Table 1. Comparison of Crop Prices, Loan Rates, and Net Contract Payment Rates 1997-2002.
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1997 1998 1999 2000 2001 2002
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Crop Prices
Corn ($/bu) 2.51 2.39 2.37 2.42 2.46 2.49
Wheat ($/bu.) 3.45 3.33 3.37 3.49 3.54 3.57
Cotton ($/lb.) 0.6812 0.6888 0.6894 0.6942 0.7005 0.7069
Sorghum ($/bu.) 2.26 2.21 2.19 2.24 2.29 2.33
Soybeans ($/bu.) 6.53 5.87 5.91 5.92 5.97 6.01
Barley ($/bu.) 2.40 2.25 2.26 2.32 2.34 2.36
Oats ($/bu.) 1.60 1.54 1.54 1.56 1.58 1.59
Rice ($/cwt) 9.84 9.31 9.30 9.33 9.37 9.39
Soybean Meal ($/ton) 190.50 176.10 177.20 179.50 181.90 183.40
All Hay ($/ton) 101.10 93.00 92.80 93.40 94.70 95.60
Loan Rates
Corn ($/bu) 1.89 1.89 1.89 1.89 1.89 1.89
Wheat ($/bu.) 2.58 2.58 2.58 2.58 2.58 2.58
Cotton ($/lb.) 0.5192 0.5192 0.5192 0.5192 0.5192 0.5192
Sorghum ($/bu.) 1.74 1.75 1.75 1.74 1.72 1.74
Soybeans ($/bu.) 5.26 5.26 5.26 5.26 5.20 5.04
Barley ($/bu.) 1.58 1.54 1.54 1.54 1.54 1.54
Oats ($/bu.) 1.11 1.12 1.15 1.19 1.25 1.22
Rice ($/cwt) 6.50 6.50 6.50 6.50 6.50 6.50
Net Contract Payment Rates
Corn ($/bu.) 0.28 0.37 0.36 0.33 0.26 0.26
Wheat ($/bu.) 0.61 0.65 0.63 0.58 0.47 0.46
Cotton ($/lb.) 0.07 0.08 0.07 0.07 0.06 0.05
Sorghum ($/bu.) 0.33 0.45 0.43 0.40 0.32 0.31
Barley ($/bu.) 0.26 0.29 0.28 0.26 0.21 0.20
Oats ($/bu.) 0.03 0.03 0.03 0.03 0.02 0.02
Rice ($/cwt) 2.73 2.85 2.75 2.53 2.04 1.98
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Source: Food and Agricultural Policy Research Institute (FAPRI) at the University of
Missouri-Columbia and Iowa State University.