Table 2. Implications of Eliminating the Ethanol Tax Subsidy in 1997 on the Economic Viability
         of Representative Feed Grain Farms in Iowa, Missouri, and Nebraska.
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                         IAG950    IAG2200   MOCG1500    MOCG3000   MONG1200    NEG800    NEG1575
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Change in Real Net Worth 1997-2002 (%)
Baseline                  18.67      35.33      29.41      34.51       7.36      -2.16      13.59
Ethanol Tax Scenario      14.75      31.12      26.01      31.09       4.48      -8.56       8.34
Change                    -3.92      -4.21      -3.40      -3.42      -2.88      -6.40      -5.25

Average Cash Receipts 1997-2002 ($1,000)
Baseline                 304.56     548.53     392.17     818.73     447.25     375.42     758.93
Ethanol Tax Scenario     297.18     535.62     383.13     799.97     441.83     362.98     732.91
Change                    -7.38     -12.91      -9.04     -18.76      -5.42     -12.44     -26.02
% Change                  -2.42%     -2.35%     -2.31%     -2.29%     -1.21%     -3.31%     -3.43%

Average Cash Expenses 1997-2002 ($1,000)
Baseline                 189.76     310.92     192.02     395.31     358.51     316.94     577.41
Ethanol Tax Scenario     190.44     311.78     192.70     396.46     359.01     319.57     579.91
Change                     0.68       0.86       0.68       1.15       0.50       2.63       2.50
% Change                   0.36%      0.28%      0.35%      0.29%      0.14%      0.83%      0.43%

Average Net Cash Income 1997-2002 ($1,000)
Baseline                 114.79     237.61     200.16     423.43      88.73      58.47     181.52
Ethanol Tax Scenario     106.74     223.84     190.44     403.51      82.82      43.41     153.00
Change                    -8.05     -13.77      -9.72     -19.92      -5.91     -15.06     -28.52
% Change                  -7.01%     -5.80%     -4.86%     -4.70%     -6.66%    -25.76%    -15.71%
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(Continued) Implications of Eliminating the Ethanol Tax Subsidy in 1997 on the Economic
            Viability of Representative Feed Grain Farms in Texas, Kansas, and South Carolina.
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                         TXNP1600   TXNP5500   KSG728     KSG1652    SCG1500    SCG3500
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Change in Real Net Worth 1997-2002 (%)
Baseline                  31.07      47.99     -35.32     -19.28      31.93      50.69
Ethanol Tax Scenario      23.98      41.70     -47.61     -26.29      26.98      47.24
Change                    -7.09      -6.29     -12.29      -7.01      -4.95      -3.45

Average Cash Receipts 1997-2002 ($1,000)
Baseline                 355.73    1326.33     207.90     336.68     576.16    1535.01
Ethanol Tax Scenario     346.65    1289.28     200.70     325.69     566.46    1514.72
Change                    -9.08     -37.05      -7.20     -10.99      -9.70     -20.29
% Change                  -2.55%     -2.79%     -3.46%     -3.26%     -1.68%     -1.32%

Average Cash Expenses 1997-2002 ($1,000)
Baseline                 242.23     835.07     182.04     276.64     414.56     932.81
Ethanol Tax Scenario     243.09     836.95     183.74     278.61     415.04     933.76
Change                     0.86       1.88       1.70       1.97       0.48       0.95
% Change                   0.36%      0.23%      0.93%      0.71%      0.12%      0.10%

Average Net Cash Income 1997-2002 ($1,000)
Baseline                 113.50     491.26      25.86      60.05     161.60     602.20
Ethanol Tax Scenario     103.56     452.33      16.96      47.07     151.43     580.96
Change                    -9.94     -38.93      -8.90     -12.98     -10.17     -21.24
% Change                  -8.76%     -7.92%    -34.42%    -21.62%     -6.29%     -3.53%
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