Table 7.  Pricing Performance Results for Market Advisory Programs, Soybeans, Two-Year, Three-Year, and Four-Year Averages
               
1995 1996 1997 1998
Net Net Net Net 1997-98 1996-98 1995-98
Advisory Advisory Advisory Advisory Two-year Three-year Four-year
Market Advisory Program Price Price Price Price Average Average Average
---$/bushel---
Ag Alert for Ontario N/A 7.37 N/A N/A N/A N/A N/A
Ag Line by Doane (cash-only) 6.59 7.40 6.32 5.65 5.99 6.46 6.49
Ag Line by Doane (hedge) N/A N/A N/A 5.60 N/A N/A N/A
Ag Profit by Hjort Associates 6.78 7.13 6.16 5.26 5.71 6.18 6.33
Ag Resource 6.92 7.29 6.47 6.17 6.32 6.64 6.71
Ag Review 6.59 7.37 6.19 5.11 5.65 6.22 6.31
Agri-Edge (cash-only) 6.70 7.28 N/A N/A N/A N/A N/A
Agri-Edge (hedge) 6.62 7.18 N/A N/A N/A N/A N/A
Agri-Mark 7.94 7.18 6.68 5.71 6.20 6.52 6.88
Agri-Visor Aggressive Cash 6.38 7.28 6.33 5.55 5.94 6.39 6.39
Agri-Visor Aggressive Hedge 6.97 7.40 6.14 5.77 5.96 6.44 6.57
Agri-Visor Basic Cash 6.42 7.06 6.35 5.55 5.95 6.32 6.34
Agri-Visor Basic Hedge 6.78 7.46 6.14 5.79 5.97 6.46 6.54
Allendale (futures only) 6.21 7.30 6.67 5.90 6.29 6.62 6.52
Brock (cash-only) 6.27 7.20 6.31 5.65 5.98 6.39 6.36
Brock (hedge) 5.71 6.99 6.93 6.58 6.76 6.83 6.55
Freese-Notis 6.41 7.13 6.15 5.81 5.98 6.36 6.37
Grain Field Report 6.84 N/A N/A N/A N/A N/A N/A
Harris Weather/Elliott Advisory 6.85 6.80 N/A N/A N/A N/A N/A
North American Ag. 6.44 N/A N/A N/A N/A N/A N/A
Pro Farmer (cash-only) 6.69 7.31 6.29 5.74 6.02 6.45 6.51
Pro Farmer (hedge) 6.78 7.49 6.47 5.85 6.16 6.60 6.65
Progressive Ag. N/A 7.80 6.65 5.71 6.18 6.72 N/A
Prosperous Farmer 6.52 N/A N/A N/A N/A N/A N/A
Stewart-Peterson Advisory Reports 6.09 7.37 6.22 6.36 6.29 6.65 6.51
Stewart-Peterson Strictly Cash 6.28 7.13 6.33 5.96 6.15 6.47 6.43
Top Farmer Intelligence 6.20 6.84 6.08 6.32 6.20 6.41 6.36
Utterback Marketing Services N/A N/A 6.99 6.13 6.56 6.56 N/A
Zwicker Cycle Letter 6.89 7.67 6.59 5.76 6.18 6.67 6.73
Descriptive Statistics:
  Average 6.59 7.27 6.40 5.82 6.11 6.49 6.50
  Median 6.59 7.28 6.33 5.77 6.15 6.46 6.51
  Minimum 5.71 6.80 6.08 5.11 5.65 6.18 6.31
  Maximum 7.94 7.80 6.99 6.58 6.76 6.83 6.88
  Range 2.23 1.00 0.91 1.47 1.11 0.65 0.56
  Standard Deviation 0.41 0.23 0.26 0.34 0.25 0.16 0.15
Market Benchmark Price 6.26 7.11 6.30 5.86 6.08 6.42 6.38
               
         
Notes:  N/A denotes "not applicable" -- program did not exist or was not evaluated for that marketing year. Net advisory price and market benchmark price are stated on a harvest equivalent basis. The marketing period is a two-year window from September of previous year through August of next year. 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