Table 5.  Pricing Performance Results for 23 Market Advisory Service Programs, Wheat, 1996 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) 4.58 0.05 0.05 4.47 0.00 0.00 4.47
Ag Profit by Hjort Associates 4.31 0.12 0.11 4.08 0.00 0.00 4.08
Ag Resource 5.04 0.05 0.05 4.94 0.00 0.00 4.94
Ag Review 4.14 0.18 0.16 3.79 -0.16 0.03 3.60
Agri-Edge (cash only) 3.60 0.32 0.30 2.98 0.00 0.00 2.98
Agri-Edge (hedge) 3.75 0.22 0.22 3.31 -0.18 0.03 3.11
Agri-Visor Aggressive Cash 4.32 0.08 0.08 4.16 -0.12 0.02 4.03
Agri-Visor Aggressive Hedge 4.33 0.08 0.08 4.17 0.04 0.03 4.18
Agri-Visor Basic Cash 4.13 0.12 0.12 3.89 0.03 0.01 3.91
Agri-Visor Basic Hedge 4.39 0.08 0.08 4.24 -0.38 0.01 3.84
Allendale (futures only) 3.75 0.00 0.00 3.75 -0.80 0.02 2.95
Brock (cash-only) 4.07 0.04 0.04 3.99 0.00 0.00 3.99
Brock (hedge) 4.38 0.00 0.00 4.38 -0.58 0.04 3.76
Freese-Notis 4.42 0.00 0.00 4.42 0.00 0.00 4.42
Grain Field Report 3.88 0.13 0.13 3.61 -0.01 0.00 3.60
Harris Weather/Elliott Advisory 3.85 0.21 0.20 3.45 0.22 0.02 3.65
Pro Farmer (cash-only) 4.27 0.10 0.08 4.09 0.00 0.00 4.09
Pro Farmer (hedge) 4.48 0.19 0.16 4.13 -0.34 0.02 3.76
Progressive Ag 4.18 0.08 0.09 4.01 0.30 0.03 4.29
Stewart-Peterson Advisory Reports 4.11 0.11 0.11 3.89 -0.01 0.04 3.85
Stewart-Peterson Strictly Cash 4.07 0.09 0.09 3.90 0.00 0.00 3.90
Top Farmer Intelligence 3.88 0.17 0.17 3.55 0.05 0.01 3.60
Zwicker Cycle Letter 3.41 0.36 0.31 2.74 0.00 0.00 2.74
Descriptive Statistics:
  Average 4.15 0.12 0.11 3.91 -0.08 0.01 3.82
  Median 4.14 0.10 0.09 3.99 0.00 0.01 3.85
  Minimum 3.41 0.00 0.00 2.74 -0.80 0.00 2.74
  Maximum 5.04 0.36 0.31 4.94 0.30 0.04 4.94
  Range 1.63 0.36 0.31 2.20 1.10 0.04 2.20
  Standard Deviation 0.36 0.09 0.08 0.49 0.24 0.01 0.52
Market Benchmark Price 4.04 0.04 0.04 3.95 0.00 0.00 3.95
               
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 1995  through May 1997.