Table A3.  Correlation of Market Advisory Service Performance Between Pairs of Overlapping Crop Years, Wheat Revenue, 1995-1998 Crop Years
               
Correlation Measure 1995 vs. 1996   1996 vs. 1997   1997 vs. 1998   Average
     Rank Correlation 0.14 -0.07 0.85 *** 0.31
[0.51] [0.77] [0.00]
     Revenue Correlation 0.10 -0.20 0.78 *** 0.23
[0.64] [0.39] [0.00]
     Return Correlation 0.08 -0.22 0.72 *** 0.19
  [0.72]   [0.35]   [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.   Return correlations are based on the 24-month average cash price benchmark, with the return for each service computed as the continuously-compounded rate of return (natural logarithm of the ratio of net advisory price to the benchmark price). Figures in brackets are two-tailed p-values.