Table 1.  Comparison of Crop Prices and Land Values for the Baseline versus
          Elimination of the Ethanol Tax Subsidy.
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                         1997       1998       1999       2000       2001       2002
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Corn ($/bu.)
BASELINE                 2.37       2.36       2.42       2.44       2.55       2.61
ETHANOL                  2.27       2.28       2.30       2.32       2.42       2.48

Wheat ($/bu.)
BASELINE                 3.38       3.30       3.63       3.63       3.78       3.78
ETHANOL                  3.36       3.27       3.60       3.59       3.74       3.74

Cotton ($/lb.)
BASELINE               0.6650     0.6458     0.6499     0.6667     0.6803     0.6857
ETHANOL                0.6648     0.6430     0.6468     0.6627     0.6760     0.6812

Sorghum ($/bu.)
BASELINE                 2.28       2.25       2.32       2.38       2.47       2.52
ETHANOL                  2.20       2.20       2.24       2.30       2.38       2.42

Soybeans ($/bu.)
BASELINE                 6.23       5.83       5.80       5.92       5.98       6.08
ETHANOL                  6.28       5.78       5.74       5.82       5.88       5.97

Barley ($/bu.)
BASELINE                 2.36       2.25       2.31       2.39       2.44       2.43
ETHANOL                  2.32       2.22       2.25       2.33       2.37       2.36

Oats ($/bu.)
BASELINE                 1.52       1.36       1.38       1.39       1.41       1.43
ETHANOL                  1.50       1.33       1.34       1.35       1.38       1.39

Rice ($/cwt.)
BASELINE                 8.71       8.64       8.50       8.73       8.81       8.92
ETHANOL                  8.70       8.64       8.49       8.72       8.79       8.90

Soybean Meal ($/ton)
BASELINE               196.80     188.13     190.43     194.87     196.70     195.55
ETHANOL                198.27     187.75     190.02     193.67     195.58     194.51

All Hay ($/ton)
BASELINE                86.39      83.56      83.17      82.73      80.60      79.15
ETHANOL                 86.17      83.31      82.83      82.35      80.24      78.81

Livestock Prices
Feeder Cattle ($/cwt)
BASELINE                67.87      75.30      83.49      90.22      92.92      85.70
ETHANOL                 67.98      75.25      83.21      89.74      92.46      85.42

Culled Cows ($/cwt)
BASELINE                31.95      38.02      43.26      45.96      47.30      44.20
ETHANOL                 31.96      37.85      42.90      45.43      46.78      43.79

Hog Prices
Barrows/Gilts
BASELINE                53.81      46.36      42.04      45.42      49.03      46.08
ETHANOL                 53.79      46.15      41.60      44.76      48.33      45.45

Culled Sows ($/cwt)
BASELINE                44.63      37.45      35.02      36.72      39.58      37.48
ETHANOL                 44.68      37.40      34.78      36.34      39.17      37.14

Annual Rate of Change for U.S. Land Prices (%)
BASELINE                 4.90       5.43       3.12       2.42       1.17       2.71
ETHANOL                  4.80       5.26       2.77       1.94       0.60       2.41
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