Table C19.  Implications of Alternative Farm Programs Currently Under Consideration by
            Congress on a Moderate Size Representative Cotton Farm in the Texas
            Southern Plains.
______________________________________________________________________________________

                         Baseline    20%Flex     30%Flex     FTFA        NOPROG
______________________________________________________________________________________

Average Change in Real Net Worth w/o Land
Inflation 1995-2003     -363.21     -381.30     -411.96     -355.14     -571.62

Average Change in Real Net
Worth 1995-2003 (%)     -364.52     -383.17     -415.06     -358.24     -572.17

Average Annual Rate of Return to Assets (%)
1996-2003 Average        -23.46      -53.08        8.40      -20.91      158.84

Average Annual Net Cash Income ($1000)
               1995        6.37        6.37        6.37        6.37        6.37
               1996        6.35        4.96        1.80       19.47       -6.52
               1997        4.78        2.83        0.02        8.81      -22.51
               1998        3.94        1.71       -1.42        1.02      -28.73
               1999        1.25       -1.58       -4.85       -1.51      -25.39
               2000        1.45       -1.26       -5.58       -5.01      -28.12
               2001      -10.04      -11.82      -15.17       -4.81      -23.94
               2002       -7.18       -9.28      -14.49      -12.67      -28.66
               2003       -9.04      -10.73      -13.63       -5.03      -22.39
1996-2003 Average         -1.06       -3.15       -6.66        0.03      -23.28

Average Annual Govt. Payments ($1000)
               1995       17.27       17.27       17.27       17.27       17.27
               1996       21.63       20.62       17.85       29.65        0.00
               1997       24.74       23.05       21.33       26.21        0.00
               1998       31.89       30.17       29.45       28.14        0.00
               1999       34.39       32.01       30.60       26.67        0.00
               2000       34.06       31.70       28.51       22.08        0.00
               2001       21.12       19.41       16.30       18.00        0.00
               2002       26.05       24.18       19.43       16.90        0.00
               2003       20.78       18.88       15.84       16.90        0.00
1996-2003 Average         26.83       25.00       22.41       23.07        0.00

Average Annual Real Net Worth w/
Land Inflation ($1,000)
               1995      147.58      147.58      147.58      147.58      147.58
               1996      117.34      116.03      113.04      129.78      105.15
               1997       88.16       85.05       79.50      104.13       50.77
               1998       58.98       53.88       45.56       72.01        0.00
               1999        0.00        0.00        0.00        0.00        0.00
               2000        0.00        0.00        0.00        0.00        0.00
               2001        0.00        0.00        0.00        0.00        0.00
               2002        0.00        0.00        0.00        0.00        0.00
               2003        0.00        0.00        0.00        0.00        0.00
1996-2003 Average        -93.40     -106.62     -127.92      -83.90     -276.25

Average Annual Real Net Worth ($1000)
               1995      147.58      147.58      147.58      147.58      147.58
               1996      117.62      116.33      113.38      130.12      105.36
               1997       89.36       86.11       80.25      104.88       48.76
               1998       60.03       54.73       45.95       72.39        0.00
               1999        0.00        0.00        0.00        0.00        0.00
               2000        0.00        0.00        0.00        0.00        0.00
               2001        0.00        0.00        0.00        0.00        0.00
               2002        0.00        0.00        0.00        0.00        0.00
               2003        0.00        0.00        0.00        0.00        0.00
1996-2003 Average          0.00        0.00        0.00        0.00        0.00

NIA for Real Net Worth w/o Land Inflation 1996-2003
in Dollars ($1000)        43.97       45.75       48.57       43.85       66.29

NIA for Total Real Net Worth 1996-2003
in Dollars ($1000)        44.29       46.21       49.45       44.61       66.43
______________________________________________________________________________________

Table C20.  Implications of Alternative Farm Programs Currently Under Consideration by
            Congress on a Large Size Representative Cotton Farm in the Texas Southern
            Plains.
______________________________________________________________________________________

                         Baseline    20%Flex     30%Flex     FTFA        NOPROG
______________________________________________________________________________________

Average Change in Real Net Worth w/o Land
Inflation 1995-2003     -141.92     -151.12     -180.20     -141.72     -303.55

Average Change in Real Net
Worth 1995-2003 (%)     -143.11     -152.79     -182.92     -144.43     -304.08

Average Annual Rate of Return to Assets (%)
1996-2003 Average         -1.17       -1.62       -2.97       -0.95      -27.50

