United States Department of Agriculture National Agricultural Statistics Service Pr Rc 1 (05) Price Reactions After USDA Crop Reports March 2005 This report contains corn, soybean, wheat, and cotton price reactions to the USDA Crop Production and Grain Stocks reports. Each year, estimates of corn, soybean, wheat, and cotton production are published in the monthly Crop Production reports. Corn and soybean estimates are published in the August, September, October, and November Crop Production reports and the January Crop Production Annual Summary. Wheat estimates are published in the May, June, July, and August Crop Production reports, and the September Small Grains Annual Summary. Cotton estimates are included in the August, September, October, November, and December Crop Production reports and the January Crop Production Annual Summary. Estimates of corn, soybean, and wheat stocks are published in the Grain Stocks report issued in March, June, September, and January. The prices in this report for corn, soybeans, wheat, and cotton represent sales from producers to first buyers at major markets as reported by the USDA Agricultural Marketing Service (AMS). The price data series used for each commodity is described below: Commodity AMS Market News Price Used Corn The closing cash price for Southern Iowa #2 yellow corn. Soybeans The average price paid at Southern Iowa points by processors. Wheat The closing cash price for Kansas City #1 hard winter wheat (ordinary protein). Cotton The 7-Market Average Base Quotations for upland cotton (the upland cotton base quality is color 41, leaf grade 4, staple 34). Before May 1994, the quarterly Grain Stocks report, the monthly Crop Production report, as well as the Annual Crop Production and Small Grains Summaries were all published at 3:00 p.m. ET. Therefore, the "prior closing price," referred to in the tables of this report, is the closing price the day of the release since the U.S. markets were already closed at 3:00 p.m. ET and did not have a chance to react on that day. Referring to data in this publication, if a report was published on Thursday at 3:00 p.m. ET, the "prior closing price" is Thursday's closing price. The "day after price" is the closing price on Friday and the "week after price" is the following Thursday's closing price. The "week after price" contains 5 days when the U.S. markets were open. However, starting in May 1994, the release time for all reports mentioned previously was changed to 8:30 a.m. ET. Therefore, the "prior closing price," referred to in the tables of this report, is the previous day's closing price since the U.S. markets had not yet opened on the day of the release. The "day after" and "week after" prices are then published to reflect the same number of days after report publication as when the report was released at 3:00 p.m. ET. Referring again to data in this publication, if a report was published on Tuesday at 8:30 a.m. ET, the "prior closing price" is Monday's closing price. The "day after price" is the closing price on Tuesday since the U.S. markets were open a full day after the report was released. The "week after price" is the following Monday's closing price since there were 5 days when the U.S. markets were open from when the report was released. Contents Page Corn . . . . . . . . . . . 