Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug
MARKETING STRATEGY 94 94 94 94 95 95 95 95 95 95 95 95 95 95 95 95 96 96 96 96 96 96 96 96
SHORT FUTURES
  Programs Recommending Strategy 1 1 3 3 5 5 7 10 11 10 6 9 6 3 2 2
  Average Recommendation (%)a 10.0 10.0 23.3 23.3 30.0 32.0 30.4 34.8 46.6 49.5 62.5 51.1 50.0 58.3 37.5 52.5
  Maximum Recommendation (%) 10 10 25 25 30 50 50 70 100 100 100 100 100 100 25 75
  Minimum Recommendation (%) 10 10 20 20 20 20 15 20 20 20 25 10 25 25 25 30
  All Program Average (%) 0.4 0.4 2.8 2.8 6.0 6.4 8.5 13.9 20.5 19.8 15.0 18.4 12.0 7.0 3.0 4.2
   
SHORT CALLS
  Programs Recommending Strategy 1 3 2 1 1 1 1
  Average Recommendation (%) 20.0 46.7 60.0 20.0 20.0 20.0 20.0
  Maximum Recommendation (%) 20 100 100 20 20 20 20
  Minimum Recommendation (%) 20 20 20 20 20 20 20
  All Program Average (%)                 0.8 5.6 4.8 0.8 0.8 0.8 0.8  
   
LONG PUTS
  Programs Recommending Strategy 1 3 5 6 7 7 5 1 2 2 1 1
  Average Recommendation (%) 33.0 36.7 32.0 35.0 37.1 37.1 32.0 35.0 30.0 30.0 35.0 35.0
  Maximum Recommendation (%) 33 50 50 50 50 50 50 35 35 35 35 35
  Minimum Recommendation (%) 33 25 25 25 25 25 25 35 25 25 35 35
  All Program Average (%)                 1.3 4.4 6.4 8.4 10.4 10.4 6.4     1.4 2.4 2.4 1.4 1.4
 
HEDGE-TO-ARRIVE
  Programs Recommending Strategy 2 2 2 4 5 5 5 5 5 6 6 5 5 5 5 5 1 1
  Average Recommendation (%) 20.0 20.0 20.0 20.0 21.0 21.0 27.0 27.0 39.0 36.7 36.7 48.0 44.0 40.0 40.0 40.0 25.0 25.0
  Maximum Recommendation (%) 20 20 20 20 25 25 35 35 65 65 65 75 75 55 55 55 25 25
  Minimum Recommendation (%) 20 20 20 20 20 20 20 20 20 20 20 25 25 25 25 25 25 25
  All Program Average (%) 1.6 1.6 1.6 3.2 4.2 4.2 5.4 5.4 7.8 8.8 8.8 9.6 8.8 8.0 8.0 8.0 1.0 1.0
                                                 
a: Percent Refers to Expected Production Before Harvest and Actual Production After Harvest
Table 3.  Summary Statistics for Short Futures, Short Call, Long Put and Hedge-to-Arrive Recommendations,
Corn, 1995.