Table 4. Implications of the 1996 Farm Bill and the November 1997 FAPRI Baseline
on the Economic Viability of Representative Farms Primarily Producing Feed Grains
_________________________________________________________________________________________
IAG950 IAG2200 MOCG1500 MOCG3000 MONG1200 NEG800 NEG1575
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Change in Real Net Worth
(%) Over 1997-2002 27.25 36.20 27.90 29.51 12.60 3.37 17.45
Govt Payments/Receipts (%)
1997-2002 6.37 7.95 4.91 4.90 2.56 7.24 7.66
Cost to Receipts Ratio (%)
1997-2002 64.85 59.46 51.84 52.17 79.86 87.34 79.36
Total Cash Receipts ($1000)
1996 327.63 586.80 390.35 857.93 475.17 371.91 776.72
1997 308.42 554.09 384.33 838.72 473.09 372.57 764.42
1998 301.79 545.40 373.05 806.78 452.33 371.35 754.70
1999 300.75 543.31 376.49 805.83 451.67 374.06 752.25
2000 309.01 557.00 387.21 820.17 473.37 388.83 766.18
2001 314.64 565.10 395.04 827.13 482.70 389.00 771.69
2002 320.11 574.38 409.10 849.61 466.29 394.32 796.01
1997-2002 Average 309.12 556.55 387.54 824.71 466.57 381.69 767.54
Contract Payments ($1000)
1996 11.44 27.45 11.18 24.97 6.55 19.07 41.07
1997 12.80 30.72 12.69 28.40 7.33 21.34 45.97
1998 17.16 41.17 15.91 35.18 9.82 28.60 61.61
1999 16.68 40.02 15.46 34.16 9.55 27.80 59.89
2000 15.25 36.60 14.09 31.14 8.73 25.42 54.76
2001 12.39 29.74 11.43 25.24 7.09 20.66 44.49
2002 11.91 28.59 11.04 24.40 6.82 19.86 42.77
1997-2002 Average 14.37 34.47 13.44 29.75 8.22 23.95 51.58
Net Cash Farm Income ($1000)
1996 131.96 260.12 195.36 448.22 122.62 72.31 196.20
1997 114.87 232.30 186.79 418.70 110.90 63.84 181.76
1998 112.74 233.50 183.24 397.81 96.97 63.07 174.41
1999 114.12 232.98 191.10 402.23 98.02 58.21 171.61
2000 121.75 246.14 196.30 418.22 112.18 70.24 181.48
2001 125.24 255.07 202.03 423.31 119.91 63.22 181.59
2002 131.53 261.56 216.00 441.03 97.34 62.51 194.52
1997-2002 Average 120.04 243.59 195.91 416.89 105.89 63.51 180.90
Ending Cash Reserves ($1000)
1996 44.71 101.65 74.55 181.81 24.30 6.78 54.77
1997 68.25 161.63 126.97 314.00 34.36 -14.52 75.86
1998 85.36 219.05 156.00 384.37 27.44 -34.16 78.41
1999 106.53 267.47 181.07 421.25 31.01 -69.12 71.13
2000 131.07 297.21 189.36 441.89 34.39 -85.09 77.63
2001 146.40 325.33 200.12 458.70 37.34 -111.99 84.73
2002 152.68 337.35 203.16 471.49 20.78 -130.12 89.24
1997-2002 Average 115.05 268.01 176.11 415.28 30.89 -74.17 79.50
Total Debt ($1000)
1996 264.35 293.85 381.45 593.57 280.96 251.39 580.00
1997 249.54 281.16 344.03 562.57 301.78 334.54 601.57
1998 214.04 227.02 283.31 481.76 314.01 317.96 591.21
1999 206.92 252.07 238.82 420.95 312.93 366.87 571.23
2000 203.10 234.37 279.78 353.39 356.07 359.64 571.80
2001 212.01 178.10 257.24 301.64 332.97 383.58 530.26
2002 186.07 160.40 223.66 261.62 352.35 392.12 548.04
1997-2002 Average 211.95 222.18 271.14 396.99 328.35 359.12 569.02
Nominal Net Worth ($1000)
1996 939.23 1166.65 1398.77 2699.90 1281.30 1040.74 2197.55
1997 1029.06 1304.25 1554.91 3028.13 1378.86 1091.91 2364.21
1998 1109.78 1437.65 1689.47 3317.89 1441.14 1135.88 2512.05
1999 1200.89 1567.50 1836.45 3596.95 1526.93 1181.47 2678.69
