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11

Table 1. Sample Variance-Covariance Matrix Used to Estimate the Cash Prices and Yields

∆pc                ∆yc                ∆ps                 ∆ys

∆pc
∆yc
∆ps
∆ys

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
∆yC
∆ps
∆ys

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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