Average Annual Net Cash Income ($1000)
               1995        8.78        8.78        8.78        8.78        8.78
               1996        7.93        3.43       -5.00       45.27      -28.34
               1997        4.25       -1.30       -8.70       16.79      -71.46
               1998       -1.64       -2.84      -11.05       -9.66      -79.62
               1999       -3.42       -5.93      -14.08      -17.64      -89.61
               2000      -11.33      -18.86      -31.95      -35.67     -107.36
               2001      -42.40      -48.78      -60.44      -28.47      -83.37
               2002      -50.35      -59.77      -60.97      -66.15      -99.21
               2003      -55.45      -61.88      -60.24      -41.91      -82.19
1996-2003 Average        -19.05      -24.49      -31.55      -17.18      -80.15

Average Annual Govt. Payments ($1000)
               1995       48.57       48.57       48.57       48.57       48.57
               1996       61.00       57.58       50.38       83.38        0.00
               1997       69.09       64.42       59.96       73.69        0.00
               1998       88.88       84.02       81.96       79.12        0.00
               1999       95.83       89.15       85.12       75.00        0.00
               2000       94.57       88.41       79.50       62.09        0.00
               2001       59.18       54.33       46.03       50.62        0.00
               2002       72.93       67.69       54.82       47.53        0.00
               2003       58.10       53.27       44.30       47.53        0.00
1996-2003 Average         74.95       69.86       62.76       64.87        0.00

Average Annual Real Net Worth w/
Land Inflation ($1,000)
               1995      575.51      575.51      575.51      575.51      575.51
               1996      520.48      516.21      508.23      553.25      486.11
               1997      470.99      461.63      446.90      514.87      366.73
               1998      401.41      399.41      377.41      437.20      245.99
               1999      348.76      345.72      316.77      359.54        0.00
               2000      290.94      274.11      234.10      277.94        0.00
               2001      196.63      174.35        0.00      205.56        0.00
               2002        0.00        0.00        0.00        0.00        0.00
               2003        0.00        0.00        0.00        0.00        0.00
1996-2003 Average        246.24      227.04      145.94      258.47     -256.04

Average Annual Real Net Worth ($1000)
               1995      575.51      575.51      575.51      575.51      575.51
               1996      521.36      517.18      509.32      554.34      486.77
               1997      474.91      465.07      449.29      517.26      359.90
               1998      404.77      402.07      378.53      438.33      229.94
               1999      350.61      346.00      313.56      356.33        0.00
               2000      290.26      271.78      228.11      271.95        0.00
               2001      197.63      173.81        0.00      201.52        0.00
               2002        0.00        0.00        0.00        0.00        0.00
               2003        0.00        0.00        0.00        0.00        0.00
1996-2003 Average        246.23      225.71      141.66      254.19        0.00

NIA for Real Net Worth w/o Land Inflation 1996-2003
in Dollars ($1000)        74.68       79.49       87.57       72.58      136.93

NIA for Total Real Net Worth 1996-2003
in Dollars ($1000)        75.74       80.97       89.95       75.25      137.38
______________________________________________________________________________________

Table C21.  Implications of Alternative Farm Programs Currently Under Consideration by
            Congress on a Moderate Size Representative Cotton Farm in the Texas Rolling
            Plains.
______________________________________________________________________________________

                         Baseline    20%Flex     30%Flex     FTFA        NOPROG
______________________________________________________________________________________

Average Change in Real Net Worth w/o Land
Inflation 1995-2003      -33.68      -33.25      -28.28        9.25     -287.87

Average Change in Real Net
Worth 1995-2003 (%)      -34.38      -34.14      -29.60        7.92     -288.31

Average Annual Rate of Return to Assets (%)
1996-2003 Average         -0.01        0.05        0.32        4.06       11.94

Average Annual Net Cash Income ($1000)
               1995       48.17       48.17       48.17       48.17       48.17
               1996       46.80       46.95       47.47       73.15       19.84
               1997       42.77       42.77       43.94       60.29        3.06
               1998       38.96       39.09       40.52       49.30       -3.99
               1999       37.59       37.39       39.23       49.83       -5.40
               2000       36.12       36.04       36.76       46.38      -11.30
               2001       32.30       32.82       34.52       56.41        0.37
               2002       32.10       32.21       31.81       46.14       -1.74
               2003       29.73       30.25       32.02       56.10        9.35
1996-2003 Average         37.05       37.19       38.28       54.70        1.27

Average Annual Govt. Payments ($1000)
               1995       18.33       18.33       18.33       18.33       18.33
               1996       23.27       21.79       19.23       30.47        0.00
               1997       26.84       24.91       23.73       26.88        0.00
               1998       33.44       31.63       31.84       28.80        0.00
               1999       35.06       32.75       32.21       27.26        0.00
               2000       33.58       31.50       28.83       22.54        0.00
               2001       21.45       19.59       16.59       18.37        0.00
               2002       25.50       23.61       19.11       16.67        0.00
               2003       20.18       18.25       15.26       16.67        0.00
1996-2003 Average         27.42       25.50       23.35       23.46        0.00

