Table 9.  Revenue Performance Results for Market Advisory Programs, Two-Year, Three-Year, and Four-Year Averages
     
  1995 1996 1997 1998 (1997-1998) (1996-1998) (1995-1998)  
Net Net Net Net Two-Year Three-Year Four-Year
Advisory Advisory Advisory Advisory Average Average Average Annual
Market Advisory Program Revenue Revenue Revenue Revenue Revenue Revenue Revenue Cost of Service
---$/acre--- ---$/year---
Ag Line by Doane (cash-only) 185 170 185 105 145 153 161 300 38.3202
Ag Line by Doane (hedge) N/A N/A N/A 103 N/A N/A N/A 300
Ag Profit by Hjort Associates 1 204 155 114 68 91 112 135 280 58.0405
Ag Resource 190 188 87 109 98 128 143 600 53.1915
Ag Review 212 137 128 115 121 127 148 450 43.7553
Agri-Edge (cash-only) 181 113 N/A N/A N/A N/A N/A N/A
Agri-Edge (hedge) 179 118 N/A N/A N/A N/A N/A N/A
Agri-Visor Aggressive Cash 144 153 143 116 129 137 139 299 16.2415
Agri-Visor Aggressive Hedge 180 159 143 107 125 136 147 299 31.0791
Agri-Visor Basic Cash 136 149 143 110 126 134 134 299 17.1568
Agri-Visor Basic Hedge 176 146 143 105 124 131 142 299 29.2026
Allendale (futures only) 2 150 112 201 135 168 149 149 240 37.636
Brock (cash-only) 155 152 216 141 179 170 166 240 33.7716
Brock (hedge) 150 143 227 170 198 180 172 240 38.1484
Freese-Notis 165 168 210 130 170 169 168 360 32.9985
Grain Field Report 171 137 N/A N/A N/A N/A N/A N/A
Harris Weather/Elliott Advisory 185 139 N/A N/A N/A N/A N/A N/A
North American Ag. 188 N/A N/A N/A N/A N/A N/A N/A
Pro Farmer (cash-only) 177 156 187 122 155 155 161 324 28.5749
Pro Farmer (hedge) 197 143 184 126 155 151 163 324 33.554
Progressive Ag. N/A 163 158 129 143 150 N/A 240
Prosperous Farmer 148 N/A N/A N/A N/A N/A N/A N/A
Stewart-Peterson Advisory Reports 150 146 194 134 164 158 156 180 26.2374
Stewart-Peterson Strictly Cash 163 148 204 138 171 164 164 99 29.1751
Top Farmer Intelligence 135 137 166 114 140 139 138 240 21.3892
Utterback Marketing Services N/A N/A 253 142 198 N/A N/A 300
Zwicker Cycle Letter 175 104 143 113 128 120 134 269 32.0058
Descriptive Statistics:
  Average 171 145 171 121 146 145 151 294
  Median 175 146 175 116 144 149 149 299
  Minimum 135 104 87 68 91 112 134 99
  Maximum 212 188 253 170 198 180 172 600
  Range 77 83 167 101 107 68 39 501
  Standard Deviation 21 20 42 20 30 18 13 98
Market Benchmark Revenue 162 150 209 148 179 169 167 28.7591
   
             
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.
1 At the time of analysis for this report, Ag Profit by Hjort Associates had not made any cash sales of 1998 wheat. In order to complete the analysis, all remaining cash quantities are sold as of May 31, 2000.  Future AgMAS pricing reports will update and revise results for this program when the final pricing decisions are made.
2 At the time of analysis for this report, Allendale (futures only) had not made any cash sales of 1997 or 1998 wheat. However, the crop for both years is fully hedged using wheat futures.  In order to complete the analysis, the futures positions are closed and all remaining cash quantities sold as of May 31, 2000.  Future AgMAS pricing reports will update and revise results for this program when the final pricing decisions are made.