March 19, 2012 Follow US on Twitter: @CornOptionFlow

OI off 13K first decrease of size in week? Two weeks? Funds ended the day net buyers of 7K contracts and with the updated CFTC numbers; we estimate they are net long 189K with options going into Sunday nights open. May futures rallied on the open Friday, then sold off before making new highs on the close settling at our highest close since Nov 8th last year. Yes new highs for the year were made, and OI came off? Shorts running or longs taking profits? Prob both. On the docket this week is the usually export sales on Thursday, probably a bunch of privates issuing estimates for next weeks widow-maker number, and April options expire Friday. Weekly below highest close since Sep 16th on that time frame.

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312.896.2001

Reproduction or rebroadcast of any portion of this information is strictly prohibited without the written permission of the Linn group, inc. the information reflected herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Opinions expressed are subject to change without notice. this material and any view expressed herein are provided for informational purposes only and should not be construed in any way as an inducement to buy or sell commodity futures or options contracts. The Linn group and its officers, directors, employees and affiliates may take positions for their own accounts in contracts referred to herein. Trading futures involves risk of loss. Past performance is not indicative of future results.

For detailed players, Bid /Asks or to join the customer Instant Messenger show list emil or call us we put out a lot of information perfect for an active option trader/customer. Players:
MQ sold 1000 CK12 730 Calls at 8 covered delta neutral vs. 673. - CLOSING MQ bought 1000 CN12 670 Straddles paying 85- NEW BUNGE bought 1000 CK12 700/750 Call Spreads paying 8 - 9 5/8 - NEW JPM bought 1200 CN12 570 Puts and Sold 600 CZ12 590 Straddles collecting 94 covered delta neutral vs. CN12 futures at 669 . - NEW RAND bought 2000 CK12 640/600 Put Spreads paying 8 1/8 8 - NEW TENCO bought 1000 CJ12 650 Puts and sold the CJ12 700 Calls paying 1/4 . - CLOSING Total Volume and Open Interest 31.3k Calls traded with OI up 7.4k 41.2k Puts traded with OI up 7.4k Globex Volume 9.1k Calls Traded 15.1k Puts Traded Pit Volume 20.3k Calls Traded 26.1k Puts Traded Implieds and ATM straddles & Option Stats:

Vol continues to creep higher as futures creep higher. Mostly a pre report buying of options trade last year we were trading well above the 30.5% in May we were trading 43-45%! April options expire Friday week 5s next Friday the day of the stx/planting report.

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312.896.2001

Reproduction or rebroadcast of any portion of this information is strictly prohibited without the written permission of the Linn group, inc. the information reflected herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Opinions expressed are subject to change without notice. this material and any view expressed herein are provided for informational purposes only and should not be construed in any way as an inducement to buy or sell commodity futures or options contracts. The Linn group and its officers, directors, employees and affiliates may take positions for their own accounts in contracts referred to herein. Trading futures involves risk of loss. Past performance is not indicative of future results.

March 14th
CJ12 660 ^ - 22 - 26.9% CK12 660 ^ - 49 - 29.73% CM12 660 ^ - 69 - 29.75% CN12 660 ^ - 83 - 30.5% CU12 600 ^ - 96 - 30.3% CZ12 560^ - 104 - 28.25%

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312.896.2001

Reproduction or rebroadcast of any portion of this information is strictly prohibited without the written permission of the Linn group, inc. the information reflected herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Opinions expressed are subject to change without notice. this material and any view expressed herein are provided for informational purposes only and should not be construed in any way as an inducement to buy or sell commodity futures or options contracts. The Linn group and its officers, directors, employees and affiliates may take positions for their own accounts in contracts referred to herein. Trading futures involves risk of loss. Past performance is not indicative of future results.

April options OI:

CSO OI N/Z

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Reproduction or rebroadcast of any portion of this information is strictly prohibited without the written permission of the Linn group, inc. the information reflected herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Opinions expressed are subject to change without notice. this material and any view expressed herein are provided for informational purposes only and should not be construed in any way as an inducement to buy or sell commodity futures or options contracts. The Linn group and its officers, directors, employees and affiliates may take positions for their own accounts in contracts referred to herein. Trading futures involves risk of loss. Past performance is not indicative of future results.

Hot Strikes:

March 9TH USDA BALANCE SHEET:

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312.896.2001

Reproduction or rebroadcast of any portion of this information is strictly prohibited without the written permission of the Linn group, inc. the information reflected herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Opinions expressed are subject to change without notice. this material and any view expressed herein are provided for informational purposes only and should not be construed in any way as an inducement to buy or sell commodity futures or options contracts. The Linn group and its officers, directors, employees and affiliates may take positions for their own accounts in contracts referred to herein. Trading futures involves risk of loss. Past performance is not indicative of future results.