Average Annual Real Net Worth w/
Land Inflation ($1,000)
               1995      200.06      200.06      200.06      200.06      200.06
               1996      194.87      194.96      195.31      210.60      174.98
               1997      189.02      189.10      190.22      216.01      135.39
               1998      178.07      178.26      180.69      211.51       86.09
               1999      170.11      170.13      174.19      212.29       47.65
               2000      164.85      164.81      169.43      213.58        0.00
               2001      158.31      158.75      164.73      221.48        0.00
               2002      148.03      148.58      155.32      219.01        0.00
               2003      132.68      133.55      143.49      218.57        0.00
1996-2003 Average        166.99      167.27      171.67      215.38      -63.18

Average Annual Real Net Worth ($1000)
               1995      200.06      200.06      200.06      200.06      200.06
               1996      194.93      195.04      195.40      210.69      175.01
               1997      189.45      189.46      190.43      216.22      134.29
               1998      178.36      178.46      180.66      211.49       83.62
               1999      170.14      169.93      173.49      211.59       44.01
               2000      164.46      164.19      168.29      212.43        0.00
               2001      158.12      158.33      163.81      220.56        0.00
               2002      147.14      147.41      153.51      217.20        0.00
               2003      131.28      131.75      140.84      215.92        0.00
1996-2003 Average        166.73      166.82      170.80      214.51        0.00

NIA for Real Net Worth w/o Land Inflation 1996-2003
in Dollars ($1000)        10.64       10.51        9.21       -3.17       41.91

NIA for Total Real Net Worth 1996-2003
in Dollars ($1000)        10.89       10.83        9.64       -3.16       42.04
______________________________________________________________________________________

Table C22.  Implications of Alternative Farm Programs Currently Under Consideration by
            Congress on a Large Size Representative Cotton Farm in the Texas Rolling
            Plains.
______________________________________________________________________________________

                         Baseline    20%Flex     30%Flex     FTFA        NOPROG
______________________________________________________________________________________

Average Change in Real Net Worth w/o Land
Inflation 1995-2003       24.86       24.82       25.73       48.75      -56.04

Average Change in Real Net
Worth 1995-2003 (%)       23.95       23.61       23.87       46.90      -56.55

Average Annual Rate of Return to Assets (%)
1996-2003 Average          5.43        5.46        5.59        7.60       -2.22

Average Annual Net Cash Income ($1000)
               1995       81.55       81.55       81.55       81.55       81.55
               1996       85.44       85.50       85.94      127.53       43.69
               1997       82.98       82.74       84.15      109.42       19.55
               1998       80.14       80.11       81.86       93.41       11.53
               1999       82.97       82.36       84.67       99.33       12.50
               2000       81.33       80.87       81.02       94.25        4.78
               2001       75.24       75.72       77.35      110.03       17.10
               2002       71.90       71.65       69.68       86.46        5.73
               2003       70.70       71.07       72.52      104.49       12.51
1996-2003 Average         78.84       78.75       79.65      103.12       15.92

Average Annual Govt. Payments ($1000)
               1995       29.20       29.20       29.20       29.20       29.20
               1996       37.10       34.73       30.65       48.49        0.00
               1997       43.02       39.91       38.18       42.77        0.00
               1998       54.03       51.18       51.81       45.83        0.00
               1999       56.69       53.01       52.44       43.37        0.00
               2000       54.13       50.83       46.67       35.86        0.00
               2001       34.12       31.16       26.38       29.23        0.00
               2002       40.74       37.73       30.47       26.48        0.00
               2003       32.05       28.97       24.21       26.48        0.00
1996-2003 Average         43.98       40.94       37.60       37.31        0.00

Average Annual Real Net Worth w/
Land Inflation ($1,000)
               1995      398.56      398.56      398.56      398.56      398.56
               1996      416.59      416.59      416.77      438.06      390.61
               1997      433.23      433.10      434.02      468.61      362.71
               1998      440.42      440.26      442.13      482.73      320.49
               1999      461.27      460.82      463.92      510.87      292.96
               2000      477.08      476.42      479.64      532.34      256.81
               2001      490.66      490.35      494.51      561.46      233.28
               2002      490.30      489.87      492.66      569.73      201.09
               2003      497.64      497.46      501.09      592.87      175.21
1996-2003 Average        463.40      463.11      465.59      519.58      279.14