5 Cotton . . . . . . . . . . . . .17 Soybeans . . . . . . . . . . . . 9 Wheat. . . . . . . . . . . . . .13 Price Reactions After USDA Crop Reports -------------------------------------------------------------------------------- : Corn -------------------------------------------------------------------------------- USDA Report : Day After Report : Week After Report And :------------------------------------------------------- Price Reaction : Number : Average : Number : Average : of Reports :Price Change : of Reports :Price Change -------------------------------------------------------------------------------- : Number Cents Per Bu Number Cents Per Bu : Crop Production : 1985-2004 : : Price Increases : 39 4.7 50 7.3 No Price Change (NC) : 15 NC 1 NC Price Decreases : 46 -5.3 49 -10.2 Total : 100 100 : Grain Stocks : 1984-2004 : : Price Increases : 37 5.2 41 8.4 No Price Change (NC) : 7 NC 5 NC Price Decreases : 41 -4.7 39 -9.0 Total : 85 85 -------------------------------------------------------------------------------- : Soybeans -------------------------------------------------------------------------------- USDA Report : Day After Report : Week After Report And :------------------------------------------------------- Price Reaction : Number : Average : Number : Average : of Reports :Price Change : of Reports :Price Change -------------------------------------------------------------------------------- : Number Cents Per Bu Number Cents Per Bu : Crop Production : 1985-2004 : : Price Increases : 48 10.5 51 15.8 No Price Change (NC) : 3 NC 2 NC Price Decreases : 49 -11.2 47 -18.2 Total : 100 100 : Grain Stocks : 1984-2004 : : Price Increases : 36 10.1 36 16.8 No Price Change (NC) : 1 NC 1 NC Price Decreases : 48 -11.4 48 -20.1 Total : 85 85 -------------------------------------------------------------------------------- : Wheat -------------------------------------------------------------------------------- USDA Report : Day After Report : Week After Report And :------------------------------------------------------- Price Reaction : Number : Average : Number : Average : of Reports :Price Change : of Reports :Price Change -------------------------------------------------------------------------------- : Number Cents Per Bu Number Cents Per Bu : Crop Production : 1987-2004 : : Price Increases : 48 5.8 52 9.2 No Price Change (NC) : 9 NC 7 NC Price Decreases : 47 -4.8 45 -12.8 Total : 104 104 : Grain Stocks : 1984-2004 : : Price Increase : 38 5.0 32 9.1 No Price Change (NC) : 7 NC 7 NC Price Decreases : 40 -5.2 46 -10.8 Total : 85 85 -------------------------------------------------------------------------------- Price Reactions After USDA Crop Reports -------------------------------------------------------------------------------- : Upland Cotton -------------------------------------------------------------------------------- USDA