Table 5. Comparison of Average Net Advisory Prices and Benchmark Prices for Corn and Soybeans, 1995 - 2004 Crop Years, Commercial Storage Costs
                           
Average Market Farmer Difference Between Advisors Difference Between Advisors
Net Benchmark Benchmark and Market Benchmark and Farmer Benchmark
Number of Advisory 24-Month 20-Month USDA Market 24-Month 20-Month USDA Market
Crop Year Programs Price Average Average   Prices Prices   Average Average   Prices Prices
---$ per bushel (harvest equivalent)--- --- per bushel (harvest equivalent)---
Panel A: Corn
1995 25 3.03 2.90 3.07 3.06 3.32 14 -4 -3 -29
1996 26 2.63 2.65 2.66 2.50 2.42 -2 -4 12 21
1997 25 2.32 2.33 2.27 2.23 2.17 -1 4 9 15
1998 23 2.17 2.24 2.12 1.97 1.92 -8 5 20 25
1999 26 2.02 2.05 1.97 1.93 1.89 -3 5 9 13
2000 27 2.13 2.09 2.01 1.95 1.93 4 11 18 19
2001 27 1.99 2.00 1.94 1.95 1.91 -2 5 4 8
2002 27 2.15 2.10 2.09 2.11 2.08 4 6 4 6
2003 26 2.24 2.23 2.22 2.22 2.25 1 2 3 -1
2004 27 2.30 2.19 2.15 2.17 1.95 11 15 12 35
1995-2004 Average 2.29 2.28 2.25 2.21 2.18 2 5 9 11
Panel B: Soybeans
1995 25 6.59 6.26 6.39 6.59 6.77 33 20 1 -17
1996 24 7.27 7.08 7.21 7.17 7.12 19 6 10 14
1997 23 6.38 6.30 6.22 6.17 6.08 8 16 21 30
1998 22 5.82 5.86 5.64 5.18 5.05 -4 18 64 77
1999 25 5.67 5.50 5.30 5.39 5.37 18 37 28 31
2000 26 5.44 5.42 5.38 5.29 5.23 2 6 15 21
2001 26 5.45 5.34 5.21 5.55 5.49 11 23 -10 -4
2002 26 5.24 4.98 5.10 5.41 5.40 26 14 -17 -16
2003 25 6.22 5.95 6.35 7.27 7.70 27 -13 -105 -148
2004 26 6.07 5.90 5.95 5.69 5.49 17 12 38 58
1995-2004 Average 6.00 5.86 5.88 5.97 5.97 16 14 4 4
                           
Notes: Net advisory prices and benchmark prices are stated on a harvest equivalent basis. A crop year is a two-year marketing window from September of the year previous to harvest through August of the year after harvest. Averages for 1995-2004 are computed over the full set of advisory programs. As a result, averages of individual crop year prices or differences may not equal the averages reported for 1995-2004.