Table 1. Comparison of Crop Prices Under the Baseline and The Alternative Interest Rate Scenarios.*
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1996 1997 1998 1999 2000 2001 2002
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Corn ($/bu.)
Baseline 2.75 2.37 2.36 2.42 2.44 2.55 2.61
50 Point Increase 2.75 2.37 2.35 2.42 2.45 2.55 2.61
100 Point Increase 2.74 2.37 2.35 2.42 2.45 2.55 2.62
Wheat ($/bu.)
Baseline 4.3 3.38 3.3 3.63 3.63 3.78 3.78
50 Point Increase 4.3 3.38 3.31 3.63 3.63 3.78 3.79
100 Point Increase 4.3 3.38 3.31 3.63 3.64 3.79 3.8
Cotton ($/lb.)
Baseline 0.7133 0.665 0.6458 0.6499 0.6667 0.6803 0.6857
50 Point Increase 0.7133 0.6649 0.6457 0.6498 0.6666 0.6804 0.6858
100 Point Increase 0.7133 0.6649 0.6457 0.6497 0.6665 0.6804 0.6860
Sorghum ($/bu.)
Baseline 2.33 2.28 2.25 2.32 2.38 2.47 2.52
50 Point Increase 2.33 2.28 2.25 2.32 2.38 2.47 2.52
100 Point Increase 2.33 2.28 2.25 2.32 2.38 2.48 2.53
Soybeans ($/bu.)
Baseline 6.85 6.23 5.83 5.8 5.92 5.98 6.08
50 Point Increase 6.85 6.22 5.82 5.8 5.92 5.98 6.09
100 Point Increase 6.85 6.22 5.82 5.79 5.92 5.99 6.09
Barley ($/bu.)
Baseline 2.71 2.36 2.25 2.31 2.39 2.44 2.43
50 Point Increase 2.71 2.36 2.25 2.31 2.39 2.45 2.43
100 Point Increase 2.71 2.36 2.26 2.31 2.4 2.45 2.44
Oats ($/bu.)
Baseline 1.93 1.52 1.36 1.38 1.39 1.41 1.43
50 Point Increase 1.93 1.52 1.36 1.37 1.39 1.42 1.44
100 Point Increase 1.93 1.52 1.36 1.37 1.39 1.42 1.45
Rice ($/cwt.)
Baseline 9.41 8.71 8.64 8.5 8.73 8.81 8.92
50 Point Increase 9.41 8.71 8.65 8.5 8.73 8.81 8.92
100 Point Increase 9.41 8.71 8.65 8.5 8.73 8.81 8.92
Soybean Meal ($/ton)
Baseline 218.03 196.8 188.13 190.43 194.87 196.7 195.55
50 Point Increase 217.93 196.5 187.82 190.23 194.84 196.89 195.92
100 Point Increase 217.84 196.2 187.5 190.01 194.81 197.06 196.27
All Hay ($/ton)
Baseline 92.43 86.39 83.56 83.17 82.73 80.6 79.15
50 Point Increase 92.43 86.29 83.42 83 82.6 80.53 79.15
100 Point Increase 92.43 86.22 83.26 82.83 82.48 80.47 79.15
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*Baseline refers to the projected prices for the January 1997 FAPRI/AFPC Baseline.
50 and 100 Point Increases refer to the projected prices for the 50 and 100 point Increase in
the 90 Day Treasury Bill rate.
Source: Food and Agricultural Policy Research Institute (FAPRI) at the University
of Missouri-Columbia and Iowa State University.