OUTLOOK BALANCE SHEET (2/24/12) U.S. corn 2010/11 2011/12 2012/13 2012/13 (Millions of bushels) USDA USDA USDA Update Plant (mln ac) 88.2 91.9 94.0 94.0 Harvest (mln ac) 81.4 84.0 86.8 87.0 Yield (bu/ac) 152.8 147.2 164.0 164.0 Begin stocks Crop Imports Total supply Feed, residual Food, seed, industry Ethanol, byproducts Domestic use Exports Total use End stocks Avg farm price ($/bu) Source: USDA 1,708 12,447 28 14,182 4,792 6,428 5,021 11,220 1,835 13,054 1,128 5.18 1,128 12,358 20 13,506 4,600 6,405 5,000 11,005 1,700 12,705 801 6.20 843 14,235 15 15,093 5,225 6,370 4,950 11,595 1,875 13,470 1,623 5.00 801 14,270 15 15,086 5,200 6,370 4,950 11,570 1,900 13,470 1,616 5.00

Opening call is 3-5 lower old crop and 2-3 new crop. Light volume really as 4900 of the 16.5K May was spread and we had a 12 cent range. Our daily ranges have picked up thus the somewhat bid in options vol. The trade is to buy the week 5 620 puts and the 700 call strangle? Week 1s? Users buy synthetics calls producers looks like Sep is now new crop? The CME has approved a short dated Serial option based off of the new crop its a great idea and product there is demand for a short dated option off the new crops the details are below in a draft. If you have any questions let me know. FYI if you use the LG platform and clear LG/RCG/ or Penson through the Linn Group you can hit us on the EC for execution. Just use the PIT symbol on the underlying in your option pages and when you click to buy or sell the order is routed to the pit. Weather. US Weather. Its going to begin to mean more and more on a daily basis www.qtweather.com is a great site for a collection on maps. 6-10 Day is below.
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Reproduction or rebroadcast of any portion of this information is strictly prohibited without the written permission of the Linn group, inc. the information reflected herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Opinions expressed are subject to change without notice. this material and any view expressed herein are provided for informational purposes only and should not be construed in any way as an inducement to buy or sell commodity futures or options contracts. The Linn group and its officers, directors, employees and affiliates may take positions for their own accounts in contracts referred to herein. Trading futures involves risk of loss. Past performance is not indicative of future results.

http://www.linngroup.com

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312.896.2001

Reproduction or rebroadcast of any portion of this information is strictly prohibited without the written permission of the Linn group, inc. the information reflected herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Opinions expressed are subject to change without notice. this material and any view expressed herein are provided for informational purposes only and should not be construed in any way as an inducement to buy or sell commodity futures or options contracts. The Linn group and its officers, directors, employees and affiliates may take positions for their own accounts in contracts referred to herein. Trading futures involves risk of loss. Past performance is not indicative of future results.

THE SPRING/SUMMER OF 2012 CONTINUES IN MARCH THROUGH MARCH ACCORDING TO NOAA ON THE 6-10 AND 8-14 DAY MAPS.

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Reproduction or rebroadcast of any portion of this information is strictly prohibited without the written permission of the Linn group, inc. the information reflected herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Opinions expressed are subject to change without notice. this material and any view expressed herein are provided for informational purposes only and should not be construed in any way as an inducement to buy or sell commodity futures or options contracts. The Linn group and its officers, directors, employees and affiliates may take positions for their own accounts in contracts referred to herein. Trading futures involves risk of loss. Past performance is not indicative of future results.

http://www.linngroup.com

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312.896.2001

Reproduction or rebroadcast of any portion of this information is strictly prohibited without the written permission of the Linn group, inc. the information reflected herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Opinions expressed are subject to change without notice. this material and any view expressed herein are provided for informational purposes only and should not be construed in any way as an inducement to buy or sell commodity futures or options contracts. The Linn group and its officers, directors, employees and affiliates may take positions for their own accounts in contracts referred to herein. Trading futures involves risk of loss. Past performance is not indicative of future results.

http://www.linngroup.com

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312.896.2001

Reproduction or rebroadcast of any portion of this information is strictly prohibited without the written permission of the Linn group, inc. the information reflected herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Opinions expressed are subject to change without notice. this material and any view expressed herein are provided for informational purposes only and should not be construed in any way as an inducement to buy or sell commodity futures or options contracts. The Linn group and its officers, directors, employees and affiliates may take positions for their own accounts in contracts referred to herein. Trading futures involves risk of loss. Past performance is not indicative of future results.