Table 2.  Pricing Performance Results for 23 Market Advisory Service Programs, Wheat, 1999 Crop Year
  (1) (2) (3) (4) (5) (6) (7) (8)
Unadjusted Carrying Charges Futures Net
Cash Sales Interest Storage Net Cash & Options Brokerage LDP/ Advisory
Market Advisory Program Price Costs Costs Sales Price Gain Costs MLG Price
---$/bushel---
Ag Profit by Hjort 2.14 0.00 0.05 2.08 0.00 0.00 0.61 2.69
Ag Review 2.37 0.12 0.34 1.90 0.01 0.00 0.27 2.18
AgLine by Doane (cash only) 2.16 0.05 0.13 1.98 0.00 0.00 0.62 2.60
AgLine by Doane (hedge) 2.16 0.05 0.13 1.98 0.00 0.00 0.62 2.60
AgResource 2.35 0.01 0.06 2.28 0.65 0.02 0.47 3.38
AgriVisor (aggressive cash) 2.19 0.04 0.10 2.06 0.00 0.00 0.61 2.67
AgriVisor (aggressive hedge) 2.19 0.04 0.10 2.06 -0.03 0.01 0.61 2.63
AgriVisor (basic cash) 2.19 0.04 0.10 2.06 0.00 0.00 0.61 2.67
AgriVisor (basic hedge) 2.19 0.04 0.10 2.06 -0.08 0.01 0.61 2.58
Allendale (futures only) 2.54 0.32 0.58 1.64 1.18 0.10 0.49 3.22
Brock (cash only) 2.26 0.12 0.24 1.89 0.00 0.00 0.70 2.59
Brock (hedge) 2.26 0.12 0.24 1.89 0.05 0.02 0.70 2.62
Cash Grain 2.48 0.07 0.24 2.17 0.00 0.00 0.30 2.47
Freese-Notis 2.37 0.11 0.22 2.05 0.00 0.00 0.28 2.33
Pro Farmer (cash only) 2.18 0.13 0.27 1.77 0.00 0.00 0.57 2.34
Pro Farmer (hedge) 2.16 0.12 0.26 1.77 -0.01 0.01 0.67 2.42
Risk Management Group (cash only) 2.36 0.00 0.00 2.36 0.00 0.00 0.49 2.85
Risk Management Group (futures & options) 2.23 0.00 0.00 2.23 0.10 0.01 0.49 2.81
Risk Management Group (options only) 2.23 0.00 0.00 2.23 0.00 0.00 0.49 2.73
Stewart-Peterson Advisory Reports 2.45 0.09 0.18 2.18 -0.10 0.04 0.40 2.44
Stewart-Peterson Strictly Cash 2.42 0.07 0.14 2.21 0.00 0.00 0.41 2.62
Top Farmer Intelligence 2.27 0.17 0.33 1.77 0.41 0.03 0.49 2.64
Utterback Marketing Services 2.39 0.00 0.00 2.39 -0.22 0.09 0.49 2.57
Descriptive Statistics:
  Average 2.28 0.07 0.16 2.04 0.09 0.02 0.52 2.64
  Median 2.26 0.05 0.13 2.06 0.00 0.00 0.49 2.62
  Minimum 2.14 0.00 0.00 1.64 -0.22 0.00 0.27 2.18
  Maximum 2.54 0.32 0.58 2.39 1.18 0.10 0.70 3.38
  Range 0.41 0.32 0.58 0.75 1.41 0.10 0.43 1.20
  Standard Deviation 0.12 0.07 0.14 0.20 0.29 0.03 0.13 0.26
Market Benchmark Price 2.41 0.04 0.09 2.28 0.00 0.00 0.40 2.68
                 
                 
Notes:  Net cash sales price is calculated as (1) - (2) - (3). Net advisory price is calculated as (4) + (5) - (6) + (7), and therefore, is stated on a harvest equivalent basis.  The market benchmark price is stated on a harvest equivalent basis.  LDP stands for loan deficiency payment and MLG stands for marketing loan gain. The market benchmark price is the average daily cash price for the two-year marketing window from June 1, 1998 through May 31, 2000.