Table 3. Comparison of Alternative Market Benchmarks and Mechanical Strategies, Wheat, 1995-1998
             
1995 1996 1997 1998 1995-1998 Standard
Market Benchmark / Strategy Price Price Price Price Average Deviation
---$/bushel---
Market Benchmarks
24-Month 3.61 3.95 3.22 2.90 3.42 0.46
20-Month 3.76 4.07 3.12 2.75 3.43 0.60
16-Month 3.96 4.07 3.09 2.54 3.42 0.73
Harvest Cash Price 4.01 4.61 3.03 2.57 3.56 0.92
Mechanical Strategies
Strategy 1 3.60 3.97 3.23 2.88 3.42 0.47
Strategy 2 3.74 4.10 3.13 2.73 3.43 0.61
Strategy 3 3.94 4.14 3.09 2.52 3.42 0.75
 
Note: Strategy 1 is selling on the 15th (or the nearest business day before the 15th) of each month one year prior to harvest and one year following harvest; Strategy 2 is selling on the 15th (or the nearest business day before the 15th) of each month eight months prior to harvest and one year after harvest; Strategy 3 is selling on the 15th (or the nearest business day before the 15th) of each month for one year after harvest.