Table 2. Crop Prices, Loan Rates and Net Contract Payment Rates, 1996-2002.
___________________________________________________________________________________________
1996 1997 1998 1999 2000 2001 2002
___________________________________________________________________________________________
Crop Prices
Corn ($/bu.) 2.75 2.37 2.36 2.42 2.44 2.55 2.61
Wheat ($/bu.) 4.30 3.38 3.30 3.63 3.63 3.78 3.78
Cotton ($/lb.) 0.7133 0.6650 0.6458 0.6499 0.6667 0.6803 0.6857
Sorghum ($/bu.) 2.33 2.28 2.25 2.32 2.38 2.47 2.52
Soybeans ($/bu.) 6.85 6.23 5.83 5.80 5.92 5.98 6.08
Barley ($/bu.) 2.71 2.36 2.25 2.31 2.39 2.44 2.43
Oats ($/bu.) 1.93 1.52 1.36 1.38 1.39 1.41 1.43
Rice ($/cwt.) 9.41 8.71 8.64 8.50 8.73 8.81 8.92
Soybean Meal ($/ton) 218.03 196.80 188.13 190.43 194.87 196.70 195.55
All Hay ($/ton) 92.43 86.39 83.56 83.17 82.73 80.60 79.15
Loan Rates
Corn ($/bu.) 1.89 1.89 1.89 1.89 1.89 1.89 1.89
Wheat ($/bu.) 2.58 2.58 2.58 2.58 2.58 2.58 2.58
Cotton ($/lb.) 0.5192 0.5192 0.5192 0.5192 0.5192 0.5192 0.5192
Sorghum ($/bu.) 1.81 1.74 1.76 1.77 1.78 1.77 1.82
Soybeans ($/bu.) 4.97 5.26 5.26 5.26 5.26 5.09 5.02
Barley ($/bu.) 1.55 1.58 1.59 1.64 1.66 1.69 1.67
Oats ($/bu.) 1.03 1.11 1.11 1.12 1.13 1.16 1.10
Rice ($/cwt.) 6.50 6.50 6.50 6.50 6.50 6.50 6.50
Contract Payment Rates
Corn ($/bu.) 0.2508 0.2807 0.3762 0.3657 0.3344 0.2717 0.2612
Wheat ($/bu.) 0.5238 0.6126 0.6528 0.6327 0.5725 0.4620 0.4519
Cotton ($/lb.) 0.0703 0.0725 0.0772 0.0745 0.0682 0.0553 0.0536
Sorghum ($/bu.) 0.3233 0.3265 0.4381 0.4172 0.3859 0.3129 0.3024
Barley ($/bu.) 0.1322 0.2595 0.2699 0.2491 0.2284 0.2284 0.1765
Oats ($/bu.) 0.0000 0.0328 0.0328 0.0328 0.0328 0.0218 0.0218
Rice ($/cwt.) 2.7655 2.7257 2.9247 2.8352 2.5964 2.0990 2.0203
___________________________________________________________________________________________
Source: Food and Agricultural Policy Research Institute (FAPRI) at the University of
Missouri-Columbia and Iowa State University.
The deficiency repayment rates are: Corn-$0.20/bu. (1997), Wheat-$0.35/bu. (1996),
Cotton-$0.0185/lb. (1996), Sorghum-$0.195/bu. (1997), Barley-$0.20/bu. (1996),
Oats-$0.05/bu. (1996).