Table 4.  Average Returns above Alternative Market Benchmark Prices for Market Advisory Services, Wheat, 1995 - 1998 Crop Years
             
Average
Number of Return above
Market Benchmark/ Advisory Benchmark Standard Two-tail
Sample Period Services Price Deviation t-statistic p-value  
-----percent-----
24-Month Average
1995 24 4.23 12.47 1.66 0.11
1996 23 -4.41 14.14 -1.50 0.15
1997 20 -23.01 25.97 -3.96 0.00 ***
1998 21 -21.99 18.10 -5.57 0.00 ***
1995-1998 88 -10.48 21.25 -4.62 0.00 ***
20-Month Average
1995 24 -0.11 12.47 -0.04 0.97
1996 23 -7.41 14.14 -2.51 0.02 **
1997 20 -19.86 25.97 -3.42 0.00 ***
1998 21 -16.67 18.10 -4.22 0.00 ***
1995-1998 88 -10.46 19.39 -5.06 0.00 ***
16-Month Average
1995 24 -5.28 12.47 -2.07 0.05 ***
1996 23 -7.41 14.14 -2.51 0.02 **
1997 20 -18.89 25.97 -3.25 0.00 ***
1998 21 -8.73 18.10 -2.21 0.04 **
1995-1998 88 -9.75 18.46 -4.96 0.00 ***
Note:  Three stars indicates significance at the 1% level, two stars indicates significance at the 5% level, and one star indicates significance at the 10% level. The return for each service is computed as the continuously-compounded rate of return (natural logarithm of the ratio of net advisory price to the benchmark price).