| 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 |
|
|