| Table 38. Predictability of Market Advisory Program Performance by Quantiles Between Pairs of Adjacent Crop Years, Corn, Soybeans and 50/50 Revenue, 1995-2004 Crop Years, Commercial Storage Costs | |||||||||||||||||||||
| Corn | Soybeans | 50/50 Revenue | |||||||||||||||||||
| Average | Average | Average | Average | Average | Average | ||||||||||||||||
| Performance Quantile | Price | Price | Price | Price | Revenue | Revenue | |||||||||||||||
| in Year t | in year t | in year t+1 | in year t | in year t+1 | in year t | in year t+1 | |||||||||||||||
| ---$ per bushel (harvest equivalent)--- | ---$ per bushel (harvest equivalent)--- | ---$ per acre (harvest equivalent)--- | |||||||||||||||||||
| Top Third | 2.49 | 2.27 | 6.38 | 6.09 | 330 | 325 | |||||||||||||||
| Middle Third | 2.31 | 2.23 | 6.00 | 5.90 | 312 | 316 | |||||||||||||||
| Bottom Third | 2.11 | 2.17 | 5.66 | 5.84 | 294 | 314 | |||||||||||||||
| Top Third minus Bottom Third | |||||||||||||||||||||
| Average | 0.38 |
|
0.72 |
|
37 |
|
|||||||||||||||
| t-statistic | N/A | 3.17 | N/A | 3.44 | N/A | 2.59 | |||||||||||||||
| Two-tail p-value | N/A | 0.01 | N/A | 0.01 | N/A | 0.03 | |||||||||||||||
| Top Fourth | 2.53 | 2.29 | 6.40 | 6.12 | 333 | 326 | |||||||||||||||
| Second Fourth | 2.35 | 2.23 | 6.10 | 5.90 | 316 | 319 | |||||||||||||||
| Third Fourth | 2.26 | 2.22 | 5.91 | 5.97 | 308 | 317 | |||||||||||||||
| Bottom Fourth | 2.08 | 2.15 | 5.61 | 5.81 | 291 | 311 | |||||||||||||||
| Top Fourth minus Bottom Fourth | |||||||||||||||||||||
| Average | 0.45 |
|
0.79 |
|
42 |
|
|||||||||||||||
| t-statistic | N/A | 3.57 | N/A | 3.18 | N/A | 3.15 | |||||||||||||||
| Two-tail p-value | N/A | 0.01 | N/A | 0.01 | N/A | 0.01 | |||||||||||||||
| Top 2 Programs | 2.70 | 2.33 | 6.77 | 6.33 | 353 | 341 | |||||||||||||||
| Bottom 2 Programs | 1.96 | 2.15 | 5.38 | 5.93 | 281 | 310 | |||||||||||||||
| Top 2 minus Bottom 2 | |||||||||||||||||||||
| Average | 0.74 | 0.19 | 1.38 |
|
|
72 |
|
|
|||||||||||||
| t-statistic | N/A | 1.63 | N/A | 3.06 | N/A | 2.61 | |||||||||||||||
| Two-tail p-value | N/A | 0.14 | N/A | 0.02 | N/A | 0.03 | |||||||||||||||
| Note: The selection strategy consists of sorting programs by net advisory price in the first year of the pair (e.g., t = 1995) and forming groups of programs (thirds, fourths, top two and bottom two). Next, the average net advisory price for each group is computed for the first year of the pair. Then, the average net advisory price of the group formed in the first year is computed for the second year of the pair (e.g., t+1 = 1996). Next, the average net advisory price for the second year is averaged across the comparisons. There are a total of nine comparisons (1995 vs. 1996, 1996 vs. 1997, 1997 vs. 1998, 1998 vs. 1999, 1999 vs. 2000, 2000 vs. 2001, 2001 vs. 2002, 2002 vs. 2003, and 2003 vs. 2004), so there are eight degrees of freedom for the t-test. Some average differences of the top and bottom groups may not equal the difference of the averages for the groups due to rounding. N/A denotes "Not Applicable." Two stars indicates significance at the one percent level and one star indicates significance at the five percent level | |||||||||||||||||||||
| Margin over 24 month benchmark | 0.06 | 0.28 | 11 | ||||||||||||||||||
| 0.08 | 0.31 | 12 | |||||||||||||||||||
| 0.12 | 0.52 | 27 | |||||||||||||||||||