Report : Day After Report : Week After Report And :--------------------------------------------------------- Price Reaction : Number : Average : Number : Average : of Reports : Price Change : of Reports : Price Change -------------------------------------------------------------------------------- : Number Points Per Lb Number Points Per Lb : Crop Production : 1989-2004 : : Price Increases : 43 86.7 54 131.7 No Price Change (NC): 0 NC 0 NC Price Decreases : 53 -88.2 42 -170.8 Total : 96 96 -------------------------------------------------------------------------------- Corn: Price Changes Following Crop Production Reports -------------------------------------------------------------------------------- : Price 1/ : Price Change :--------------------------------------------------------------------- Date : Prior : Day : Week After : Day : Week : Closing : After : Report : After : After -------------------------------------------------------------------------------- : -------- Dollars Per Bu -------- Cents Per Bu : Aug 1985 : NC +5 Sep 1985 : -5 -13 Oct 1985 : -3 -7 Nov 1985 : +2 +8 Ann 1985 : -1 -2 : Aug 1986 : NC -6 Sep 1986 : NC -1 Oct 1986 : -1 -4 Nov 1986 : NC +2 Ann 1986 : +2 +4 : Aug 1987 : 1.48 1.48 1.51 NC +3 Sep 1987 : 1.57 1.56 1.61 -1 +4 Oct 1987 : 1.54 1.54 1.66 NC +12 Nov 1987 : 1.74 1.78 1.79 +4 +5 Ann 1987 : 1.86 1.89 1.90 +3 +4 : Aug 1988 : 2.77 2.68 2.78 -9 +1 Sep 1988 : 2.78 2.78 2.67 NC -11 Oct 1988 : 2.81 2.81 2.75 NC -6 Nov 1988 : 2.70 2.63 2.58 -7 -12 Ann 1988 : 2.70 2.70 2.56 NC -14 : Aug 1989 : 2.33 2.40 2.42 +7 +9 Sep 1989 : 2.42 2.36 2.30 -6 -12 Oct 1989 : 2.33 2.32 2.40 -1 +7 Nov 1989 : 2.34 2.35 2.40 +1 +6 Ann 1989 : 2.32 2.36 2.34 +4 +2 : Aug 1990 : 2.55 2.54 2.58 -1 +3 Sep 1990 : 2.36 2.30 2.26 -6 -10 Oct 1990 : 2.34 2.27 2.25 -7 -9 Nov 1990 : 2.33 2.32 2.25 -1 -8 Ann 1990 : 2.31 2.35 2.39 +4 +8 : Aug 1991 : 2.56 2.53 2.36 -3 -20 Sep 1991 : 2.46 2.44 2.40 -2 -6 Oct 1991 : 2.42 2.42 2.34 NC -8 Nov 1991 : 2.45 2.48 2.46 +3 +1 Ann 1991 : 2.47 2.49 2.51 +2 +4 : Aug 1992 : 2.20 2.22 2.26 +2 +6 Sep 1992 : 2.22 2.24 2.16 +2 -6 Oct 1992 : 2.06 2.05 2.04 -1 -2 Nov 1992 : 2.03 2.06 2.14 +3 +11 Ann 1992 : 2.16 2.12 2.16 -4 NC : Aug 1993 : 2.30 2.23 2.24 -7 -6 Sep 1993 : 2.24 2.25 2.26 +1 +2 Oct 1993 : 2.30 2.36 2.37 +6 +7 Nov 1993 : 2.61 2.72 2.78 +11 +17 Ann 1993 : 3.04 3.08 2.96 +4 -8 : Aug 1994 : 2.20 2.20 2.25 NC +5 Sep 1994 : 2.18 2.11 2.05 -7 -13 Oct 1994 : 2.01 2.02 1.98 +1 -3 Nov 1994 : 2.08 2.10 2.12 +2 +4 Ann 1994 : 2.33 2.34 2.35 +1 +2 -------------------------------------------------------------------------------- 1/ Closing cash price for Southern Iowa #2 yellow corn as reported by AMS Grain Market News. Corn: Price Changes Following Crop Production Reports -------------------------------------------------------------------------------- : Price 1/ : Price Change :--------------------------------------------------------------------- Date : Prior : Day : Week After : Day : Week : Closing : After : Report : After : After -------------------------------------------------------------------------------- : -------- Dollars Per Bu -------- Cents Per Bu : Aug 1995 : 2.65 2.65 2.67 NC +2 Sep 1995 : 2.75 2.79 2.84 +4 +9 Oct 1995 : 3.02 3.04 3.07 +2 +5 Nov 1995 : 3.23 3.19 3.18 -4 -5 Ann 1995 : 3.61 3.55 3.54 -6 -7 : Aug 1996 : 4.91 4.82 4.53 -9 -38 Sep 1996 : 3.74 3.60 3.24 -14 -50 Oct 1996 : 2.99 2.91 2.90 -8 -9 Nov 1996 : 2.70 2.70 2.64 NC -6 Ann 1996 : 2.53 2.60 2.67 +7 +14 : Aug 1997 : 2.50 2.63 2.59 +13 +9 Sep 1997 : 2.66 2.56 2.54 -10 -12 Oct 1997 : 2.70 2.73 2.67 +3 -3 Nov 1997 : 2.76 2.71 2.70 -5 -6 Ann 1997 : 2.49 2.63 2.70 +14 +21 : Aug 1998 : 2.06 2.03 1.99 -3 -7 Sep 1998 : 1.86 1.81 1.75 -5 -11 Oct 1998 : 1.93 1.98 2.05 +5 +12 Nov 1998 : 2.10 2.20 2.15 +10 +5 Ann 1998 : 2.12 2.11 2.11 -1 -1 : Aug 1999 : 1.88 1.74 1.81 -14 -7 Sep 1999 : 1.86 1.83 1.75 -3 -11 Oct 1999 : 1.69 1.64 1.75 -5 +6 Nov 1999 : 1.95 1.88 1.91 -7 -4 Ann 1999 : 1.91 1.97 2.06 +6 +15 : Aug 2000 : 1.54 1.56 1.57 +2 +3 Sep 2000 : 1.67 1.66 1.51 -1 -16 Oct 2000 : 1.80 1.84 1.86 +4 +6 Nov 2000 : 1.97 1.99 1.98 +2 +1 Ann 2000 : 2.11 2.04 2.00 -7 -11 : Aug 2001 : 2.09 2.09 2.02 NC -7 Sep 2001 : 2.02 1.96 1.96 -6 -6 Oct 2001 : 1.91 1.85 1.85 -6 -6 Nov 2001 : 1.97 1.97 2.02 NC +5 Ann 2001 : 1.97 2.00 2.01 +3 +4 : Aug 2002 : 2.44 2.53 2.65 +9 +21 Sep 2002 : 2.79 2.69 2.58 -10 -21 Oct 2002 : 2.39 2.35 2.44 -4 +5 Nov 2002 : 2.26 2.29 2.40 +3 +14 Ann 2002 : 2.33 2.24 2.22 -9 -11 : Aug 2003 : 2.16 2.23 2.31 +7 +15 Sep 2003 : 2.38 2.26 2.15 -12 -23 Oct 2003 : 2.15 2.09 2.11 -6 -4 Nov 2003 : 2.31 2.36 2.35 +5 +4 Ann 2003 : 2.43 2.56 2.61 +13 +18 : Aug 2004 : 2.25 2.22 2.28 -3 +3 Sep 2004 : 2.17 2.13 1.95 -4 -22 Oct 2004 : 1.82 1.79 1.85 -3 +3 Nov 2004 : 1.77 1.84 2.00 +7 +23 Ann 2004 : 1.96 1.91 1.88 -5 -8 -------------------------------------------------------------------------------- 1/ Closing cash price for Southern Iowa #2 yellow corn as reported by AMS Grain Market News. Corn: Price Changes Following Grain Stocks Reports -------------------------------------------------------------------------------- : Price 1/ : Price Change :--------------------------------------------------------------------- Date : Prior : Day : Week After : Day : Week : Closing : After : Report : After : After -------------------------------------------------------------------------------- : -------- Dollars Per Bu -------- Cents Per Bu : Jan 1984 : -4 -4 Apr 1984 : -10 -19 Jun 1984 : -1 -10 Oct 1984 : -1 -2 : Jan 1985 : NC NC Apr 1985 : +1 -2 Jun 1985 : -2 +4 Oct 1985 : +2 +8 : Jan 1986 : -1 -2 Apr 1986 : +2 +6 Jun 1986 : -9 -32 Sep 1986 : -3 -16 Dec 1986 : +2 +4 : Mar 1987 : -1 -6 Jun 1987 : -6 NC Sep 1987 : 1.60 1.66 1.59 +6 -1 Dec 1987 : 1.86 1.89 1.90 +3 +4 : Mar 1988 : 2.02 2.00 2.01 -2 -1 Jun 1988 : 2.90 3.00 2.94 +10 +4 Sep 1988 : 2.73 2.78 2.80 +5 +7 Dec 1988 : 2.70 2.70 2.56 NC -14 : Mar 1989 : 2.68 2.62 2.68 -6 NC Jun 1989 : 2.69 2.73 2.77 +4 +8 Sep 1989 : 2.28 2.28 2.36 NC +8 Dec 1989 : 2.32 2.36 2.34 +4 +2 : Mar 1990 : 2.61 2.64 2.69 +3 +8 Jun 1990 : 2.92 2.91 2.81 -1 -11 Sep 1990 : 2.24 2.24 2.26 NC +2 Dec 1990 : 2.31 2.35 2.39 +4 +8 : Mar 1991 : 