Table 2.  Comparison of Livestock and Milk 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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Cattle Prices 
Feeder Cattle ($/cwt.)
Baseline                61.37       67.87       75.30       83.49       90.22       92.92       85.70
50 Point Increase       61.37       67.62       74.86       83.02       89.97       92.93       85.99
100 Point Increase      61.37       67.43       74.37       82.50       89.64       92.90       86.26

Culled Cows ($/cwt)
Baseline                30.29       31.95       38.02       43.26       45.96       47.30       44.20
50 Point Increase       30.29       31.77       37.73       42.95       45.84       47.39       44.50
100 Point Increase      30.29       31.64       37.39       42.63       45.67       47.46       44.79

Hog Prices
Barrows/Gilts ($/cwt)
Baseline                53.36       53.81       46.36       42.04       45.42       49.03       46.08
50 Point Increase       53.36       53.76       46.23       41.96       45.42       49.10       46.16
100 Point Increase      53.36       53.71       46.12       41.87       45.42       49.16       46.24

Culled Sows ($/cwt)
Baseline                44.27       44.63       37.45       35.02       36.72       39.58       37.48
50 Point Increase       44.27       44.59       37.32       34.94       36.73       39.68       37.61
100 Point Increase      44.27       44.55       37.21       34.87       36.74       39.77       37.73

Milk Prices -- National and State
All Milk Price ($/cwt)
Baseline                14.75       13.69       13.53       13.39       13.00       12.98       13.01
50 Point Increase       14.75       13.68       13.50       13.37       13.00       13.02       13.09
100 Point Increase      14.75       13.67       13.47       13.34       13.00       13.06       13.16

California ($/cwt)
Baseline                13.63       12.51       12.42       12.32       11.93       11.93       11.95
50 Point Increase       13.63       12.50       12.39       12.29       11.93       11.96       12.02
100 Point Increase      13.63       12.49       12.36       12.26       11.93       12.00       12.09

Florida ($/cwt)
Baseline                18.00       16.89       16.79       16.68       16.30       16.30       16.32
50 Point Increase       18.00       16.88       16.76       16.66       16.30       16.33       16.39
100 Point Increase      18.00       16.87       16.73       16.63       16.30       16.37       16.46

Georgia ($/cwt)
Baseline                16.31       15.21       15.10       14.99       14.61       14.61       14.63
50 Point Increase       16.31       15.21       15.07       14.97       14.61       14.64       14.70
100 Point Increase      16.31       15.20       15.04       14.94       14.61       14.68       14.77

Missouri ($/cwt)
Baseline                15.23       14.04       13.88       13.76       13.37       13.36       13.40
50 Point Increase       15.23       14.03       13.85       13.73       13.37       13.40       13.48
100 Point Increase      15.23       14.03       13.82       13.71       13.37       13.44       13.55

New Mexico ($/cwt)
Baseline                13.87       12.90       12.68       12.53       12.14       12.14       12.20
50 Point Increase       13.87       12.89       12.65       12.51       12.15       12.19       12.29
100 Point Increase      13.87       12.88       12.62       12.49       12.15       12.23       12.38

New York ($/cwt)
Baseline                14.88       13.84       13.68       13.55       13.17       13.17       13.21
50 Point Increase       14.88       13.83       13.65       13.53       13.17       13.21       13.28
100 Point Increase      14.88       13.82       13.62       13.50       13.17       13.24       13.36

Texas ($/cwt)
Baseline                15.23       14.18       13.98       13.83       13.42       13.40       13.42
50 Point Increase       15.23       14.18       13.96       13.81       13.42       13.44       13.50
100 Point Increase      15.23       14.17       13.93       13.78       13.43       13.48       13.58

Vermont ($/cwt)
Baseline                15.38       14.32       14.17       14.05       13.65       13.65       13.68
50 Point Increase       15.38       14.31       14.14       14.02       13.66       13.69       13.76
100 Point Increase      15.38       14.30       14.11       13.99       13.66       13.73       13.83

Washington ($/cwt)
Baseline                14.41       13.52       13.22       13.05       12.65       12.65       12.74
50 Point Increase       14.41       13.51       13.19       13.03       12.66       12.70       12.83
100 Point Increase      14.41       13.51       13.17       13.01       12.67       12.76       12.93

Wisconsin ($/cwt)
Baseline                14.72       13.66       13.52       13.40       13.01       13.01       13.05
50 Point Increase       14.72       13.65       13.49       13.37       13.01       13.05       13.12
100 Point Increase      14.72       13.64       13.46       13.35       13.01       13.09       13.19
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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.