Table 2.  Pricing Performance Results for 21 Market Advisory Service Programs, Soybeans, 1997 Marketing Period
  (1) (2) (3) (4) (5) (6) (7)
Unadjusted Carrying Charges Net
Cash Sales Interest Storage Net Cash Futures Brokerage Advisory
Advisory Service Program Price Costs Costs Sales Price Gain Costs Price
----------$/bushel----------
Ag Line by Doane (cash-only) 6.65 0.15 0.11 6.39 -0.06 0.00 6.32
Ag Profit by Hjort Associates 6.50 0.20 0.14 6.16 0.00 0.00 6.16
Ag Resource 6.40 0.37 0.20 5.83 0.66 0.02 6.47
Ag Review 6.56 0.22 0.13 6.21 -0.02 0.01 6.19
Agri-Mark 6.71 0.00 0.00 6.71 -0.03 0.01 6.68
Agri-Visor Aggressive Cash 6.68 0.17 0.12 6.39 -0.05 0.01 6.33
Agri-Visor Aggressive Hedge 6.71 0.17 0.13 6.41 -0.25 0.02 6.14
Agri-Visor Basic Cash 6.67 0.18 0.13 6.36 0.00 0.00 6.35
Agri-Visor Basic Hedge 6.71 0.17 0.13 6.41 -0.25 0.02 6.14
Allendale (futures only) 7.19 0.07 0.13 6.99 -0.32 0.00 6.67
Brock (cash-only) 6.50 0.11 0.08 6.31 0.00 0.00 6.31
Brock (hedge) 6.65 0.03 0.05 6.57 0.39 0.03 6.93
Freese-Notis 6.34 0.12 0.07 6.15 0.00 0.00 6.15
Pro Farmer (cash-only) 6.57 0.17 0.11 6.29 0.00 0.00 6.29
Pro Farmer (hedge) 6.54 0.15 0.10 6.29 0.18 0.01 6.47
Progressive Ag. 6.90 0.01 0.03 6.86 -0.21 0.01 6.65
Stewart-Peterson Advisory Reports 6.58 0.09 0.07 6.42 -0.16 0.04 6.22
Stewart-Peterson Strictly Cash 6.54 0.13 0.08 6.33 0.00 0.00 6.33
Top Farmer Intelligence 6.80 0.07 0.09 6.64 -0.52 0.05 6.08
Utterback Marketing Services 7.27 0.00 0.00 7.27 -0.18 0.09 6.99
Zwicker Cycle Letter 6.85 0.14 0.12 6.59 -0.01 0.00 6.59
Descriptive Statistics:
  Average 6.68 0.13 0.10 6.46 -0.04 0.02 6.40
  Median 6.65 0.14 0.11 6.39 -0.02 0.01 6.33
  Minimum 6.34 0.00 0.00 5.83 -0.52 0.00 6.08
  Maximum 7.27 0.37 0.20 7.27 0.66 0.09 6.99
  Range 0.93 0.37 0.20 1.44 1.18 0.09 0.91
  Standard Deviation 0.23 0.09 0.05 0.32 0.24 0.02 0.26
Market Benchmark Price 6.30
               
         
Notes:  Net cash sales price is calculated as (1) - (2) - (3). Net advisory price is calculated as (5) + (6) - (7), and therefore, is stated on a harvest 
equivalent basis.  The market benchmark price is stated on a harvest equivalent basis.  The market benchmark price is the average daily cash price
for the two-year marketing window from September 1996 through August 1998.
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