Table 3.  Pricing Performance Results for 24 Market Advisory Service Programs, Soybeans, 1996 Marketing Period
  (1) (2) (3) (4) (5) (6) (7)
Unadjusted Carrying Charges Net
Cash Sales Interest Storage Net Cash Futures Brokerage Advisory
Advisory Service Program Price Costs Costs Sales Price Gain Costs Price
----------$/bushel----------
Ag Alert for Ontario 7.93 0.30 0.18 7.45 -0.07 0.00 7.37
Ag Line by Doane (cash-only) 7.62 0.13 0.09 7.40 0.00 0.00 7.40
Ag Profit by Hjort Associates 7.59 0.29 0.17 7.13 0.00 0.00 7.13
Ag Resource 7.37 0.03 0.05 7.29 0.00 0.00 7.29
Ag Review 7.92 0.22 0.14 7.56 -0.16 0.03 7.37
Agri-Edge (cash-only) 7.65 0.23 0.15 7.28 0.00 0.00 7.28
Agri-Edge (hedge) 7.38 0.14 0.09 7.15 0.05 0.03 7.18
Agri-Mark 7.63 0.25 0.16 7.22 -0.04 0.00 7.18
Agri-Visor Aggressive Cash 7.54 0.15 0.10 7.29 0.01 0.01 7.28
Agri-Visor Aggressive Hedge 7.68 0.16 0.11 7.41 0.00 0.00 7.40
Agri-Visor Basic Cash 7.34 0.17 0.11 7.06 0.00 0.00 7.06
Agri-Visor Basic Hedge 7.68 0.16 0.11 7.41 0.06 0.01 7.46
Allendale (futures only) 7.07 0.09 0.07 6.91 0.41 0.01 7.30
Brock (cash-only) 7.38 0.10 0.08 7.20 0.00 0.00 7.20
Brock (hedge) 7.22 0.03 0.04 7.16 -0.14 0.02 6.99
Freese-Notis 7.26 0.07 0.07 7.13 0.00 0.00 7.13
Harris Weather/Elliott Advisory 7.98 0.28 0.18 7.51 -0.68 0.03 6.80
Pro Farmer (cash-only) 7.65 0.21 0.13 7.32 0.00 0.00 7.31
Pro Farmer (hedge) 7.70 0.16 0.10 7.44 0.06 0.01 7.49
Progressive Ag. 7.92 0.21 0.13 7.58 0.23 0.01 7.80
Stewart-Peterson Advisory Reports 7.31 0.14 0.11 7.06 0.34 0.03 7.37
Stewart-Peterson Strictly Cash 7.33 0.12 0.08 7.13 0.00 0.00 7.13
Top Farmer 7.40 0.26 0.16 6.98 -0.13 0.01 6.84
Zwicker 7.74 0.12 0.08 7.53 0.15 0.01 7.67
Descriptive Statistics:
  Average 7.55 0.17 0.11 7.27 0.00 0.01 7.27
  Median 7.61 0.16 0.11 7.28 0.00 0.01 7.28
  Minimum 7.07 0.03 0.04 6.91 -0.68 0.00 6.80
  Maximum 7.98 0.30 0.18 7.58 0.41 0.03 7.80
  Range 0.90 0.27 0.15 0.67 1.09 0.03 1.00
  Standard Deviation 0.25 0.08 0.04 0.19 0.20 0.01 0.23
Benchmark Prices:
  Harvest Cash Price 6.95
  Average Price Received 7.18
               
         
Notes:  Net cash sales price is calculated as (1) - (2) - (3). Net advisory price is calculated as (4) + (5) - (6), and therefore,  
is stated on a harvest equivalent basis.  The average price received benchmark also is stated on a harvest equivalent basis. 
0.89 0.05
0.33 0.03
-0.04 0.02
-0.04 0.00
0.08 0.02
0.25 0.02
-0.02 0.01
-0.04 0.00
-0.09 0.00
-0.07 0.01
-0.05 0.03
-0.10 0.01
-0.31 0.02
-0.20 0.02
-0.35 0.01
-0.28 0.02
-0.14 0.04
-0.43 0.03
-0.03 0.02
-0.06 0.02
0.298544 0.013025547