From: Jeffrey Epstein <[email protected]> Sent: Thursday, August 12, 2010 5:39 PM To: Jeffrey M Matusow Subject: Re: Corn and Wheat ok On Thu, Aug 12, 2010 at 10:21 AM, Jeff=ey M Matusow > wrote: The USDA released updated supply/demand forecasts for the grains this morning. For corn, higher supplies were offset by increase in demand. We still believe that the supply/demand dynamics are very tight and susceptibl= to any supply shocks. Corn is up a point on the news. On Wheat, we still think that domestic inventories are high enough to cushion the supply disruption from the Russian drought. We are buying puts on Wheat to pair with our long Corn exposure. What do you think? Jeff Jeffrey M. Matusow JPMorgan Private Bank I 40 West 57th Street, 33rd Floor, New York, NY 10019</=> Work: <mailto Fax: I Emailai " IRS Circular 230 Disclosure: JPMorgan Chase &=mp; Co. and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used, and cann=t be used, in connection EFTA_R1_01675132 EFTA02531619