Table 4.  Pricing Performance Results for 25 Market Advisory Programs, Soybeans, 1999 Crop Year
                 
(1) (2) (3) (4) (5) (6) (7) (8)
Unadjusted Carrying Charges Futures & Net
Cash Sales Interest Storage Net Cash Options Brokerage LDP / Advisory
Market Advisory Program Price Costs Costs Sales Price Gain Costs MLG Price
---$/bushel---
Ag Line by Doane (cash-only) 4.82 0.12 0.17 4.52 0.00 0.00 0.93 5.45
Ag Line by Doane (hedge) 4.82 0.12 0.17 4.52 0.00 0.00 0.93 5.45
Ag Profit by Hjort Associates 4.77 0.18 0.19 4.40 0.00 0.00 0.94 5.34
Ag Resource 5.09 0.03 0.05 5.01 1.21 0.05 0.93 7.10
Ag Review 4.55 0.16 0.15 4.25 -0.49 0.01 0.93 4.68
Agri-Mark 4.66 0.00 0.00 4.66 0.05 0.03 0.91 5.60
Agri-Visor Aggressive Cash 4.54 0.00 0.00 4.54 0.00 0.00 0.94 5.48
Agri-Visor Aggressive Hedge 4.54 0.00 0.00 4.54 -0.08 0.01 0.94 5.40
Agri-Visor Basic Cash 4.54 0.00 0.00 4.54 0.00 0.00 0.94 5.48
Agri-Visor Basic Hedge 4.54 0.00 0.00 4.54 -0.08 0.01 0.94 5.40
Allendale (futures only) 4.57 0.04 0.13 4.40 0.39 0.01 0.86 5.64
Brock (cash-only) 5.07 0.14 0.16 4.77 0.00 0.00 0.91 5.68
Brock (hedge) 4.45 0.06 0.13 4.26 1.21 0.06 0.92 6.33
Cash Grain 5.30 0.15 0.16 4.99 0.00 0.00 1.00 5.99
Freese-Notis 4.83 0.13 0.16 4.53 -0.10 0.01 0.90 5.32
Pro Farmer (cash-only) 4.94 0.16 0.16 4.62 0.00 0.00 0.89 5.51
Pro Farmer (hedge) 4.66 0.18 0.20 4.28 0.68 0.03 0.89 5.81
Progressive Ag. 5.04 0.03 0.15 4.86 -0.16 0.02 1.00 5.68
Risk Management Group (options-only) 4.65 0.03 0.06 4.55 0.04 0.03 0.96 5.51
Risk Management Group (futures & options) 4.65 0.03 0.06 4.55 0.22 0.03 0.96 5.70
Risk Management Group (cash-only) 4.65 0.03 0.06 4.55 0.00 0.00 0.96 5.51
Stewart-Peterson Advisory Reports 4.90 0.07 0.09 4.73 0.37 0.08 0.96 6.00
Stewart-Peterson Strictly Cash 4.85 0.09 0.10 4.66 0.00 0.00 0.76 5.42
Top Farmer Intelligence 4.83 0.00 0.18 4.64 0.98 0.04 0.64 6.23
Utterback Marketing Services 4.30 0.00 0.00 4.30 1.15 0.20 0.90 6.14
Descriptive Statistics:
  Average 4.74 0.07 0.10 4.57 0.22 0.02 0.92 5.67
  Median 4.66 0.04 0.13 4.54 0.00 0.01 0.93 5.51
  Minimum 4.30 0.00 0.00 4.25 -0.49 0.00 0.64 4.68
  Maximum 5.30 0.18 0.20 5.01 1.21 0.20 1.00 7.10
  Range 1.00 0.18 0.20 0.76 1.70 0.20 0.36 2.42
  Standard Deviation 0.23 0.07 0.07 0.20 0.46 0.04 0.07 0.45
Market Benchmark Price 4.87 0.07 0.08 4.71 0.00 0.00 0.79 5.50
                 
Notes:  Net cash sales price is calculated as (1) - (2) - (3). Net advisory price is calculated as (4) + (5) - (6) + (7), 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. The 1999 crop year is a two-year marketing window from September 1998 through August 2000.
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