摘要：The purpose of this paper is to investigate the pricing performance of agricultural market advisory services in hogs. Pricing recommendations are available for all quarters from the beginning of 1995 through the end of 2001. The results show that average differences between advisory programs and market benchmarks are small in nominal terms for all three benchmarks, -$0.41/bu., $O.OO/cwt. and $-0.27/cwt. versus the cash, index and empirical benchmarks, respectively, and none of the average differences are significantly different from zero. Hence, advisory programs as a group do not outperform the market benchmarks in terms of average price. Advisory programs also do not outperform the market benchmarks in terms of average price and risk. Finally, there is little evidence that advisory programs with superior performance can be usefully selected based on past performance in the hog market.
