| TABLE 4 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 CORN DATA | |||||||||
|
Strategies |
State |
Months or years |
Drawndown |
Over / Under Hedge |
|||||
|
|
Grain |
-------- |
max |
mean |
std dev |
max |
min |
mean |
std dev. |
|
|
|
|
($) |
($) |
($) |
bushels |
bushels |
bushels |
bushels |
|
Hedge I |
Ohio Corn |
Feb or May |
60958 |
16161 |
18096.6200 |
16500.0000 |
-12500.0000 |
6611.1110 |
8374.604 |
|
Hedge I |
Iowa Corn |
Feb or May |
66499 |
18469 |
20603.0300 |
17850.0000 |
-22200.0000 |
6316.6670 |
9582.321 |
|
Hedge II |
Ohio Corn |
Feb or July |
40194 |
10624 |
14095.6000 |
16500.0000 |
-12500.0000 |
6611.1110 |
8374.604 |
|
Hedge II |
Iowa Corn |
Feb or July |
47502 |
12336 |
16680.8200 |
17850.0000 |
-22200.0000 |
6316.6670 |
9582.321 |
|
|
|
|
|
|
|
|
|
|
|
|
8020 put/hedge |
|
|
|
|
|
|
|
|
|
|
Mixed Hedge Put I |
Ohio Corn |
|
5414 |
971 |
1768.3120 |
21500.0000 |
-7500.0000 |
7583.0000 |
8237.9929 |
|
Mixed Hedge Put I |
Iowa Corn |
|
5414 |
971 |
1768.3120 |
17850.0000 |
-22200.0000 |
8195.5000 |
10897.371 |
|
|
|
|
|
|
|
|
|
|
|
|
8020 put/hedge, Feb short hedge |
|
|
|
|
|
|
|
|
|
|
Mixed Hedge Put II |
Ohio Corn |
|
40194 |
4723 |
11313.1000 |
16500.0000 |
-7500.0000 |
7166.0000 |
7568 |
|
Mixed Hedge Put II |
Iowa Corn |
|
47502 |
5377 |
13390.3800 |
17850.0000 |
-2200.0000 |
7362.2000 |
10413 |
|
|
|
|
|
|
|
|
|
|
|
|
Synthetic put, Feb short hedge |
|
|
|
|
|
|
|
|
|
|
Synthetic I |
Ohio Corn |
h/july call |
60958 |
14956 |
20252.5600 |
16500.0000 |
-12500.0000 |
5916.6700 |
9027.32 |
|
Synthetic I |
Iowa Corn |
h/july call |
66499 |
16979 |
22897.2500 |
17850.0000 |
-22200.0000 |
6112.5000 |
10600.4 |
|
Synthetic II |
Ohio Corn |
h/aug call |
60958 |
14956 |
20252.5600 |
16500.0000 |
-12500.0000 |
5916.6700 |
9027.32 |
|
Synthetic II |
Iowa Corn |
h/aug call |
66499 |
16979 |
22897.2500 |
17850.0000 |
-22200.0000 |
6112.5000 |
10600.4 |
|
Synthetic III |
Ohio Corn |
h/sept call |
60958 |
14956 |
20252.5600 |
16500.0000 |
-12500.0000 |
5916.6700 |
9027.32 |
|
Synthetic III |
Iowa Corn |
h/sept call |
66499 |
16979 |
22897.2500 |
17850.0000 |
-22200.0000 |
6112.5000 |
10600.4 |
|
|
|
|
|
|
|
|
|
|
|
|
Synthetic put |
|
|
|
|
|
|
|
|
|
|
Synthetic IV |
Ohio Corn |
h/july call |
60958 |
13205 |
18198.9700 |
16500.0000 |
-12500.0000 |
5917.0000 |
9027 |
|
Synthetic IV |
Iowa Corn |
h/july call |
66499 |
14837 |
20279.9300 |
17850.0000 |
-22200.0000 |
6113.0000 |
10600 |
|
Synthetic V |
Ohio Corn |
h/aug call |
60958 |
13205 |
18198.9700 |
16500.0000 |
-12500.0000 |
5917.0000 |
9027 |
|
Synthetic V |
Iowa Corn |
h/aug call |
66499 |
14837 |
20279.9300 |
17850.0000 |
-22200.0000 |
6113.0000 |
10600 |
|
Synthetic VI |
Ohio Corn |
h/sept call |
60958 |
13205 |
18198.9700 |
16500.0000 |
-12500.0000 |
5917.0000 |
9027 |
|
Synthetic VI |
Iowa Corn |
h/sept call |
66499 |
14837 |
20279.9300 |
17850.0000 |
-22200.0000 |
6113.0000 |
10600 |