2.56 2.58 2.58 +2 +2 Jun 1991 : 2.38 2.32 2.38 -6 NC Sep 1991 : 2.32 2.41 2.44 +9 +12 Dec 1991 : 2.47 2.49 2.51 +2 +4 : Mar 1992 : 2.62 2.57 2.60 -5 -2 Jun 1992 : 2.55 2.60 2.51 +5 -4 Sep 1992 : 2.13 2.11 2.06 -2 -7 Dec 1992 : 2.16 2.12 2.16 -4 NC : Mar 1993 : 2.33 2.32 2.36 -1 +3 Jun 1993 : 2.25 2.33 2.40 +8 +15 Sep 1993 : 2.24 2.23 2.26 -1 +2 Dec 1993 : 3.04 3.08 2.96 +4 -8 : Mar 1994 : 2.75 2.72 2.78 -3 +3 Jun 1994 : 2.46 2.49 2.35 +3 -11 Sep 1994 : 2.00 2.03 2.07 +3 +7 Dec 1994 : 2.33 2.34 2.35 +1 +2 -------------------------------------------------------------------------------- 1/ Closing cash price for Southern Iowa #2 yellow corn as reported by AMS Grain Market News. Corn: Price Changes Following Grain Stocks Reports -------------------------------------------------------------------------------- : Price 1/ : Price Change :--------------------------------------------------------------------- Date : Prior : Day : Week After : Day : Week : Closing : After : Report : After : After -------------------------------------------------------------------------------- : -------- Dollars Per Bu -------- Cents Per Bu : Mar 1995 : 2.48 2.48 2.47 NC -1 Jun 1995 : 2.66 2.70 2.78 +4 +12 Sep 1995 : 2.93 2.93 2.94 NC +1 Dec 1995 : 3.61 3.55 3.54 -6 -7 : Mar 1996 : 4.05 4.14 4.26 +9 +21 Jun 1996 : 4.77 5.00 5.15 +23 +38 Sep 1996 : 3.18 3.01 2.94 -17 -24 Dec 1996 : 2.53 2.60 2.67 +7 +14 : Mar 1997 : 3.01 3.03 2.89 +2 -12 Jun 1997 : 2.41 2.43 2.36 +2 -5 Sep 1997 : 2.48 2.47 2.52 -1 +4 Dec 1997 : 2.49 2.63 2.70 +14 +21 : Mar 1998 : 2.63 2.56 2.46 -7 -17 Jun 1998 : 2.33 2.40 2.34 +7 +1 Sep 1998 : 1.84 1.80 1.85 -4 +1 Dec 1998 : 2.12 2.11 2.11 -1 -1 : Mar 1999 : 2.26 2.20 2.11 -6 -15 Jun 1999 : 2.00 2.00 1.76 NC -24 Sep 1999 : 1.88 1.80 1.71 -8 -17 Dec 1999 : 1.91 1.97 2.06 +6 +15 : Mar 2000 : 2.20 2.21 2.16 +1 -4 Jun 2000 : 1.69 1.65 1.62 -4 -7 Sep 2000 : 1.61 1.65 1.83 +4 +22 Dec 2000 : 2.11 2.04 2.00 -7 -11 : Mar 2001 : 1.93 1.86 2.00 -7 +7 Jun 2001 : 1.78 1.79 1.89 +1 +11 Sep 2001 : 1.86 1.82 1.84 -4 -2 Dec 2001 : 1.97 2.00 2.01 +3 +4 : Mar 2002 : 2.03 2.00 1.98 -3 -5 Jun 2002 : 2.22 2.20 2.26 -2 +4 Sep 2002 : 2.50 2.40 2.47 -10 -3 Dec 2002 : 2.33 2.24 2.22 -9 -11 : Mar 2003 : 2.30 2.38 2.40 +8 +10 Jun 2003 : 2.35 2.30 2.29 -5 -6 Sep 2003 : 2.13 2.08 2.10 -5 -3 Dec 2003 : 2.43 2.56 2.61 +13 +18 : Mar 2004 : 3.06 3.11 3.19 +5 +13 Jun 2004 : 2.68 2.58 2.51 -10 -17 Sep 2004 : 1.70 1.68 1.75 -2 +5 Dec 2004 : 1.96 1.91 1.88 -5 -8 -------------------------------------------------------------------------------- 1/ Closing cash price for Southern Iowa #2 yellow corn as reported by AMS Grain Market News. Soybeans: Price Changes Following Crop Production Reports -------------------------------------------------------------------------------- : Price 1/ : Price Change :--------------------------------------------------------------------- Date : Prior : Day : Week After : Day : Week : Closing : After : Report : After : After -------------------------------------------------------------------------------- : -------- Dollars Per Bu -------- Cents Per Bu : Aug 