Average Annual Real Net Worth ($1000)
               1995      398.56      398.56      398.56      398.56      398.56
               1996      416.85      416.90      417.13      438.42      390.79
               1997      434.70      434.37      434.84      469.42      359.58
               1998      441.55      441.10      442.31      482.91      313.32
               1999      461.66      460.54      462.15      509.10      282.36
               2000      476.31      474.94      476.60      529.30      244.12
               2001      490.53      489.55      492.23      559.17      223.73
               2002      488.18      486.88      487.76      564.83      195.39
               2003      494.01      492.65      493.71      585.48      173.19
1996-2003 Average        462.97      462.12      463.34      517.33      272.81

NIA for Real Net Worth w/o Land Inflation 1996-2003
in Dollars ($1000)       -17.26      -17.20      -17.95      -36.50       33.64

NIA for Total Real Net Worth 1996-2003
in Dollars ($1000)       -16.72      -16.48      -16.86      -35.97       33.97
______________________________________________________________________________________

Table C23.  Implications of Alternative Farm Programs Currently Under Consideration by
            Congress on a Large Size Representative Cotton Farm in the Texas Blacklands.
______________________________________________________________________________________

                         Baseline    20%Flex     30%Flex     FTFA        NOPROG
______________________________________________________________________________________

Average Change in Real Net Worth w/o Land
Inflation 1995-2003       -5.38       -5.71       -5.59       13.79      -78.97

Average Change in Real Net
Worth 1995-2003 (%)       -5.80       -6.51       -7.24       12.14      -78.86

Average Annual Rate of Return to Assets (%)
1996-2003 Average          4.08        4.11        4.20        5.84       -2.05

Average Annual Net Cash Income ($1000)
               1995       69.38       69.38       69.38       69.38       69.38
               1996       55.25       55.11       54.99       83.69       23.68
               1997       57.72       57.39       57.71       73.58        9.31
               1998       61.83       61.75       62.22       71.98       12.20
               1999       60.67       60.24       61.23       71.13        7.26
               2000       55.11       54.68       54.20       63.07        1.09
               2001       50.47       50.40       51.00       71.44        7.18
               2002       49.62       49.15       47.46       61.25        0.74
               2003       48.66       48.80       49.33       73.21        1.02
1996-2003 Average         54.92       54.69       54.77       71.17        7.81

Average Annual Govt. Payments ($1000)
               1995       30.42       30.42       30.42       30.42       30.42
               1996       27.34       25.15       20.40       39.83        0.00
               1997       34.58       31.78       28.03       34.66        0.00
               1998       38.57       36.09       34.38       36.90        0.00
               1999       40.05       37.34       35.56       34.88        0.00
               2000       38.43       35.65       32.13       28.80        0.00
               2001       25.01       22.21       18.44       23.46        0.00
               2002       28.85       26.18       20.71       22.03        0.00
               2003       22.35       19.83       15.85       22.03        0.00
1996-2003 Average         31.90       29.28       25.69       30.32        0.00

Average Annual Real Net Worth w/
Land Inflation ($1,000)
               1995      374.95      374.95      374.95      374.95      374.95
               1996      372.06      371.92      371.82      389.16      342.15
               1997      383.27      382.83      383.01      406.19      308.81
               1998      391.99      391.48      392.04      419.41      279.19
               1999      390.81      390.03      391.21      424.68      238.20
               2000      382.56      381.52      382.38      420.89      190.12
               2001      372.79      371.72      372.93      423.92      156.89
               2002      363.27      361.92      362.05      420.87      119.25
               2003      354.79      353.55      353.99      426.66       78.86
1996-2003 Average        376.44      375.62      376.18      416.47      214.18

Average Annual Real Net Worth ($1000)
               1995      374.95      374.95      374.95      374.95      374.95
               1996      372.82      372.73      372.70      390.04      342.80
               1997      385.91      385.22      384.86      408.04      305.82
               1998      394.61      393.74      393.49      420.87      271.64
               1999      392.90      391.30      390.65      424.12      226.81
               2000      383.56      381.66      380.60      419.11      176.52
               2001      374.90      373.02      372.41      423.40      147.46
               2002      363.24      360.83      358.62      417.45      114.85
               2003      353.21      350.53      347.81      420.47       79.25
1996-2003 Average        377.65      376.13      375.14      415.44      208.14

NIA for Real Net Worth w/o Land Inflation 1996-2003
in Dollars ($1000)         4.04        4.25        4.18       -7.85       39.23

NIA for Total Real Net Worth 1996-2003
in Dollars ($1000)         4.32        5.37        5.68       -6.91       39.18
______________________________________________________________________________________

Table C24.  Implications of Alternative Farm Programs Currently Under Consideration by
            Congress on a Moderate Size Representative Cotton Farm in the Texas Coastal
            Bend.
______________________________________________________________________________________

                         Baseline    20%Flex     30%Flex     FTFA        NOPROG
______________________________________________________________________________________

