Table 7.  Implications of the 1996 Farm Bill and the January 1998 FAPRI Baseline on the
Economic Viability of Representative Farms Primarily Producing Cotton
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                           CAC2000  CAC6000   TXSP1682  TXSP3697  TXRP2065  TXBL1200  TXCB1700
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Annual % Change in Real Net Worth (%)
1997-2002 Average            4.01      4.85      3.84      8.40      1.04     -1.28     -2.12

Net Income Adjustment (NIA)
1997-2002 ($1,000)        -246.07   -965.05    -23.58   -128.29     -3.81      7.82     13.21

Net Income Adjustment (NIA)
1997-2002 (% Receipt       -12.93    -17.40     -7.86    -12.97     -1.59      3.19      2.99

Cost to Receipts Ratio (%)
1997-2002 Average           80.89     79.40     76.52     75.16     87.80     86.94     95.74

Govt Payments/Receipts (%)
1997-2002 Average            4.67      3.17      6.39      5.32     11.95      8.57      8.90

Total Cash Receipts ($1000)
               1997       1803.74   5386.89    297.13    962.79    231.62    188.91    421.43
               1998       1883.71   5451.88    300.36    977.25    239.08    192.80    443.91
               1999       1900.05   5490.27    304.38    993.35    238.65    270.71    441.67
               2000       1918.72   5581.89    302.59    990.83    244.46    272.77    445.28
               2001       1942.86   5681.98    305.16    998.25    242.44    273.49    444.90
               2002       1969.98   5694.07    307.81   1012.17    245.77    274.51    450.43
1997-2002 Average         1903.18   5547.83    302.91    989.11    240.34    245.53    441.27

Net Cash Farm Income ($1000)
               1997        319.34   1123.99     83.60    265.19     53.31     22.36     38.62
               1998        376.06   1186.72     86.29    278.62     58.74     22.15     56.21
               1999        392.20   1211.37     91.45    288.44     54.83     49.37     48.96
               2000        402.27   1238.16     88.03    281.93     58.48     50.66     46.77
               2001        388.17   1246.06     83.09    276.56     53.35     46.73     36.09
               2002        396.63   1176.43     83.31    281.44     47.01     47.79     32.87
1997-2002 Average          379.11   1197.12     85.96    278.70     54.28     39.84     43.25

Prob. of a Cash Flow Deficit (%)
               1997            27        16        50        28        58        83        68
               1998            15        11        47        30        60        82        62
               1999            27        20        58        45        65        77        67
               2000            16        22        53        39        66        85        74
               2001            29        15        57        46        66        90        81
               2002            24        26        57        38        71        87        83

Ending Cash Reserves ($1,000)
               1997        247.46    956.07     37.82    212.41     15.57     -6.88     -8.08
               1998        371.34   1410.44     53.99    291.54     17.32    -24.12     -7.12
               1999        480.02   1812.22     66.10    348.18      1.86    -26.20    -18.10
               2000        618.45   2258.79     83.29    409.48      4.87    -34.04    -36.59
               2001        721.45   2711.26     92.77    456.50      1.92    -50.72    -67.48
               2002        837.72   3079.99    104.20    520.88    -13.88    -57.95    -95.06
1997-2002 Average          546.07   2038.13     73.03    373.17      4.61    -33.32    -38.74

Prob. of Refinancing Deficits (%)
               1997             5         3        34        12        44        52        52
               1998             1         1        28        14        40        68        47
               1999             0         1        32        11        46        62        50
               2000             0         0        30        10        41        69        57
               2001             0         0        27         8        47        76        63
               2002             0         0        24         6        48        75        63

Nominal Net Worth ($1000)
               1997       3772.71  12849.76    550.79   1062.06    360.45    433.22    413.97
               1998       4079.20  13991.05    594.79   1200.39    381.80    429.87    430.15
               1999       4408.43  15234.41    643.12   1338.80    397.94    446.76    438.09
               2000       4676.91  16235.43    679.36   1459.85    413.79    459.86    438.96
               2001       4899.14  17169.04    707.04   1594.07    425.28    462.24    427.79
               2002       5117.17  17922.61    740.88   1734.02    418.55    461.34    411.19
1997-2002 Average         4492.26  15567.05    652.66   1398.20    399.64    448.88    426.69

Prob. of Losing Real Net Worth (%)
               1997             4         0        33        20        39        55        49
               1998             0         0        22        13        35        62        48
               1999             0         0        17        11        32        61        47
               2000             0         0        16         7        36        65        49
               2001             0         0        16         5        35        68        55
               2002             0         0        14         4        43        70        59
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