Table 4.  Pricing Performance Results for 24 Market Advisory Service Programs, Wheat, 1995 Marketing Period
  (1) (2) (3) (4) (5) (6) (7)
Unadjusted Carrying Charges Futures Net
Cash Sales Interest Storage Net Cash & Options Brokerage Advisory
Market Advisory Program Price Costs Costs Sales Price Gain Costs Price
---$/bushel---
Ag Line by Doane (cash-only) 4.21 0.04 0.06 4.11 0.00 0.00 4.11
Ag Profit by Hjort Associates 4.84 0.14 0.15 4.54 0.00 0.00 4.54
Ag Resource 4.14 0.13 0.12 3.88 0.36 0.03 4.21
Ag Review 4.30 0.07 0.09 4.14 0.61 0.03 4.71
Agri-Edge (cash-only) 4.20 0.09 0.10 4.01 0.00 0.00 4.01
Agri-Edge (hedge) 4.10 0.09 0.10 3.92 0.06 0.01 3.98
Agri-Visor Aggressive Cash 3.66 0.09 0.09 3.48 -0.25 0.02 3.21
Agri-Visor Aggressive Hedge 4.84 0.15 0.16 4.54 -0.50 0.03 4.00
Agri-Visor Basic Cash 3.86 0.09 0.09 3.68 -0.65 0.01 3.03
Agri-Visor Basic Hedge 4.84 0.15 0.16 4.54 -0.60 0.03 3.91
Allendale (futures only) 4.86 0.16 0.17 4.54 -1.22 0.00 3.32
Brock (cash-only) 3.45 0.00 0.00 3.45 0.00 0.00 3.45
Brock (hedge) 3.45 0.00 0.00 3.45 -0.08 0.03 3.33
Freese-Notis 3.81 0.04 0.05 3.72 -0.06 0.00 3.66
Grain Field Report 3.65 0.01 0.02 3.62 0.18 0.01 3.79
Harris Weather/Elliott Advisory 4.38 0.07 0.10 4.21 -0.08 0.01 4.11
North American Ag. 5.36 0.30 0.28 4.77 -0.58 0.01 4.19
Pro Farmer (cash only) 4.18 0.12 0.13 3.93 0.00 0.00 3.94
Pro Farmer (hedge) 4.21 0.10 0.11 4.00 0.39 0.01 4.38
Prosperous Farmer 3.57 0.00 0.00 3.57 -0.24 0.03 3.30
Stewart-Peterson Advisory Reports 3.70 0.06 0.07 3.57 -0.17 0.04 3.34
Stewart-Peterson Strictly Cash 3.77 0.07 0.07 3.63 0.00 0.00 3.63
Top Farmer Intelligence 3.28 0.04 0.03 3.21 -0.16 0.03 3.01
Zwicker Cycle Letter 4.04 0.07 0.07 3.89 0.00 0.00 3.89
Descriptive Statistics:
  Average 4.11 0.09 0.09 3.93 -0.12 0.01 3.79
  Median 4.12 0.08 0.09 3.90 -0.03 0.01 3.90
  Minimum 3.28 0.00 0.00 3.21 -1.22 0.00 3.01
  Maximum 5.36 0.30 0.28 4.77 0.61 0.04 4.71
  Range 2.08 0.30 0.28 1.56 1.82 0.04 1.70
  Standard Deviation 0.53 0.07 0.06 0.42 0.38 0.01 0.47
Market Benchmark Price 3.72 0.06 0.05 3.61 0.00 0.00 3.61
               
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 market benchmark price is stated on a harvest equivalent basis.  The market benchmark price is the average daily cash price for the two-year marketing window from June 1994 through May 1996.