Average Change in Real Net Worth w/o Land
Inflation 1995-2003       -1.89       -4.41       -8.92       15.08     -158.16

Average Change in Real Net
Worth 1995-2003 (%)       -3.27       -6.14      -11.42       12.58     -159.06

Average Annual Rate of Return to Assets (%)
1996-2003 Average          4.31        4.28        4.23        6.01       -4.14

Average Annual Net Cash Income ($1000)
               1995       84.87       84.87       84.87       84.87       84.87
               1996       78.13       76.78       74.59      121.20       36.12
               1997       68.87       67.19       65.84       86.82       -4.08
               1998       74.60       73.31       71.65       75.03       -2.46
               1999       75.14       73.02       72.19       77.20       -7.34
               2000       52.49       50.34       46.18       49.94      -25.47
               2001       44.27       42.91       40.58       67.23      -16.55
               2002       41.49       38.80       31.29       43.47      -41.12
               2003       34.51       32.66       29.22       60.22      -26.81
1996-2003 Average         58.69       56.88       53.94       72.64      -10.96

Average Annual Govt. Payments ($1000)
               1995       46.53       46.53       46.53       46.53       46.53
               1996       44.03       40.69       33.49       63.48        0.00
               1997       55.18       50.85       45.96       55.39        0.00
               1998       64.94       61.30       59.97       59.05        0.00
               1999       68.25       63.94       62.30       55.84        0.00
               2000       65.57       61.29       55.92       46.13        0.00
               2001       40.61       36.40       30.33       37.58        0.00
               2002       48.45       44.27       34.97       35.29        0.00
               2003       37.06       33.05       26.68       35.29        0.00
1996-2003 Average         53.01       48.97       43.70       48.51        0.00

Average Annual Real Net Worth w/
Land Inflation ($1,000)
               1995      393.93      393.93      393.93      393.93      393.93
               1996      415.08      414.38      413.26      436.53      387.66
               1997      417.03      415.32      413.28      449.39      330.51
               1998      431.72      429.33      426.43      464.59      287.26
               1999      449.52      446.10      442.71      482.79      239.38
               2000      427.45      422.19      415.18      457.88      162.86
               2001      418.84      412.48      403.59      466.14      109.37
               2002      408.24      399.70      384.56      456.39        0.00
               2003      386.47      376.54      358.78      453.32        0.00
1996-2003 Average        419.29      414.51      407.22      458.38      151.49

Average Annual Real Net Worth ($1000)
               1995      393.93      393.93      393.93      393.93      393.93
               1996      415.22      414.57      413.51      436.78      387.69
               1997      418.41      416.47      413.90      450.01      326.49
               1998      432.56      429.82      426.14      464.31      278.34
               1999      449.34      445.14      439.99      480.07      226.27
               2000      425.76      419.67      410.83      453.52      147.16
               2001      417.77      410.64      399.99      462.54       97.23
               2002      404.70      395.15      377.77      449.59        0.00
               2003      381.05      369.73      348.94      443.48        0.00
1996-2003 Average        418.10      412.65      403.88      455.04      143.35

NIA for Real Net Worth w/o Land Inflation 1996-2003
in Dollars ($1000)         1.00        2.30        4.54       -8.05       53.13

NIA for Total Real Net Worth 1996-2003
in Dollars ($1000)         1.72        3.20        5.81       -6.78       53.58
______________________________________________________________________________________

Table C25.  Implications of Alternative Farm Programs Currently Under Consideration
            by Congress on a Moderate Size Representative Cotton Farm in Mississippi.
______________________________________________________________________________________

                         Baseline    20%Flex     30%Flex     FTFA        NOPROG
______________________________________________________________________________________

Average Change in Real Net Worth w/o Land
Inflation 1995-2003      -38.98      -43.72      -50.67      -16.88      -95.47

Average Change in Real Net
Worth 1995-2003 (%)      -44.72      -49.95      -57.96      -24.18      -98.54

Average Annual Rate of Return to Assets (%)
1996-2003 Average          0.65        0.24       -0.37        3.10       -2.86

Average Annual Net Cash Income ($1000)
               1995       38.43       38.43       38.43       38.43       38.43
               1996       45.58       38.99       27.97      126.80       19.97
               1997       38.50       31.32       21.86       85.64      -39.23
               1998       36.87       29.42       18.57       49.78      -46.36
               1999       33.17       24.59       15.14       56.31      -47.50
               2000       22.37       13.85        0.01       38.28      -72.83
               2001       -2.74       -9.54      -20.21       63.92      -39.16
               2002       -7.47      -16.25      -33.51       18.08      -84.50
               2003      -11.35      -18.87      -30.40       57.03      -77.18
1996-2003 Average         19.37       11.69       -0.07       61.98      -48.35

