ALL FUTURES AND OPTIONS COMBINED. OPTIONS AS FUTURES EQUIVALENT

Commercial Merchants Managed Money CIT CBOT Nearby Future

U.S. DIESEL AVERAGE PRICE2008, 2007, 2006, 2005, AND A 2004-1994 RANGE

DOLLARS PER GALLON

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC0.751.001.251.501.752.002.252.502.753.003.253.503.754.004.254.504.755.00

2008 2007 2006 2005 HIGH/LOW 2004-1994 MEDIAN 2004-1994

SOURCE: DEPARTMENT OF ENERGY MONTH-END DATAJULY 2008 AS OF JULY 22ND

ILLINOIS RIVER BARGE FREIGHT RATE2008, 2007, 2006, 2005 AND A 2004-1994 RANGE

CENTS PER BUSHEL OF CORN

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

0102030405060708090

100110

2008 2007 2006 2005 HIGH/LOW 2004-1994 MEDIAN 2004-94

FREIGHT RATE = COST TO BARGE CORN FROM CHICAGO TO NEW ORLEANS. MONTH-END DATA.JULY 2008 IS AS OF JULY 22ND                          `

CENTS PER BUSHEL (SEPTEMBER BASIS)

CHICAGO TOLEDO OHIO STL EVNSVLE DECATUR IL RIVER GULF

07

142128354249

0-7

-14-21-28-35-42-49

CORN BASIS COMPARISONS FOR THE 3RD WEEK OF JULY2008, 2007 AND A 2006-1998 RANGE

2008 2007 HI/LO RANGE 2006-1998 MEDIAN 2006-1998

CENTS PER BUSHEL (AUGUST BASIS)

CHICAGO TOLEDO ST. LOUIS DECATUR UP IL RIVER GULF

020406080

0-20-40-60-80

-100-120

SOYBEAN BASIS COMPARISONS FOR THE 3RD WEEK OF JULY2008, 2007, AND A 2006-1996 HIGH/LOW RANGE

2008 2007 2006-1996 RANGE 2006-1996 MEDIAN

CENTS PER BUSHEL (SEPTEMBER BASIS)

CHICAGO TOLEDO STL GULF

0

30

0

-30

-60

-90

-120

-150

-180

-210

-240

SOFT RED WHEAT BASIS COMPARISONS FOR THE 3RD WEEK OF JULY2008, 2007 AND A 2006-1998 RANGE

2008 2007 HI/LO RANGE 2006-1998 MEDIAN 2006-1998

(Cents Per Bushel)

1/3/98

6/6/98

11/7/

984/1

0/99

9/11/9

92/1

2/00

7/15/0

012

/16/00

5/19/0

110

/20/01

3/23/0

28/2

4/02

1/25/0

36/2

8/03

11/29

/035/1

/0410

/2/04

3/5/05

8/6/05

1/7/06

6/10/0

611

/11/06

4/14/0

79/1

4/07

2/16/0

87/1

9/08

0

10

0

-10

-20

-30

-40

-50

-60

-70

-80

UPPER ILLINOIS RIVER CORN SPOT BASISWEEKLY 1998 THROUGH JULY 2008

(Cents Per Bushel)

1/3/98

6/6/98

11/7/

984/1

0/99

9/11/9

92/1

2/00

7/15/0

012

/16/00

5/19/0

110

/20/01

3/23/0

28/2

4/02

1/25/0

36/2

8/03

11/29

/035/1

/0410

/2/04

3/5/05

8/6/05

1/7/06

6/10/0

611

/11/06

4/14/0

79/1

5/07

2/16/0

87/1

9/08

020406080

100120

0-20-40-60-80

-100

UPPER ILLINOIS RIVER SOYBEAN SPOT BASISWEEKLY 1998 THROUGH JULY 2008

(Cents Per Bushel)

1/3/98

6/6/98

11/7/

984/1

0/99

9/11/9

92/1

2/00

7/15/0

012

/16/00

5/19/0

110

/20/01

3/23/0

28/2

4/02

1/25/0

36/2

8/03

11/29

/035/1

/0410

/2/04

3/5/05

8/6/05

1/7/06

6/10/0

611

/11/06

4/14/0

79/1

1/07

2/11/0

87/1

5/08

0150

-15-30-45-60-75-90

-105-120-135-150-165

TOLEDO SRW WHEAT TRUCK SPOT BASISWEEKLY 1998 THROUGH JULY 2008

New-Crop Corn HedgingCommercial Traders' Gross Short Positions in CBOT Corn 

0

100

200

300

400

500

600

700

8001/

4

1/18 2/1

2/15

2/29

3/14

3/28

4/11

4/25 5/9

5/23 6/6

6/20 7/5

7/18 8/1

8/15

Thou

sand

 Con

trac

ts   .

2008

2007

Bars represent 2000-2006high/low range

2008 Dates for ComparisonSource: CFTC COT data.  * "New-crop" is Decfuture and all subsequent futures

New-Crop* Soybean HedgingCommercial Traders' Gross Short Positions in CBOT Soybeans 

0

50

100

150

200

250

300

350

4001/

8

1/22 2/5

2/19 3/4

3/18 4/1

4/15

4/29

5/13

5/27

6/10

6/24 7/8

7/22

Thou

sand

 Con

trac

ts   .

2008

2007

Bars represent 2000-2006high/low range

2008 Dates for ComparisonSource: CFTC COT data.  * "New-crop" is Novfuture and all subsequent futures

New-Crop Wheat HedgingCommercial Traders' Gross Short Positions in CBOT Wheat 

0

25

50

75

100

125

150

175

200

225

250

1/8

1/15

1/22

1/29 2/5

2/12

2/19

2/26 3/4

3/11

3/18

3/25 4/1

4/8

4/15

4/22

4/29

Thou

sand

 Con

trac

ts   .

2008

2007

Bars represent 2000-2006high/low range

2008 Dates for ComparisonSource: CFTC COT data.  * "New-crop" is Julyfuture and all subsequent futures

- % Annual Price ChangesJuly 2007 – July 2008