| TABLE 4. AVERAGE NET RETURNS, MARGIN ACCOUNTS, OVER AND UNDER HEDGES AND SUPPORTING STATISTICS FOR PREHARVEST MARKETING STRATEGIES AND A NAIVE 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 I |
Ohio Corn |
Feb or May |
60013 |
23351 |
0.3891 |
0.8909 |
0.3848 |
|
Hedge I |
Iowa Corn |
Feb or May |
54933 |
38536 |
0.7015 |
0.8960 |
0.3821 |
|
Hedge II |
Ohio Corn |
Feb or July |
63521 |
26043 |
0.4100 |
1.5903 |
0.1292 |
|
Hedge II |
Iowa Corn |
Feb or July |
58769 |
41131 |
0.6999 |
1.5631 |
0.1354 |
|
|
|
|
|
|
|
|
|
|
8020 put/hedge |
|
|
|
|
|
|
|
|
Mixed Hedge Put I |
Ohio Corn |
|
58185 |
24765 |
0.4256 |
1.8225 |
0.0934 |
|
Mixed Hedge Put I |
Iowa Corn |
|
57856 |
38381 |
0.6634 |
1.8298 |
0.0922 |
|
|
|
|
|
|
|
|
|
|
8020 put/hedge, Feb short hedge |
|
|
|
|
|
|
|
|
Mixed Hedge Put II |
Ohio Corn |
|
62284 |
26787 |
0.4301 |
2.3381 |
0.0375 |
|
Mixed Hedge Put II |
Iowa Corn |
|
62591 |
39697 |
0.6342 |
2.3795 |
0.0348 |
|
|
|
|
|
|
|
|
|
|
Synthetic put, Feb short hedge |
|
|
|
|
|
|
|
|
Synthetic I |
Ohio Corn |
h/July call |
62848 |
23518 |
0.3742 |
1.6151 |
0.1323 |
|
Synthetic I |
Iowa Corn |
h/July call |
63122 |
38171 |
0.6047 |
1.5668 |
0.1431 |
|
Synthetic II |
Ohio Corn |
h/aug call |
61018 |
22956 |
0.3762 |
1.2585 |
0.2322 |
|
Synthetic II |
Iowa Corn |
h/aug call |
61043 |
38334 |
0.6280 |
1.2077 |
0.2504 |
|
Synthetic III |
Ohio Corn |
h/sept call |
59713 |
24507 |
0.4104 |
1.0318 |
0.3225 |
|
Synthetic III |
Iowa Corn |
h/sept call |
59643 |
39022 |
0.6543 |
1.0013 |
0.3365 |
|
|
|
|
|
|
|
|
|
|
Synthetic put |
|
|
|
|
|
|
|
|
Synthetic IV |
Ohio Corn |
h/July call |
63443 |
26961 |
0.4250 |
1.5736 |
0.1416 |
|
Synthetic IV |
Iowa Corn |
h/July call |
63966 |
44335 |
0.6931 |
1.5237 |
0.1535 |
|
Synthetic V |
Ohio Corn |
h/aug call |
59704 |
24078 |
0.4033 |
1.0187 |
0.3285 |
|
Synthetic V |
Iowa Corn |
h/aug call |
59662 |
42038 |
0.7046 |
0.9702 |
0.3511 |
|
Synthetic VI |
Ohio Corn |
h/sept call |
58240 |
25196 |
0.4326 |
0.7772 |
0.4521 |
|
Synthetic VI |
Iowa Corn |
h/sept call |
58077 |
42252 |
0.7275 |
0.7503 |
0.4675 |
|
|
|
|
|
|
|
|
|
|
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 |
|
|