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| TABLE 3. AVERAGE
NET RETURNS AND SUPPORTING STATISTICS FOR
PREHARVEST MARKETING STRATEGIES AND A HARVEST
CASH MAREKTING STRATEGY: IOWA AND OHIO SOYBEAN
DATA |
| Strategies |
State & grain |
Months or years |
Net
Return |
t - test |
Probability |
| |
|
|
Mean
|
Std
dev
|
CV
|
|
|
| |
|
|
($)
|
($)
|
%
|
|
|
| Hedge II |
Ohio Soy |
hedge Feb or July |
61932
|
14777
|
0.2386
|
1.8118
|
0.0867
|
| Hedge II |
Iowa Soy |
hedge Feb or July |
82505
|
28539
|
0.3459
|
1.8759
|
0.0770
|
| Synthetic Put Feb.
Short hedge |
|
|
|
|
|
|
|
| Synthetic Put I |
Ohio Soy |
offset call July |
59783
|
10696
|
0.1789
|
2.6923
|
0.0196
|
| Synthetic Put I |
Iowa Soy |
offset call July |
80560
|
32017
|
0.3974
|
2.5850
|
0.0239
|
| Synthetic Put II |
Ohio Soy |
offset call August |
58724
|
9955
|
0.1695
|
2.1948
|
0.0486
|
| Synthetic Put II |
Iowa Soy |
offset call August |
79599
|
30935
|
0.3886
|
2.1350
|
0.0541
|
| Synthetic Put III |
Ohio Soy |
offset call September |
57652
|
10676
|
0.1852
|
1.7174
|
0.1111
|
| Synthetic Put III |
Iowa Soy |
offset call September |
78221
|
32076
|
0.4101
|
1.6177
|
0.1317
|
| Synthetic Put Feb.
Short hedge/call |
|
|
|
|
|
|
|
| Synthetic Put IV |
Ohio Soy |
offset call July/July |
59051
|
10238
|
0.1734
|
2.6567
|
0.0209
|
| Synthetic Put IV |
Iowa Soy |
offset call July/July
|
79659
|
31537
|
0.3959
|
2.5423
|
0.0258
|
| Synthetic Put V |
Ohio Soy |
offset call
July/August |
57991
|
9371
|
0.1616
|
2.1275
|
0.0548
|
| Synthetic Put V |
Iowa Soy |
offset call
July/August |
78698
|
30407
|
0.3864
|
2.0533
|
0.0625
|
| Synthetic Put VI |
Ohio Soy |
offset call
July/Sept. |
56919
|
10049
|
0.1765
|
1.6154
|
0.1322
|
| Synthetic Put VI |
Iowa Soy |
offset call
July/Sept. |
77320
|
31525
|
0.4077
|
1.4974
|
0.1601
|
| |
|
|
|
|
|
|
|
| Synthetic Put |
|
|
|
|
|
|
|
| Synthetic Put VII |
Ohio Soy |
offset call July |
59315
|
11305
|
0.1906
|
3.0768
|
0.0096
|
| Synthetic Put VII |
Iowa Soy |
offset call July |
80081
|
32754
|
0.4090
|
2.9688
|
0.0117
|
| Synthetic Put VIII |
Ohio Soy |
offset call August |
57491
|
10799
|
0.1878
|
2.4441
|
0.0309
|
| Synthetic Put VIII |
Iowa Soy |
offset call August |
78243
|
31477
|
0.4023
|
2.3127
|
0.0393
|
| Synthetic Put XI |
Ohio Soy |
offset call September |
56431
|
11468
|
0.2032
|
1.7926
|
0.0983
|
| Synthetic Put XI |
Iowa Soy |
offset call September |
76887
|
32676
|
0.4250
|
1.6370
|
0.1276
|
| |
|
|
|
|
|
|
|
| Naive Cash Marketing
Sale |
|
|
|
|
|
|
|
| |
Ohio Soy |
18 yrs |
55821
|
17784
|
0.3186
|
|
|
| |
Iowa Soy |
18 yrs |
75892
|
29405
|
0.3875
|
|
|
| |
Ohio Soy |
12 yrs |
52680
|
13391
|
0.2542
|
|
|
| |
Iowa Soy |
12 yrs |
72764
|
31745
|
0.4363
|
|
|
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