Table 12. Implications of the 1996 Farm Bill and the November 1997 FAPRI
Baseline on the Economic Viability of Representative Farms Primarily Producing
Beef Cattle
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                               MTB400      WYB300       COB300
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 Change in Real Net Worth
(%) Over 1997-2002             16.74        12.78        11.43

Govt Payments/Receipts (%)
  1997-2002                     0.00         0.00         0.00

Cost to Receipts Ratio (%)
  1997-2002                    59.22        79.96        70.24

Total Cash Receipts ($1000)
             1996             103.07        87.64       139.48
             1997             135.53       110.83       151.16
             1998             143.57       117.03       162.39
             1999             157.92       128.28       174.48
             2000             175.39       141.76       190.38
             2001             169.43       137.37       186.50
             2002             152.19       124.48       175.21
1997-2002 Average             155.67       126.62       173.35

Net Cash Farm Income ($1000)
             1996              18.59        -2.90        20.52
             1997              43.99        17.55        32.97
             1998              55.78        19.92        45.39
             1999              69.13        30.50        55.99
             2000              87.70        41.55        65.41
             2001              78.57        34.47        64.96
             2002              61.79        22.46        54.74
1997-2002 Average              66.16        27.74        53.24

Ending Cash Reserves ($1000)
             1996               1.59       -16.21         1.17
             1997              19.01       -14.96        10.12
             1998              44.38       -12.65        26.67
             1999              76.24        -2.51        51.11
             2000             105.09         6.01        75.57
             2001             113.00        10.92        98.83
             2002             108.15         0.69       110.93
1997-2002 Average              77.65        -2.09        62.21

Total Debt ($1000)
             1996              15.91        22.25        27.07
             1997              17.54        19.76        25.88
             1998              26.31        34.13        23.16
             1999              22.56        43.45        41.43
             2000              13.73        53.36        71.16
             2001              14.56        55.38        67.09
             2002              21.87        67.70        58.89
1997-2002 Average              19.43        45.63        47.93

Nominal Net Worth ($1000)
             1996            1536.71       557.88      2680.09
             1997            1674.60       609.66      2873.28
             1998            1781.18       639.28      3023.15
             1999            1922.38       691.27      3222.69
             2000            2056.19       749.76      3380.08
             2001            2110.81       759.36      3471.88
             2002            2097.62       735.70      3492.11
1997-2002 Average            1940.46       697.51      3243.87

Net Income Adjustment (NIA)
($1,000) Over 1997            -60.81       -11.85       -43.34

Net Income Adjustment (NIA)
(% of recpts) 1997            -39.06        -9.36       -26.86
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