1 Wheat, Corn, Sorghum, Cotton Rice & Soybean Kim Anderson Oklahoma State University

2 Wheat

3

4

5

6

7 Wheat Summary  Planted/harvested acres lower 62.2/59.6  52.4/50.3  Price trend slightly higher $2.86/$3.09  3.23  Loan rate ~$2.75  Direct payment 52¢  Target price ~$ ¢$3.75

8 Corn

9

10

11

12

13 Corn Summary  Planted/harvested acres higher 78.3\78.8  71/71.9  Price trend slightly higher $2.05/$2.14  $2.23  Loan rate ~$1.95  Direct payment 28¢  Target price ~$ ¢$2.52

14 Sorghum

15

16

17

18

19 Sorghum Summary  Planted/harvested acres steady 9.5/9.5  8.0/8.3  Price trend slightly higher $1.92/$2.01  $2.09  Loan rate ~$1.90/Bu.  Direct payment 35¢  Target price ~$ ¢$2.47

20 Cotton

21

22

23

24

25 Cotton Summary  Planted/harvested acres stable 14.6/14.6  12.6/13.3  Price trend slightly higher 45.10¢/46.64¢  51.4 ¢  Loan rate 52¢  Direct payment 6.67¢  Target price 72.4¢ 13.73¢69.34 ¢

26 Rice

27

28

29

30

31 Rice Summary  Planted/harvested acres stable 3.3/3.3  3.3/3.2  Price trend lower but inc. $6.03/$5.18  $5.53  Loan rate $6.50/cwt  Direct payment $2.35/cwt  Target price $10.50 $1.65$9.90

32 Soybeans

33

34

35

36

37 Soybean Summary  Planted/harvested acres stable 73.6/73.5  72/72.2  Price trend slightly higher $4.81/$4.95-$5.20  Loan rate ~$4.96  Direct payment 44¢  Target price $ ¢$5.67

38 Peanuts

39  Potential price guarantee $474/Tn  Loan rate ~$355/Tn Peanut Summary  Acres move to areas with rotation and water  Direct payment $36/Tn  Target price $495/Tn $104$474

40 Kim Anderson Oklahoma State University

41 Commodity2004 Loan Rate2002 Loan Rate Corn Wheat Cotton.52 Soybeans Sorghum Peanuts355.00

42 CommodityFixed Payment Corn.28 Wheat.52 Cotton.0667 Soybeans.44 Sorghum.35 Peanuts.36

CommodityTargetPrice Corn Wheat Cotton.724 Soybeans5.80 Sorghum Peanuts4.95