Average Annual Govt. Payments ($1000)
               1995       44.16       44.16       44.16       44.16       44.16
               1996       55.41       52.40       45.80       75.80        0.00
               1997       64.99       60.45       56.81       67.00        0.00
               1998       87.55       83.11       82.48       71.93        0.00
               1999       95.06       88.47       86.22       68.18        0.00
               2000       93.05       87.15       78.64       56.44        0.00
               2001       54.04       49.48       41.85       46.02        0.00
               2002       68.10       63.23       50.32       43.21        0.00
               2003       52.92       48.34       40.42       43.21        0.00
1996-2003 Average         71.39       66.58       60.32       58.97        0.00

Average Annual Real Net Worth w/
Land Inflation ($1,000)
               1995     1084.01     1084.01     1084.01     1084.01     1084.01
               1996     1057.78     1051.91     1041.48     1101.78     1033.90
               1997     1021.38     1008.92      989.86     1099.98      925.53
               1998      988.21      968.81      940.48     1075.57      817.82
               1999      947.57      920.80      884.46     1051.62      707.60
               2000      896.92      863.10      815.17     1013.19      585.89
               2001      802.36      763.25      706.91      973.20      497.68
               2002      730.80      684.88      617.77      920.38      349.21
               2003      661.50      610.09      534.75      901.03       49.08
1996-2003 Average        888.31      858.97      816.36     1017.09      620.84

Average Annual Real Net Worth ($1000)
               1995     1084.01     1084.01     1084.01     1084.01     1084.01
               1996     1048.41     1042.54     1032.03     1092.33     1025.28
               1997     1007.70      993.33      970.01     1080.13      904.57
               1998      967.17      945.56      912.21     1047.30      781.20
               1999      919.80      889.61      845.69     1012.85      661.56
               2000      857.82      819.74      762.34      960.36      531.92
               2001      756.84      713.37      647.44      913.72      450.21
               2002      677.86      626.77      548.32      850.93      308.94
               2003      599.27      542.59      455.67      821.95       15.81
1996-2003 Average        854.36      821.69      771.71      972.45      584.94

NIA for Real Net Worth w/o Land Inflation 1996-2003
in Dollars ($1000)        60.90       66.53       75.40       30.00      117.39

NIA for Total Real Net Worth 1996-2003
in Dollars ($1000)        72.31       80.56       91.24       44.10      123.40
______________________________________________________________________________________

Table C26.  Implications of Alternative Farm Programs Currently Under Consideration
            by Congress on a Large Size Representative Cotton Farm in Mississippi.
______________________________________________________________________________________

                         Baseline    20%Flex     30%Flex     FTFA        NOPROG
______________________________________________________________________________________

Average Change in Real Net Worth w/o Land
Inflation 1995-2003      -16.92      -21.55      -28.93        2.23      -51.51

Average Change in Real Net
Worth 1995-2003 (%)      -23.16      -28.23      -36.56       -5.40      -55.36

Average Annual Rate of Return to Assets (%)
1996-2003 Average          1.36        0.98        0.38        3.69       -1.43

Average Annual Net Cash Income ($1000)
               1995      133.71      133.71      133.71      133.71      133.71
               1996      145.52      131.41      108.22      304.20       91.67
               1997      130.97      115.69       96.02      225.30      -18.03
               1998      114.70       98.87       75.57      144.74      -41.62
               1999      109.17       90.86       70.34      159.74      -39.62
               2000       90.62       72.86       43.60      127.56      -92.20
               2001       64.82       50.05       26.77      202.07      -18.65
               2002       64.62       46.01        8.57      121.13      -76.32
               2003       53.18       36.83        9.87      192.31      -45.94
1996-2003 Average         96.70       80.32       54.87      184.63      -30.09

Average Annual Govt. Payments ($1000)
               1995       84.16       84.16       84.16       84.16       84.16
               1996      105.60       99.86       87.30      144.47        0.00
               1997      124.05      115.37      108.50      127.69        0.00
               1998      167.54      159.07      158.01      137.09        0.00
               1999      181.98      169.39      165.20      129.95        0.00
               2000      178.02      166.77      150.53      107.58        0.00
               2001      102.99       94.30       79.75       87.70        0.00
               2002      129.99      120.71       95.99       82.35        0.00
               2003      100.85       92.13       77.04       82.35        0.00
1996-2003 Average        136.38      127.20      115.29      112.40        0.00