1985 : -4 -10 Sep 1985 : +5 +2 Oct 1985 : -3 +1 Nov 1985 : -5 -30 Ann 1985 : -1 -3 : Aug 1986 : +3 NC Sep 1986 : +3 -14 Oct 1986 : +2 +1 Nov 1986 : -1 -4 Ann 1986 : +1 +1 : Aug 1987 : +2 +3 Sep 1987 : +3 +5 Oct 1987 : -4 -3 Nov 1987 : +2 +12 Ann 1987 : +11 +6 : Aug 1988 : -10 +33 Sep 1988 : +3 +5 Oct 1988 : -4 -3 Nov 1988 : -26 -51 Ann 1988 : -36 -63 : Aug 1989 : 6.10 6.20 6.14 +10 +4 Sep 1989 : 6.00 5.70 5.69 -30 -31 Oct 1989 : 5.42 5.34 5.56 -8 +14 Nov 1989 : 5.62 5.52 5.84 -10 +22 Ann 1989 : 5.66 5.62 5.54 -4 -12 : Aug 1990 : 6.13 6.23 6.26 +10 +13 Sep 1990 : 6.33 6.25 6.09 -8 -24 Oct 1990 : 6.15 6.12 6.00 -3 -15 Nov 1990 : 5.84 5.74 5.68 -10 -16 Ann 1990 : 5.55 5.57 5.76 +2 +21 : Aug 1991 : 5.62 5.55 5.35 -7 -27 Sep 1991 : 5.88 5.88 5.92 NC +4 Oct 1991 : 5.68 5.46 5.36 -22 -32 Nov 1991 : 5.54 5.62 5.66 +8 +12 Ann 1991 : 5.58 5.51 5.60 -7 +2 : Aug 1992 : 5.47 5.57 5.54 +10 +7 Sep 1992 : 5.57 5.51 5.42 -6 -15 Oct 1992 : 5.22 5.27 5.15 +5 -7 Nov 1992 : 5.40 5.51 5.55 +11 +15 Ann 1992 : 5.68 5.70 5.68 +2 NC : Aug 1993 : 6.73 6.44 6.46 -29 -27 Sep 1993 : 6.38 6.20 6.24 -18 -14 Oct 1993 : 6.00 5.98 5.96 -2 -4 Nov 1993 : 6.28 6.57 6.76 +29 +48 Ann 1993 : 6.98 7.22 7.08 +24 +10 : Aug 1994 : 5.70 5.71 5.69 +1 -1 Sep 1994 : 5.65 5.68 5.36 +3 -29 Oct 1994 : 5.08 5.16 5.20 +8 +12 Nov 1994 : 5.51 5.56 5.63 +5 +12 Ann 1994 : 5.59 5.56 5.51 -3 -8 -------------------------------------------------------------------------------- 1/ Average prices paid at Southern Iowa points by processors as reported by AMS Grain Market News. Soybeans: Price Changes Following Crop Production Reports -------------------------------------------------------------------------------- : Price 1/ : Price Change :--------------------------------------------------------------------- : Prior : Day : Week After : Day : Week Date : Closing : After : Report : After : After -------------------------------------------------------------------------------- : -------- Dollars Per Bu -------- Cents Per Bu : Aug 1995 : 5.83 5.74 5.84 -9 +1 Sep 1995 : 6.11 6.12 6.36 +1 +25 Oct 1995 : 6.32 6.39 6.27 +7 -5 Nov 1995 : 6.76 6.70 6.66 -6 -10 Ann 1995 : 7.41 7.31 7.39 -10 -2 : Aug 1996 : 7.95 8.16 8.10 +21 +15 Sep 1996 : 8.19 8.17 7.99 -2 -20 Oct 1996 : 7.27 6.94 6.81 -33 -46 Nov 1996 : 6.88 6.94 7.05 +6 +17 Ann 1996 : 6.94 7.20 7.39 +26 +45 : Aug 1997 : 7.15 7.35 7.34 +20 +19 Sep 1997 : 6.96 6.89 6.61 -7 -35 Oct 1997 : 6.67 6.88 6.89 +21 +22 Nov 1997 : 7.34 7.20 7.23 -14 -11 Ann 1997 : 6.54 6.63 6.67 +9 +13 : Aug 1998 : 5.58 5.53 5.59 -5 +1 Sep 1998 : 5.19 5.19 5.13 NC -6 Oct 1998 : 5.19 5.40 5.28 +21 +9 Nov 1998 : 5.60 5.74 5.66 +14 +6 Ann 1998 : 5.34 5.24 5.15 -10 -19 : Aug 1999 : 4.63 4.30 4.48 -33 -15 Sep 1999 : 4.85 4.95 4.66 +10 -19 Oct 1999 : 4.54 4.54 4.63 NC +9 Nov 1999 : 4.70 4.56 4.64 -14 -6 Ann 1999 : 4.60 4.62 4.85 +2 +25 : Aug 2000 : 4.49 4.54 4.58 +5 +9 Sep 2000 : 4.86 4.84 4.49 -2 -37 Oct 2000 : 4.59 4.56 4.53 -3 -6 Nov 2000 : 4.65 4.60 4.71 -5 +6 Ann 2000 : 4.79 4.66 4.55 -13 -24 : Aug 2001 : 5.13 5.19 5.01 +6 -12 Sep 2001 : 4.76 4.68 4.73 -8 -3 Oct 2001 : 4.43 4.27 4.26 -16 -17 Nov 2001 : 4.34 4.38 4.43 +4 +9 Ann 2001 : 4.20 4.30 4.39 +10 +19 : Aug 2002 : 5.56 5.79 5.92 +23 +36 Sep 2002 : 5.89 5.78 5.72 -11 -17 Oct 2002 : 5.14 5.18 5.41 +4 +27 Nov 2002 : 5.63 5.57 5.64 -6 +1 Ann 2002 : 5.66 5.42 5.38 -24 -28 : Aug 2003 : 5.48 5.61 5.87 +13 +39 Sep 2003 : 6.01 6.13 6.07 +12 +6 Oct 2003 : 6.68 6.99 7.16 +31 +48 Nov 2003 : 7.67 7.61 7.74 -6 +7 Ann 2003 : 7.80 8.09 8.17 +29 +37 : Aug 2004 : 5.55 5.92 5.97 +37 +42 Sep 2004 : 5.69 5.54 5.36 -15 -33 Oct 2004 : 5.16 4.93 5.03 -23 -13 Nov 2004 : 5.12 5.20 5.58 +8 +46 Ann 2004 : 5.37 5.26 5.07 -11 -30 -------------------------------------------------------------------------------- 1/ Average prices paid at Southern Iowa points by processors as reported by AMS Grain Market News. Soybeans: Price Changes Following Grain Stocks Reports -------------------------------------------------------------------------------- : Price 1/ : Price Change :--------------------------------------------------------------------- : Prior : Day : Week After : Day : Week Date : Closing : After : Report : After : After -------------------------------------------------------------------------------- : -------- Dollars Per Bu -------- Cents Per Bu : Jan 1984 : +19 +7 Apr 1984 : +11 -17 Jun 1984 : -30 -87 Sep 1984 : +6 +15 : Jan 1985 : -10 -11 Apr 1985 : -6 -17 Jun 1985 : -2 -9 Sep 1985 : -4 +1 : Jan 1986 : -1 -3 Apr 1986 : +15 -3 Jun 1986 : -8 -7 Sep 1986 : +2 -18 Dec 1986 : +1 +1 : Mar 1987 : +3 +7 Jun 1987 : -1 +14 Sep 1987 : +13 +3 Dec 1987 : +11 +6 : Mar 1988 : +17 +18 Jun 1988 : +5 -35 Sep 1988 : +4 -22 Dec 1988 : -36 -63 : Mar 1989 : -18 -23 Jun 1989 : +11 +20 Sep 1989 : 5.58 5.58 5.63 NC +5 Dec 1989 : 5.66 5.62 5.54 -4 -12 : Mar 1990 : 5.84 5.73 5.82 -11 -2 Jun 1990 : 6.07 6.22 6.26 +15 +19 Sep 1990 : 6.06 6.04 6.07 -2 +1 Dec 1990 : 5.55 5.57 5.76 +2 +21 : Mar 1991 : 5.80 6.01 5.91 +21 +11 Jun 1991 : 5.60 5.41 5.43 -19 -17 Sep 1991 : 5.68 5.71 5.71 +3 +3 Dec 1991 : 5.58 5.51 5.60 -7 +2 : Mar 1992 : 5.88 5.77 5.76 -11 -12 Jun 1992 : 6.08 6.04 5.83 -4 -25 Sep 1992 : 5.33 5.26 5.23 -7 -10 Dec 1992 : 5.68 5.70 5.68 +2 NC : Mar 1993 : 5.84 5.88 5.93 +4 +9 Jun 1993 : 6.50 6.56 7.02 +6 +52 Sep 1993 : 6.08 5.98 5.93 -10 -15 Dec 1993 : 6.98 7.22 7.08 +24 +10 : Mar 1994 : 6.83 6.54 6.58 -29 -25 Jun 1994 : 6.56 6.55 6.13 -1 -43 Sep 1994 : 5.27 5.24 5.14 -3 -13 Dec 1994 : 5.59 5.56 5.51 -3 -8 -------------------------------------------------------------------------------- 1/ Average prices paid at Southern Iowa points by processors as reported by AMS Grain Market News. Soybeans: Price Changes Following Grain Stocks Reports -------------------------------------------------------------------------------- : Price 1/ : Price Change :--------------------------------------------------------------------- Date : Prior : Day : Week After : Day : Week : Closing : After : Report : After : After -------------------------------------------------------------------------------- : --------- Dollars Per Bu -------- Cents Per Bu : Mar 1995 : 5.68 5.69 5.77 +1 +9 Jun 1995 : 5.79 5.70 6.09 -9 +30 Sep 1995 : 6.27 