Table 24.  Average Pricing Performance Results for Market Advisory Programs by Underlying Components, Corn and Soybeans, 1995 - 2004 Crop Years, Commercial Storage Costs
                   
1995 - 2004 Average
Unadjusted Commercial Storage Costs Futures & Net
Commodity/Advisory Program Cash Sales Physical Net Cash Options Brokerage LDP / Advisory
and Benchmark Price Storage Shrinkage  Interest Sales Price Gain Costs MLG Price
---$ per bushel---
Panel A: Average Price Components
Corn
    Advisory Programs 2.36 0.11 0.03 0.04 2.18 0.02 0.02 0.12 2.29
    24-Month Market Benchmark 2.33 0.09 0.02 0.03 2.19 0.00 0.00 0.09 2.28
    20-Month Market Benchmark 2.34 0.10 0.03 0.04 2.17 0.00 0.00 0.08 2.25
    Farmer: USDA Prices 2.34 0.15 0.04 0.06 2.09 0.00 0.00 0.12 2.21
    Farmer: Market Prices 2.32 0.15 0.04 0.06 2.07 0.00 0.00 0.12 2.18
Soybeans
    Advisory Programs 5.79 0.10 N/A 0.09 5.61 0.04 0.02 0.38 6.00
    24-Month Market Benchmark 5.71 0.08 N/A 0.08 5.55 0.00 0.00 0.31 5.86
    20-Month Market Benchmark 5.77 0.10 N/A 0.10 5.57 0.00 0.00 0.31 5.88
    Farmer: USDA Prices 5.89 0.14 N/A 0.14 5.61 0.00 0.00 0.36 5.97
    Farmer: Market Prices 5.90 0.15 N/A 0.14 5.61 0.00 0.00 0.36 5.97
Panel B: Average Difference in Price Components
Corn
  Advisory Programs - 24-Month Benchmark 0.04 0.03 0.01 0.01 0.00 0.02 0.02 0.03 0.02
  Advisory Programs - 20-Month Benchmark 0.03 0.01 0.00 0.00 0.02 0.02 0.02 0.03 0.05
  Advisory Programs - Farmer: USDA Prices 0.02 -0.04 -0.01 -0.02 0.09 0.02 0.02 0.00 0.09
  Advisory Programs - Farmer: Market Prices 0.05 -0.04 -0.01 -0.01 0.11 0.02 0.02 0.00 0.11
Soybeans
  Advisory Programs - 24-Month Benchmark 0.10 0.02 N/A 0.01 0.08 0.04 0.02 0.06 0.16
  Advisory Programs - 20-Month Benchmark 0.04 0.00 N/A -0.01 0.05 0.04 0.02 0.07 0.14
  Advisory Programs - Farmer: USDA Prices -0.09 -0.04 N/A -0.05 0.01 0.04 0.02 0.01 0.04
  Advisory Programs - Farmer: Market Prices -0.09 -0.05 N/A -0.06 0.01 0.04 0.02 0.01 0.04
                   
Notes:  Net cash sales price is calculated as unadjusted cash sales price minus commercial storage costs. Net advisory price is calculated as net cash sales price plus futures and options gains minus brokerage costs plus LDP/MLG, and therefore, is stated on a harvest equivalent basis. Market and farmer benchmark prices also are stated on a harvest equivalent basis. LDP stands for loan deficiency payment and MLG stands for marketing loan gain. LDP/MLGs were not paid for the 1995 - 1997 and 2002 crop years for corn and the 1995-1997 and 2003 crop years for soybeans. Average differences for 1995-2004 are computed over the full set of advisory programs. As a result, differences in the averages reported in Panel A may not equal the average differences reported in Panel B.  N/A denotes "Not Applicable."