Average Annual Real Net Worth w/
Land Inflation ($1,000)
               1995     2311.41     2311.41     2311.41     2311.41     2311.41
               1996     2313.19     2302.82     2280.85     2381.82     2265.17
               1997     2307.59     2283.18     2243.27     2440.76     2121.68
               1998     2263.02     2224.53     2163.99     2421.42     1937.21
               1999     2222.13     2167.85     2089.90     2423.26     1768.17
               2000     2162.66     2093.66     1991.24     2392.88     1555.23
               2001     2079.28     1998.70     1877.91     2394.22     1438.66
               2002     2017.41     1922.39     1771.82     2374.93     1278.17
               2003     1920.33     1813.27     1642.74     2362.96     1120.90
1996-2003 Average       2160.70     2100.80     2007.72     2399.03     1685.65

Average Annual Real Net Worth ($1000)
               1995     2311.41     2311.41     2311.41     2311.41     2311.41
               1996     2291.43     2281.06     2258.95     2359.91     2244.85
               1997     2273.93     2245.88     2197.85     2395.34     2074.15
               1998     2211.85     2169.13     2099.04     2356.48     1856.36
               1999     2154.84     2094.04     2001.65     2335.01     1666.08
               2000     2070.69     1993.57     1873.10     2274.73     1434.92
               2001     1972.14     1883.27     1744.18     2260.48     1327.80
               2002     1893.40     1788.51     1616.35     2219.46     1178.29
               2003     1776.01     1658.92     1466.33     2186.54     1031.77
1996-2003 Average       2080.54     2014.30     1907.18     2298.49     1601.78

NIA for Real Net Worth w/o Land Inflation 1996-2003
in Dollars ($1000)        48.14       60.34       81.97      -10.00      163.22

NIA for Total Real Net Worth 1996-2003
in Dollars ($1000)        75.90       88.09      115.61       19.68      175.44
______________________________________________________________________________________

Table C27.  Implications of Alternative Farm Programs Currently Under Consideration
            by Congress on a Moderate Size Representative Cotton Farm in California.
______________________________________________________________________________________

                         Baseline    20%Flex     30%Flex     FTFA        NOPROG
______________________________________________________________________________________

Average Change in Real Net Worth w/o Land
Inflation 1995-2003       10.98        9.76        7.48       15.19       -6.62

Average Change in Real Net
Worth 1995-2003 (%)        5.10        3.42        0.16        7.86      -11.13

Average Annual Rate of Return to Assets (%)
1996-2003 Average          2.93        2.77        2.49        3.49        0.64

Average Annual Net Cash Income ($1000)
               1995      183.30      183.30      183.30      183.30      183.30
               1996      198.06      193.20      184.57      240.48      167.08
               1997      194.93      189.07      181.04      215.01      111.44
               1998      192.22      187.01      177.80      189.11      105.37
               1999      184.08      176.14      168.52      187.59      100.89
               2000      166.01      159.34      146.47      163.23       65.97
               2001      144.04      140.12      131.18      184.33       89.50
               2002      117.77      111.84       96.98      125.39       37.53
               2003       99.92       94.75       86.36      140.72       36.93
1996-2003 Average        162.13      156.43      146.61      180.73       89.34

Average Annual Govt. Payments ($1000)
               1995       49.79       49.79       49.79       49.79       49.79
               1996       62.53       59.14       51.69       85.47        0.00
               1997       72.29       67.27       63.13       75.54        0.00
               1998       96.64       91.58       90.37       81.10        0.00
               1999      104.45       97.13       94.04       76.88        0.00
               2000      102.51       95.79       86.40       63.64        0.00
               2001       60.61       55.83       47.14       51.88        0.00
               2002       76.14       70.62       56.79       48.72        0.00
               2003       59.72       54.45       45.83       48.72        0.00
1996-2003 Average         79.36       73.98       66.93       66.49        0.00

Average Annual Real Net Worth w/
Land Inflation ($1,000)
               1995     1763.14     1763.14     1763.14     1763.14     1763.14
               1996     1817.84     1816.13     1813.08     1833.92     1806.44
               1997     1872.10     1867.83     1861.02     1899.71     1825.66
               1998     1910.54     1903.85     1893.19     1938.85     1825.90
               1999     1944.31     1934.54     1920.44     1972.95     1823.16
               2000     1974.85     1962.08     1942.91     2002.46     1804.91
               2001     2001.00     1986.62     1963.38     2041.39     1803.02
               2002     1990.22     1971.79     1937.44     2038.00     1727.66
               2003     1956.78     1935.16     1895.11     2030.91     1646.47
1996-2003 Average       1933.45     1922.25     1903.32     1969.78     1782.90