2000 1291.20 1691.82 1933.19 3788.72 1604.17 1224.49 2802.21
2001 1353.07 1787.29 2035.52 3958.91 1677.85 1244.26 2930.48
2002 1397.47 1857.96 2091.90 4088.63 1687.01 1257.89 3017.88
1997-2002 Average 1230.24 1607.75 1856.91 3629.87 1552.66 1189.32 2717.59
Net Income Adjustment (NIA)
($1,000) Over 1997 -62.39 -139.14 -134.37 -294.44 -31.72 -6.36 -78.98
Net Income Adjustment (NIA)
(% of recpts) 1997 -20.18 -25.00 -35.59 -35.70 -6.80 -1.67 -10.57
_________________________________________________________________________________________
Table 5. Implications of the 1996 Farm Bill and the November 1997 FAPRI Baseline on
the Economic Viability of Representative Farms Primarily Producing Feed Grains
_________________________________________________________________________________________
TXNP1600 TXNP5500 SCG1500 SCG3500
_________________________________________________________________________________________
Change in Real Net Worth
(%) Over 1997-2002 38.92 56.15 38.84 50.64
Govt Payments/Receipts (%)
1997-2002 8.69 7.41 6.29 5.50
Cost to Receipts Ratio (%)
1997-2002 68.73 64.50 74.66 62.61
Total Cash Receipts ($1000)
1996 376.54 1411.74 618.01 1627.29
1997 353.47 1332.23 565.05 1517.44
1998 349.23 1302.23 555.50 1481.82
1999 347.17 1300.24 562.57 1501.20
2000 356.04 1326.63 578.38 1531.09
2001 358.71 1342.18 594.48 1586.74
2002 368.84 1379.98 609.62 1625.23
1997-2002 Average 355.58 1330.58 577.60 1540.59
Contract Payments ($1000)
1996 24.77 75.30 24.41 58.04
1997 27.60 85.10 27.82 64.81
1998 33.82 105.33 34.07 77.60
1999 32.69 102.16 33.08 75.28
2000 29.86 93.17 30.14 68.64
2001 24.19 75.52 24.42 55.64
2002 23.43 73.03 23.63 53.83
1997-2002 Average 28.60 89.05 28.86 65.97
Net Cash Farm Income ($1000)
1996 130.07 557.37 209.17 678.90
1997 111.30 477.92 155.91 575.76
1998 114.31 467.40 150.92 557.82
1999 114.89 479.09 149.76 577.40
2000 118.89 500.41 163.67 600.07
2001 119.06 511.75 173.92 651.50
2002 122.92 536.71 178.90 672.50
1997-2002 Average 116.89 495.55 162.18 605.84
Ending Cash Reserves ($1000)
1996 67.48 260.43 95.57 313.60
1997 113.66 399.47 140.52 541.34
1998 157.01 509.47 184.63 750.86
1999 193.49 666.93 207.49 904.07
2000 212.63 794.76 251.59 995.99
2001 234.41 922.05 289.40 1067.65
2002 249.07 1012.10 315.56 1100.62
1997-2002 Average 193.38 717.46 231.53 893.42
Total Debt ($1000)
1996 93.00 350.82 157.03 609.99
1997 82.51 424.75 167.12 600.14
1998 70.83 386.01 166.72 565.54
1999 62.91 324.90 243.71 596.93
2000 109.65 306.61 233.92 585.28
2001 101.70 187.41 229.40 431.74
2002 131.25 128.77 261.97 434.10
1997-2002 Average 93.14 293.08 217.14 535.62
Nominal Net Worth ($1000)
1996 475.18 1772.97 776.53 2440.74
1997 532.27 2018.18 865.10 2812.84
1998 586.40 2264.56 948.01 3167.02
1999 640.72 2521.63 1026.64 3536.09
2000 689.66 2763.96 1112.50 3841.41
2001 737.47 3029.09 1193.16 4126.42
2002 771.90 3237.15 1260.63 4299.24
1997-2002 Average 659.74 2639.09 1067.67 3630.50
Net Income Adjustment (NIA)
($1,000) Over 1997 -48.05 -282.88 -78.35 -416.05
Net Income Adjustment (NIA)
(% of recpts) 1997 -13.51 -21.50 -13.56 -27.01
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