Table 13.  Implications of the 1996 Farm Bill and the January 1998 FAPRI Baseline on the Economic
Viability of Representative Farms Primarily Producing Hogs
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                        MOH100    MOH225    ILH200    ILH750    INH150    INH600    NCH350    NCH13268
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Annual % Change in Real Net Worth (%)
1997-2002 Average        1.47      3.85      5.44      7.95      1.76      3.98      4.98     12.43

Net Income Adjustment (NIA)
1997-2002 ($1,000)      -7.58    -83.38   -143.47   -535.73    -23.79   -210.12    -99.10  -5456.15

Net Income Adjustment (NIA)
1997-2002 (% Receipt    -3.30    -14.48    -20.89    -25.00     -4.30    -10.67    -12.20    -18.20

Cost to Receipts Ratio (%)
1997-2002 Average       78.69     70.61     65.60     61.57     82.73     79.83     71.99     75.91

Total Cash Receipts ($1000)
               1997    254.90    647.05    743.27   2412.35    594.31   2164.33    923.21  34098.27
               1998    211.84    528.19    645.77   1965.41    515.98   1814.41    737.38  27191.14
               1999    226.73    566.38    674.72   2109.89    544.03   1936.57    797.76  29435.13
               2000    238.05    594.17    708.26   2209.52    566.20   2025.39    840.43  31023.65
               2001    229.30    571.40    688.78   2123.96    552.03   1960.16    805.89  29738.46
               2002    219.57    547.92    675.63   2036.43    545.40   1911.77    769.44  28387.31
1997-2002 Average      230.06    575.85    689.40   2142.93    552.99   1968.77    812.35  29978.99

Net Cash Farm Income ($1000)
               1997     61.64    209.94    277.45    964.74    128.94    525.80    292.77   9905.22
               1998     32.22    120.14    203.49    648.12     79.84    283.33    162.71   4955.92
               1999     52.43    168.85    235.67    826.00    107.48    416.54    232.43   7573.27
               2000     63.85    200.91    269.89    944.87    124.09    505.50    273.68   8970.56
               2001     51.19    179.55    248.41    854.91    107.52    434.20    235.51   7397.76
               2002     42.53    160.14    235.30    767.19    100.29    386.80    197.33   5794.08
1997-2002 Average       50.64    173.26    245.04    834.30    108.03    425.36    232.41   7432.80

Prob. of a Cash Flow Deficit (%)
               1997        46        21         4         1        52        28         3         0
               1998        89        72        30         8        75        64        42         7
               1999        76        49        28         3        80        49         6         0
               2000        41        21        13         0        70        28         0         0
               2001        52        36        21         0        70        28         8         0
               2002        76        40        23         1        75        48        18         4

Ending Cash Reserves ($1,000)
               1997     26.76    148.59    241.01    821.21     65.50    357.84    232.59  11851.98
               1998     14.74    136.74    292.21   1040.51     42.67    312.73    264.65  14654.58
               1999     16.30    159.57    355.19   1319.38     25.72    355.91    352.86  19366.95
               2000     31.45    219.10    452.33   1769.62     31.80    507.28    461.40  24934.95
               2001     38.43    257.27    529.84   2154.69     31.02    615.41    546.14  29614.77
               2002     34.85    296.11    602.59   2505.82     19.38    682.97    615.81  33483.59
1997-2002 Average       27.09    202.90    412.20   1601.87     36.01    472.02    412.24  22317.80

Prob. of Refinancing Deficits (%)
               1997         9         0         0         0        20         4         0         0
               1998        28         1         0         0        30         8         0         0
               1999        31         0         0         0        43        11         0         0
               2000        15         0         0         0        40         5         0         0
               2001        14         0         0         0        42         4         0         0
               2002        23         0         0         0        45         6         0         0

Nominal Net Worth ($1000)
               1997    484.59   1213.38   1692.61   4153.93   1200.16   3311.07   1029.91  24396.00
               1998    478.98   1229.44   1789.00   4385.72   1217.35   3361.25   1014.14  24750.08
               1999    514.87   1346.86   1966.51   4988.14   1296.57   3687.97   1141.39  30268.83
               2000    548.66   1460.99   2140.38   5598.01   1361.47   4000.45   1272.72  36384.22
               2001    564.60   1536.75   2272.73   6089.06   1409.37   4225.82   1356.97  40614.39
               2002    568.25   1609.21   2396.70   6517.83   1436.20   4369.50   1419.92  43976.96
1997-2002 Average      526.66   1399.44   2042.99   5288.78   1320.19   3826.01   1205.84  33398.41

Prob. of Losing Real Net Worth (%)
               1997        18        11         4         3        25        12        13         9
               1998        38        19         1         0        32        18        24         8
               1999        21         2         0         0        20         5         4         0
               2000        10         0         0         0        18         2         0         0
               2001        11         0         0         0        15         1         0         0
               2002        20         0         0         0        26         1         0         0
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