Table 1. Comparison of Crop Prices, Loan Rates and Net Contract Payment Rates, 1996-2002.
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1996 1997 1998 1999 2000 2001 2002
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Crop Prices
Corn ($/bu.) 2.70 2.59 2.46 2.41 2.45 2.49 2.56
Wheat ($/bu.) 4.30 3.56 3.30 3.43 3.52 3.66 3.73
Cotton ($/lb.) 0.6930 0.6894 0.6610 0.6606 0.6664 0.6724 0.6789
Sorghum ($/bu.) 2.34 2.30 2.33 2.27 2.34 2.38 2.45
Soybeans ($/bu.) 7.38 6.45 5.98 5.95 5.92 6.08 6.12
Barley ($/bu.) 2.74 2.41 2.34 2.32 2.42 2.43 2.46
Oats ($/bu.) 1.96 1.60 1.60 1.58 1.61 1.63 1.66
Rice ($/cwt.) 9.90 9.68 9.37 9.34 9.34 9.36 9.41
Soybean Meal ($/ton) 258.90 200.35 188.88 187.94 187.20 190.87 195.00
All Hay ($/ton) 93.00 98.87 93.38 92.53 93.54 94.68 95.78
Loan Rates
Corn ($/bu.) 1.89 1.89 1.89 1.89 1.89 1.89 1.89
Wheat ($/bu.) 2.58 2.58 2.58 2.58 2.58 2.58 2.58
Cotton ($/lb.) 0.5192 0.5192 0.5192 0.5192 0.5192 0.5192 0.5192
Sorghum ($/bu.) 1.81 1.74 1.74 1.75 1.75 1.74 1.77
Soybeans ($/bu.) 4.97 5.26 5.26 5.26 5.26 5.21 5.10
Barley ($/bu.) 1.55 1.58 1.54 1.54 1.54 1.54 1.54
Oats ($/bu.) 1.03 1.11 1.11 1.15 1.19 1.25 1.22
Rice ($/cwt.) 6.50 6.50 6.50 6.50 6.50 6.50 6.50
Net Contract Payment Rates
Corn ($/bu.) 0.25 0.28 0.38 0.37 0.33 0.27 0.26
Wheat ($/bu.) 0.52 0.61 0.65 0.63 0.57 0.46 0.45
Cotton ($/lb.) 0.0703 0.0725 0.0772 0.0745 0.0682 0.0553 0.0536
Sorghum ($/bu.) 0.32 0.33 0.44 0.42 0.39 0.31 0.30
Barley ($/bu.) 0.13 0.26 0.27 0.25 0.23 0.23 0.18
Oats ($/bu.) 0.00 0.03 0.03 0.03 0.03 0.02 0.02
Rice ($/cwt.) 2.77 2.73 2.92 2.84 2.60 2.10 2.02
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Source: Food and Agricultural Policy Research Institute (FAPRI) at the University of Missouri-Columbia
and Iowa State University.