Table 3.  Pricing Performance Results for 23 Market Advisory Programs, Corn, 1998 Marketing Period
                   
(1) (2) (3) (4) (5) (6) (7) (8) (9)
Unadjusted Carrying Charges Futures & Net
Cash Sales Interest Storage Shrink Net Cash Options Brokerage LDP / Advisory
Market Advisory Program Price Costs Costs Costs Sales Price Gain Costs MLG Price
---$/bushel---
Ag Line by Doane (cash-only) 2.20 0.03 0.10 0.03 2.05 0.00 0.00 0.17 2.22
Ag Line by Doane (hedge) 2.20 0.03 0.10 0.03 2.05 0.11 0.01 0.17 2.32
Ag Profit by Hjort Associates 2.13 0.06 0.18 0.04 1.86 -0.07 0.01 0.26 2.05
Ag Resource 1.95 0.05 0.16 0.03 1.70 0.34 0.09 0.27 2.21
Ag Review 2.09 0.06 0.17 0.04 1.82 0.23 0.01 0.20 2.25
Agri-Mark 2.05 0.03 0.14 0.04 1.83 0.05 0.02 0.10 1.97
Agri-Visor Aggressive Cash 2.11 0.02 0.06 0.01 2.01 -0.02 0.00* 0.26 2.25
Agri-Visor Aggressive Hedge 2.11 0.02 0.06 0.01 2.01 -0.19 0.03 0.26 2.05
Agri-Visor Basic Cash 2.10 0.03 0.09 0.02 1.95 -0.01 0.00* 0.22 2.16
Agri-Visor Basic Hedge 2.14 0.03 0.09 0.02 1.99 -0.16 0.02 0.22 2.03
Allendale (futures & options) 2.08 0.04 0.15 0.04 1.84 0.17 0.01 0.08 2.09
Allendale (futures only) 2.08 0.04 0.15 0.04 1.84 0.40 0.02 0.14 2.36
Brock (cash-only) 2.23 0.06 0.15 0.03 1.98 0.00 0.00 0.12 2.10
Brock (hedge) 2.24 0.06 0.15 0.03 2.00 0.33 0.05 0.12 2.40
Freese-Notis 2.26 0.04 0.11 0.02 2.08 0.00 0.00 0.15 2.23
Pro Farmer (cash-only) 2.17 0.06 0.15 0.03 1.93 0.00 0.00 0.16 2.09
Pro Farmer (hedge) 2.17 0.06 0.11 0.03 1.97 0.08 0.02 0.16 2.19
Progressive Ag. 2.13 0.02 0.12 0.04 1.95 -0.13 0.01 0.12 1.93
Stewart-Peterson Advisory Reports 2.18 0.05 0.13 0.03 1.97 -0.08 0.04 0.17 2.02
Stewart-Peterson Strictly Cash 2.27 0.03 0.09 0.02 2.13 0.00 0.00 0.15 2.28
Top Farmer Intelligence 2.21 0.04 0.10 0.02 2.06 -0.09 0.05 0.20 2.12
Utterback Marketing Services 2.26 0.00 0.00 0.00 2.26 0.13 0.05 0.18 2.51
Zwicker Cycle Letter 2.09 0.02 0.06 0.01 1.99 -0.19 0.03 0.26 2.03
Descriptive Statistics:
  Average 2.15 0.04 0.12 0.03 1.97 0.04 0.02 0.18 2.17
  Median 2.14 0.04 0.11 0.03 1.98 0.00 0.02 0.17 2.16
  Minimum 1.95 0.00 0.00 0.00 1.70 -0.19 0.00 0.08 1.93
  Maximum 2.27 0.06 0.18 0.04 2.26 0.40 0.09 0.27 2.51
  Range 0.32 0.06 0.18 0.04 0.56 0.59 0.09 0.18 0.58
  Standard Deviation 0.08 0.02 0.04 0.01 0.12 0.17 0.02 0.06 0.15
Market Benchmark Price 2.21 0.03 0.09 0.02 2.08 0.00 0.00 0.16 2.24
                   
         
Notes:  Net cash sales price is calculated as (1) - (2) - (3) - (4). Net advisory price is calculated as (5) + (6) - (7) + (8), and therefore, is stated on a harvest equivalent basis. The market benchmark price also is stated on a harvest equivalent basis. LDP stands for loan deficiency payment and MLG stands for marketing loan gain. A star means that there is a positive actual brokerage charge, however it is rounded down to zero. The 1998 marketing period is a two-year window from September 1997 through August 1999.
-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
-0.11 0.02
-0.08 0.02
0.1699559 0.011543129