11
Table 1. Sample Variance-Covariance Matrix Used to Estimate the Cash Prices and Yields
∆pc ∆yc ∆ps ∆ys | |
∆pc |
0.047357 -0.01915 0.047691 0.035028 -0.01527 0.037954 -0.01369 0.023965 -0.01025 0.019965 |
Table 2. Implied Sample Correlation Coefficient Matrix
∆pC ∆yc ∆ps ∆ys | |
∆pC |
1.000 -0.403 1.000 0.826 -0.359 1.000 -0.445 0.777 -0.372 1.000 |
Table 3. Parameter Values Used in the Simulations
Corn |
Soybeans | |
Expected Price ($/Bu): |
2.ÎÔ |
5.79 |
Expected Yields (Bu/Acre) |
131.08 |
42.16 |
Cash-Futures Correlations: | ||
- price |
0.973 |
0.995 |
- yield |
0.621 |
0.876 |
Proportion of acreage in the farm |
0.58 |
0.42 |
Target price ($/Bu) |
2.75 |
- |
Loan rate ($/Bu) |
2.00 |
5.00 |
ARP (%) |
10 |
- |
Flex (%) |
15 |
- |
Revenue assurance level |
0.70 |
0.70 |
Costs per acre ($) |
155.20 |
81.04 |
(Excluding land rents)
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