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| TABLE 4. AVERAGE
NET RETURNS AND SUPPORTING STATISTICS FOR
PREHARVEST MARKETING STRATEGIES AND A HARVEST
CASH MARKETING STRATEGY: IOWA AND OHIO CORN DATA |
| Strategies |
States & Grain |
Months or years |
Average Net Returns
|
t -test |
Probability |
| |
|
|
Mean
|
Std
dev
|
CV
|
|
|
| |
|
|
($)
|
($)
|
%
|
|
|
| Hedge II |
Ohio Corn |
hedge Feb or July |
64927
|
25161
|
0.3875
|
1.8854
|
0.0756
|
| Hedge II |
Iowa Corn |
hedge Feb or July |
60332
|
42329
|
0.7016
|
1.8429
|
0.0819
|
| Synthetic Put Feb.
Short hedge |
|
|
|
|
|
|
|
| Synthetic Put I |
Ohio Corn |
offset call July |
64623
|
23103
|
0.3575
|
1.9542
|
0.0744
|
| Synthetic Put I |
Iowa Corn |
offset call July |
65110
|
39885
|
0.6121
|
1.8915
|
0.0829
|
| Synthetic Put II |
Ohio Corn |
offset call August |
62210
|
23496
|
0.3777
|
1.4424
|
0.1748
|
| Synthetic Put II |
Iowa Corn |
offset call August |
62395
|
40193
|
0.6442
|
1.3877
|
0.1905
|
| Synthetic Put III |
Ohio Corn |
offset call September |
61442
|
24421
|
0.3975
|
1.3286
|
0.2087
|
| Synthetic Put III |
Iowa Corn |
offset call September |
61580
|
40861
|
0.6635
|
1.2892
|
0.2216
|
| Synthetic Put Feb.
Short Hedge/Call |
|
|
|
|
|
|
|
| Synthetic Put IV |
Ohio Corn |
offset call Ju.y/July |
64234
|
24543
|
0.3821
|
1.8439
|
0.0900
|
| Synthetic Put IV |
Iowa Corn |
offset call July/July |
64765
|
41759
|
0.6448
|
1.7824
|
0.1000
|
| Synthetic Put V |
Ohio Corn |
offset call
July/August |
61822
|
24873
|
0.4023
|
1.3518
|
0.2014
|
| Synthetic Put V |
Iowa Corn |
offset call
July/August |
62050
|
42057
|
0.6778
|
1.3020
|
0.2174
|
| Synthetic Put VI |
Ohio Corn |
offset call
July/Sept. |
61053
|
25735
|
0.4215
|
1.2393
|
0.2389
|
| Synthetic Put VI |
Iowa Corn |
offset call
July/Sept. |
61235
|
42689
|
0.6971
|
1.2044
|
0.2516
|
| Mixed Hedge/Put |
|
|
|
|
|
|
|
| Mixed Hedge/Put I |
Ohio Corn |
put/May &
hedge/July |
58198
|
24765
|
0.4255
|
1.8274
|
0.0926
|
| Mixed Hedge/Put I |
Iowa Corn |
put/May &
hedge/July |
57868
|
38381
|
0.6632
|
1.8344
|
0.0915
|
| Mixed Hedge/Put Feb.
Short Hedge |
|
|
|
|
|
|
|
| Mixed Hedge/Put II |
Ohio Corn |
put/May &
hedge/July |
63847
|
26714
|
0.4184
|
2.7663
|
0.0171
|
| Mixed Hedge/Put II |
Iowa Corn |
put/May &
hedge/July |
64352
|
41399
|
0.6433
|
2.7994
|
0.0161
|
| Mixed Hedge/Put Feb.
Short Hedge &Call
|
|
|
|
|
|
|
|
| Mixed Hedge/Put III |
Ohio Corn |
put/May &
hedge/July |
63458
|
27958
|
0.4406
|
2.5388
|
0.0260
|
| Mixed Hedge/Put III |
Iowa Corn |
put/May &
hedge/July |
64007
|
43228
|
0.6754
|
2.5284
|
0.0265
|
| |
|
|
|
|
|
|
| Naive Cash Marketing
Sale |
Ohio Corn |
18 yr. Period |
55125
|
23602
|
0.4282
|
|
|
| |
Iowa Corn |
18 yr. Period |
49217
|
39577
|
0.8041
|
|
|
| |
Ohio Corn |
12 yr. Period |
53941
|
24291
|
0.4503
|
|
|
| |
Iowa Corn |
12 yr. Period |
53251
|
35378
|
0.6644
|
|
|
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