Average Annual Real Net Worth ($1000)
               1995     1763.14     1763.14     1763.14     1763.14     1763.14
               1996     1796.81     1794.41     1789.97     1810.82     1784.58
               1997     1836.72     1828.68     1813.65     1852.34     1776.53
               1998     1861.32     1847.81     1822.26     1867.92     1742.73
               1999     1873.60     1859.13     1834.62     1887.13     1710.72
               2000     1891.45     1870.16     1832.31     1891.86     1677.04
               2001     1909.79     1885.52     1840.87     1918.88     1692.90
               2002     1892.05     1864.89     1811.65     1912.21     1634.22
               2003     1853.13     1823.43     1766.00     1901.80     1566.93
1996-2003 Average       1864.36     1846.75     1813.91     1880.37     1698.21

NIA for Real Net Worth w/o Land Inflation 1996-2003
in Dollars ($1000)       -40.41      -36.34      -26.17      -57.30       21.99

NIA for Total Real Net Worth 1996-2003
in Dollars ($1000)       -20.01      -10.00        0.00      -29.87       38.18
______________________________________________________________________________________

Table C28.  Implications of Alternative Farm Programs Currently Under Consideration
            by Congress on a Large Size Representative Cotton Farm in California.
______________________________________________________________________________________

                         Baseline    20%Flex     30%Flex     FTFA        NOPROG
______________________________________________________________________________________

Average Change in Real Net Worth w/o Land
Inflation 1995-2003      -23.58      -24.96      -28.28      -18.97      -48.77

Average Change in Real Net
Worth 1995-2003 (%)       -4.96       -6.78      -11.03       -1.72      -31.20

Average Annual Rate of Return to Assets (%)
1996-2003 Average         -0.02       -0.15       -0.49        0.36       -2.13

Average Annual Net Cash Income ($1000)
               1995      173.94      173.94      173.94      173.94      173.94
               1996      209.77      192.76      162.42      358.02      104.50
               1997      130.62      109.24       79.87      204.99     -161.68
               1998      101.39       78.68       41.80      101.81     -217.06
               1999       51.51       20.53      -16.09       67.86     -275.40
               2000      -54.11      -80.34     -130.34      -58.54     -429.83
               2001     -155.35     -173.89     -204.91      -11.82     -390.48
               2002     -224.02     -238.41     -292.33     -195.67     -558.67
               2003     -259.32     -271.86     -313.78     -147.60     -532.56
1996-2003 Average        -24.94      -45.41      -84.17       39.88     -307.65

Average Annual Govt. Payments ($1000)
               1995      175.39      175.39      175.39      175.39      175.39
               1996      220.29      208.32      182.11      301.07        0.00
               1997      255.03      237.30      222.82      266.10        0.00
               1998      341.76      323.90      319.91      285.70        0.00
               1999      369.52      343.63      332.96      270.82        0.00
               2000      362.43      338.71      305.61      224.19        0.00
               2001      213.53      196.69      166.06      182.78        0.00
               2002      268.60      249.16      200.23      171.62        0.00
               2003      210.37      191.83      161.45      171.62        0.00
1996-2003 Average        280.19      261.19      236.39      234.24        0.00

Average Annual Real Net Worth w/
Land Inflation ($1,000)
               1995     7467.68     7467.68     7467.68     7467.68     7467.68
               1996     7497.83     7483.29     7454.55     7589.61     7399.68
               1997     7381.25     7347.30     7292.14     7541.35     7012.74
               1998     7270.53     7216.72     7129.50     7429.40     6620.50
               1999     7100.95     7020.48     6902.56     7272.74     6171.78
               2000     6841.60     6739.57     6579.87     7006.94     5617.41
               2001     6500.15     6384.06     6213.52     6787.70     5078.00
               2002     6098.09     5998.33     5788.65     6407.28     4416.94
               2003     5706.90     5603.50     5355.63     6050.77     3826.01
1996-2003 Average       6799.66     6724.16     6589.55     7010.72     5767.88

Average Annual Real Net Worth ($1000)
               1995     7467.68     7467.68     7467.68     7467.68     7467.68
               1996     7534.15     7519.62     7490.88     7625.94     7436.01
               1997     7561.83     7525.81     7467.18     7716.39     7192.63
               1998     7674.05     7615.34     7518.35     7818.25     6992.71
               1999     7675.22     7587.69     7454.28     7824.46     6685.62
               2000     7605.30     7494.72     7317.22     7744.29     6318.61
               2001     7491.29     7365.06     7173.57     7747.75     5999.19
               2002     7303.93     7187.31     6942.54     7561.17     5543.11
               2003     7097.40     6961.39     6644.20     7339.33     5137.45
1996-2003 Average       7492.90     7407.12     7251.03     7672.20     6413.17

NIA for Real Net Worth w/o Land Inflation 1996-2003
in Dollars ($1000)       236.45      251.58      274.72      172.37      456.77

NIA for Total Real Net Worth 1996-2003
in Dollars ($1000)        43.11       73.00      115.30       10.00      286.93
______________________________________________________________________________________