Table 19.  Pricing Results for 25 Market Advisory Programs, Soybeans, 2003 Crop Year, Commercial Storage Costs
                 
(1) (2) (3) (4) (5) (6) (7) (8)
Unadjusted Commercial Storage Costs Futures & Net
Cash Sales Physical Net Cash Options Brokerage LDP / Advisory
Market Advisory Program Price Storage Interest Sales Price Gain Costs MLG Price
---$ per bushel---
Ag Financial Strategies 7.45 0.07 0.04 7.35 -1.31 0.08 0.00 5.95
Ag Review 5.41 0.03 0.00 5.38 -1.64 0.05 0.00 3.69
AgLine by Doane (cash only) 6.60 0.06 0.06 6.48 0.00 0.00 0.00 6.48
AgLine by Doane (hedge) 5.94 0.04 0.01 5.89 0.57 0.03 0.00 6.43
AgResource 7.23 0.09 0.08 7.06 -0.53 0.08 0.00 6.44
AgriVisor (aggressive cash) 6.90 0.07 0.03 6.79 0.00 0.00 0.00 6.79
AgriVisor (aggressive hedge) 6.90 0.07 0.03 6.79 0.00 0.00 0.00 6.79
AgriVisor (basic cash) 6.90 0.07 0.03 6.79 0.00 0.00 0.00 6.79
AgriVisor (basic hedge) 6.90 0.07 0.03 6.79 0.00 0.00 0.00 6.79
Allendale (futures only) 7.34 0.07 0.03 7.23 -1.76 0.05 0.00 5.42
Brock (cash only) 6.00 0.03 0.01 5.97 0.00 0.00 0.00 5.97
Brock (hedge) 6.05 0.03 0.00 6.02 -0.10 0.03 0.00 5.89
Co-Mark 7.03 0.10 0.10 6.83 0.00 0.00 0.00 6.83
Freese-Notis 6.17 0.00 0.00 6.17 -0.40 0.07 0.00 5.71
Grain Field Marketing 6.60 0.06 0.06 6.47 0.31 0.03 0.00 6.74
Northstar Commodity 6.73 0.08 0.05 6.60 0.01 0.00 0.00 6.61
Pro Farmer (cash only) 6.80 0.10 0.09 6.60 0.00 0.00 0.00 6.60
Pro Farmer (hedge) 6.26 0.05 0.04 6.17 0.24 0.02 0.00 6.39
Progressive Ag 6.66 0.00 0.00 6.66 1.08 0.06 0.00 7.67
Risk Management Group (cash only) 5.50 0.00 0.00 5.50 0.00 0.00 0.00 5.50
Risk Management Group (futures & options) 5.33 0.00 0.00 5.33 0.09 0.03 0.00 5.39
Risk Management Group (options only) 5.33 0.00 0.00 5.33 0.19 0.03 0.00 5.49
Stewart-Peterson Advisory Reports 5.83 0.04 0.04 5.75 0.11 0.00 0.00 5.86
Top Farmer Intelligence 5.96 0.03 0.02 5.91 0.18 0.03 0.00 6.06
Utterback Marketing Services 7.26 0.13 0.08 7.04 0.39 0.09 0.00 7.34
Descriptive Statistics:
  Average 6.44 0.05 0.03 6.36 -0.10 0.03 0.00 6.22
  Median 6.60 0.06 0.03 6.48 0.00 0.03 0.00 6.43
  Minimum 5.33 0.00 0.00 5.33 -1.76 0.00 0.00 3.69
  Maximum 7.45 0.13 0.10 7.35 1.08 0.09 0.00 7.67
  Range 2.12 0.13 0.10 2.01 2.84 0.09 0.00 3.99
  Standard Deviation 0.65 0.04 0.03 0.61 0.63 0.03 0.00 0.80
Market Benchmarks
  24-Month Average 6.06 0.05 0.05 5.95 0.00 0.00 0.00 5.95
  20-Month Average 6.50 0.08 0.07 6.35 0.00 0.00 0.00 6.35
Farmer Benchmark
  USDA Average Price Received 7.50 0.13 0.10 7.27 0.00 0.00 0.00 7.27
                 
Notes:  Net cash sales price is calculated as (1) - (2) - (3). Net advisory price is calculated as (4) + (5) - (6) + (7), and therefore, is stated on a harvest equivalent basis. Market and farmer benchmark prices also are stated on a harvest equivalent basis. LDP stands for loan deficiency payment and MLG stands for marketing loan gain. The 2003 crop year is a two-year marketing window from September 2002 through August 2004.