| 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 |
|
|