Table 4.  Pricing Performance Results for Market Advisory Programs, Wheat, 1995-1999 Crop Years
  1995 1996 1997 1998 1999
Net Net Net Net Net
Advisory Advisory Advisory Advisory Advisory
Market Advisory Program Price Price Price Price Price
---$/bushel---
Ag Profit by Hjort 4.54 4.08 1.75 1.15 2.69
Ag Review 4.71 3.60 1.97 2.25 2.18 1.27236
AgLine by Doane (cash only) 4.11 4.47 2.85 2.05 2.60
AgLine by Doane (hedge) N/A N/A N/A 2.01 2.60 #DIV/0!
AgResource 4.21 4.94 1.34 2.13 3.38 1.698621
Agri-Edge (cash-only) 4.01 2.98 N/A N/A N/A 0.732847
Agri-Edge (hedge) 3.98 3.11 N/A N/A N/A
AgriVisor (aggressive cash) 3.21 4.03 2.20 2.27 2.67
AgriVisor (aggressive hedge) 4.00 4.18 2.20 2.09 2.63 1.128757
AgriVisor (basic cash) 3.03 3.91 2.20 2.15 2.67 0.828739
AgriVisor (basic hedge) 3.91 3.84 2.20 2.05 2.58 1.012297
Allendale (futures only) 3.32 2.95 3.01 2.71 3.22 0.251938
Brock (cash only) 3.45 3.99 3.32 2.77 2.59 0.501029
Brock (hedge) 3.33 3.76 3.49 3.33 2.62 0.203164
Cash Grain N/A N/A N/A N/A 2.47 #DIV/0!
Freese-Notis 3.66 4.42 3.23 2.54 2.33
Grain Field Report 3.79 3.60 N/A N/A N/A 0.136353
Harris Weather/Elliott Advisory 4.11 3.65 N/A N/A N/A
North American Ag. 4.19 N/A N/A N/A N/A
Pro Farmer (cash only) 3.94 4.09 2.87 2.40 2.34
Pro Farmer (hedge) 4.38 3.76 2.83 2.47 2.42 0.872247
Progressive Ag N/A 4.29 2.42 2.54 N/A 1.047168
Prosperous Farmer 3.30 N/A N/A N/A N/A
Risk Management Group (cash only) N/A N/A N/A N/A 2.85
Risk Management Group (futures & options) N/A N/A N/A N/A 2.81
Risk Management Group (options only) N/A N/A N/A N/A 2.73
Stewart-Peterson Advisory Reports 3.34 3.85 2.98 2.62 2.44
Stewart-Peterson Strictly Cash 3.63 3.90 3.15 2.71 2.62 0.526154
Top Farmer Intelligence 3.01 3.60 2.55 2.23 2.64 0.593258
Utterback Marketing Services N/A N/A 3.90 2.79 2.57 0.78461
Zwicker Cycle Letter 3.89 2.74 2.20 2.22 N/A
Descriptive Statistics:
  Average 3.79 3.82 2.63 2.36 2.64
  Median 3.90 3.85 2.69 2.27 2.62
  Minimum 3.01 2.74 1.34 1.15 2.18
  Maximum 4.71 4.94 3.90 3.33 3.38
  Range 1.70 2.20 2.56 2.17 1.20
  Standard Deviation 0.47 0.52 0.64 0.43 0.26
Market Benchmark Price 3.61 3.95 3.22 2.90 2.68 0.45971
   
                 
Notes:  N/A denotes "not applicable" -- program did not exist or was not evaluated for that marketing year.  Net advisory price and market benchmark price are stated on a harvest equivalent basis.  The market benchmark price is the average daily cash price for the two-year marketing window for each crop year.