TABLE 3 CONT

TABLE 3 CONT. AVERAGE NET RETURNS, MARGIN ACCOUNTS, OVER AND UNDER HEDGES AND SUPPORTING STATISTICS FOR PREHARVEST MARKETING STRATEGIES AND A NAIVE HARVEST CASH MAREKTING STRATEGY: IOWA AND OHIO SOYBEAN DATA

Strategies

State & Grain

Months or years

Drawndown

Over / Under Hedge

max

mean

std dev

max

min

mean

std dev.

($)

($)

($)

bushels

bushels

bushels

bushels

Hedge I

Ohio Soy

Feb or May

44146

10799

12392.4100

7000.0000

-1500.0000

3097.2220

2164.45

Hedge I

Iowa Soy

Feb or May

44146

11866

12608.6700

7200.0000

-8750.0000

3905.5560

3576.964

Hedge II

Ohio Soy

Feb or July

44041

7479

10518.3400

7000.0000

-1500.0000

3097.2220

2164.45

Hedge II

Iowa Soy

Feb or July

44041

8465

10950.4500

7200.0000

-8750.0000

3905.5560

3576.964

8020 put/hedge

Mixed Hedge Put I

Ohio Soy

0

0

0.0000

12000.0000

3500.0000

8625.0000

2275.1124

Mixed Hedge Put I

Iowa Soy

0

0

0.0000

12000.0000

-3750.0000

6375.0000

3779.0992

8020 put/hedgeFeb short hedge

Mixed Hedge Put II

Ohio Soy

15372

2454

4630.0920

10750.0000

750.0000

6958.3300

3248.83

Mixed Hedge Put II

Iowa Soy

20496

3196

6173.4010

8350.0000

-3750.0000

5125.0000

3392.47

Synthetic put

Synthetic IV

Ohio Soy

h/july call

29995

6533

8652.1070

7000.0000

-1500.0000

3625.0000

2275

Synthetic IV

Iowa Soy

h/july call

29995

7709

9293.8200

7200.0000

-8750.0000

3875.0000

4370

Synthetic V

Ohio Soy

h/aug call

29995

6533

8652.1070

7000.0000

-1500.0000

3625.0000

2275

Synthetic V

Iowa Soy

h/aug call

29995

7709

9293.8200

7200.0000

-8750.0000

3875.0000

4370

Synthetic VI

Iowa Soy

h/sept call

29995

7709

9293.8200

7200.0000

-8750.0000

3875.0000

4370

Synthetic VI

Ohio Soy

h/sept call

29995

6533

8652.1070

7000.0000

-1500.0000

3625.0000

2275

Synthetic put Feb short hedge

Synthetic I

Ohio Soy

h/july call

29995

7923

8763.8590

7000.0000

-1500.0000

3625.0000

2275.11

Synthetic I

Iowa Soy

h/july call

29995

9524

9709.5090

7200.0000

-8750.0000

3875.0000

4370.33

Synthetic II

Ohio Soy

h/aug call

29995

7923

8763.8590

7000.0000

-1500.0000

3625.0000

2275.11

Synthetic II

Iowa Soy

h/aug call

29995

9524

9709.5090

7200.0000

-8750.0000

3875.0000

4370.33

Synthetic III

Ohio Soy

h/sept call

29995

7923

8763.8590

7000.0000

-1500.0000

3625.0000

2275.11

Synthetic III

Iowa Soy

h/sept call

29995

9524

9709.5090

7200.0000

-8750.0000

3875.0000

4370.33

TABLE 3 CONT. AVERAGE NET RETURNS, MARGIN ACCOUNTS, OVER AND UNDER HEDGES AND SUPPORTING STATISTICS FOR PREHARVEST MARKETING STRATEGIES AND A NAIVE HARVEST CASH MAREKTING STRATEGY: IOWA AND OHIO SOYBEAN DATA
Strategies	State & Grain	Months or years	Drawndown			Over / Under Hedge
			max	mean	std dev	max	min	mean	std dev.
			($)	($)	($)	bushels	bushels	bushels	bushels
Hedge I	Ohio Soy	Feb or May	44146	10799	12392.4100	7000.0000	-1500.0000	3097.2220	2164.45
Hedge I	Iowa Soy	Feb or May	44146	11866	12608.6700	7200.0000	-8750.0000	3905.5560	3576.964
Hedge II	Ohio Soy	Feb or July	44041	7479	10518.3400	7000.0000	-1500.0000	3097.2220	2164.45
Hedge II	Iowa Soy	Feb or July	44041	8465	10950.4500	7200.0000	-8750.0000	3905.5560	3576.964

8020 put/hedge
Mixed Hedge Put I	Ohio Soy		0	0	0.0000	12000.0000	3500.0000	8625.0000	2275.1124
Mixed Hedge Put I	Iowa Soy		0	0	0.0000	12000.0000	-3750.0000	6375.0000	3779.0992

8020 put/hedgeFeb short hedge
Mixed Hedge Put II	Ohio Soy		15372	2454	4630.0920	10750.0000	750.0000	6958.3300	3248.83
Mixed Hedge Put II	Iowa Soy		20496	3196	6173.4010	8350.0000	-3750.0000	5125.0000	3392.47

Synthetic put
Synthetic IV	Ohio Soy	h/july call	29995	6533	8652.1070	7000.0000	-1500.0000	3625.0000	2275
Synthetic IV	Iowa Soy	h/july call	29995	7709	9293.8200	7200.0000	-8750.0000	3875.0000	4370
Synthetic V	Ohio Soy	h/aug call	29995	6533	8652.1070	7000.0000	-1500.0000	3625.0000	2275
Synthetic V	Iowa Soy	h/aug call	29995	7709	9293.8200	7200.0000	-8750.0000	3875.0000	4370
Synthetic VI	Iowa Soy	h/sept call	29995	7709	9293.8200	7200.0000	-8750.0000	3875.0000	4370
Synthetic VI	Ohio Soy	h/sept call	29995	6533	8652.1070	7000.0000	-1500.0000	3625.0000	2275

Synthetic put Feb short hedge
Synthetic I	Ohio Soy	h/july call	29995	7923	8763.8590	7000.0000	-1500.0000	3625.0000	2275.11
Synthetic I	Iowa Soy	h/july call	29995	9524	9709.5090	7200.0000	-8750.0000	3875.0000	4370.33
Synthetic II	Ohio Soy	h/aug call	29995	7923	8763.8590	7000.0000	-1500.0000	3625.0000	2275.11
Synthetic II	Iowa Soy	h/aug call	29995	9524	9709.5090	7200.0000	-8750.0000	3875.0000	4370.33
Synthetic III	Ohio Soy	h/sept call	29995	7923	8763.8590	7000.0000	-1500.0000	3625.0000	2275.11
Synthetic III	Iowa Soy	h/sept call	29995	9524	9709.5090	7200.0000	-8750.0000	3875.0000	4370.33