6.28 6.17 +1 -10 Dec 1995 : 7.41 7.31 7.39 -10 -2 : Mar 1996 : 7.35 7.46 7.57 +11 +22 Jun 1996 : 7.55 7.73 7.75 +18 +20 Sep 1996 : 7.86 7.51 7.19 -35 -67 Dec 1996 : 6.94 7.20 7.39 +26 +45 : Mar 1997 : 8.47 8.46 8.31 -1 -16 Jun 1997 : 7.99 7.62 7.20 -37 -79 Sep 1997 : 6.26 6.20 6.38 -6 +12 Dec 1997 : 6.54 6.63 6.67 +9 +13 : Mar 1998 : 6.48 6.44 6.36 -4 -12 Jun 1998 : 6.12 6.30 6.29 +18 +17 Sep 1998 : 5.10 4.93 5.00 -17 -10 Dec 1998 : 5.34 5.24 5.15 -10 -19 : Mar 1999 : 4.83 4.68 4.64 -15 -19 Jun 1999 : 4.38 4.41 4.02 +3 -36 Sep 1999 : 4.66 4.61 4.56 -5 -10 Dec 1999 : 4.60 4.62 4.85 +2 +25 : Mar 2000 : 5.19 5.23 5.14 +4 -5 Jun 2000 : 4.89 4.81 4.71 -8 -18 Sep 2000 : 4.68 4.58 4.66 -10 -2 Dec 2000 : 4.79 4.66 4.55 -13 -24 : Mar 2001 : 4.28 4.19 4.32 -9 +4 Jun 2001 : 4.60 4.80 4.90 +20 +30 Sep 2001 : 4.44 4.32 4.39 -12 -5 Dec 2001 : 4.20 4.30 4.39 +10 +19 : Mar 2002 : 4.69 4.71 4.56 +2 -13 Jun 2002 : 5.24 5.37 5.67 +13 +43 Sep 2002 : 5.64 5.40 5.32 -24 -32 Dec 2002 : 5.66 5.42 5.38 -24 -28 : Mar 2003 : 5.80 5.74 5.91 -6 +11 Jun 2003 : 6.30 6.21 6.19 -9 -11 Sep 2003 : 6.69 6.62 6.66 -7 -3 Dec 2003 : 7.80 8.09 8.17 +29 +37 : Mar 2004 : 10.18 9.96 10.08 -22 -10 Jun 2004 : 9.01 8.95 9.42 -6 +41 Sep 2004 : 5.06 4.98 4.98 -8 -8 Dec 2004 : 5.37 5.26 5.07 -11 -30 -------------------------------------------------------------------------------- 1/ Average prices paid at Southern Iowa points by processors as reported by AMS Grain Market News. Wheat: Price Changes Following Crop Production Reports -------------------------------------------------------------------------------- : Price 1/ : Price Change :--------------------------------------------------------------------- Date : Prior : Day : Week After : Day : Week : Closing : After : Report : After : After -------------------------------------------------------------------------------- : -------- Dollars Per Bu -------- Cents Per Bu : May 1987 : NC NC Jun 1987 : NC NC Jul 1987 : NC NC Aug 1987 : 2.59 2.66 2.69 +7 +10 Sep 1987 : 2.84 2.83 2.81 -1 -3 Oct 1987 : 2.84 2.82 2.90 -2 +6 Ann 1987 : 3.22 3.22 3.18 NC -4 : May 1988 : 3.05 3.09 3.21 +4 +16 Jun 1988 : 3.59 3.74 3.83 +15 +24 Jul 1988 : 3.78 3.94 3.81 +16 +3 Aug 1988 : 3.77 3.72 3.81 -5 +4 Sep 1988 : 4.03 4.09 3.95 +6 -8 Oct 1988 : 4.25 4.22 4.15 -3 -10 Ann 1988 : 4.38 4.29 4.45 -9 +7 : May 1989 : 4.61 4.61 4.55 NC -6 Jun 1989 : 4.40 4.47 4.41 +7 +1 Jul 1989 : 4.25 4.27 4.27 +2 +2 Aug 1989 : 4.21 4.25 4.28 +4 +7 Sep 1989 : 4.21 4.14 4.09 -7 -12 Oct 1989 : 4.22 4.20 4.33 -2 +11 Ann 1989 : 4.34 4.32 4.33 -2 -1 : May 1990 : 3.89 3.78 3.76 -11 -13 Jun 1990 : 3.81 3.77 3.43 -4 -38 Jul 1990 : 3.08 3.11 3.05 +3 -3 Aug 1990 : 2.98 2.93 2.92 -5 -6 Sep 1990 : 2.86 2.82 2.78 -4 -8 Oct 1990 : 2.80 2.77 2.74 -3 -6 Ann 1990 : 2.69 2.65 2.69 -4 NC : May 1991 : 3.00 3.04 3.02 +4 +2 Jun 1991 : 3.00 3.03 2.97 +3 -3 Jul 1991 : 2.80 2.86 2.85 +6 +5 Aug 1991 : 3.07 3.10 2.94 +3 -13 Sep 1991 : 3.29 3.30 3.36 +1 +7 Oct 1991 : 3.50 3.56 3.60 +6 +10 Ann 1991 : 4.23 4.26 4.38 +3 +15 : May 1992 : 3.93 3.92 3.84 -1 -9 Jun 1992 : 4.22 4.12 3.74 -10 -48 Jul 1992 : 3.49 3.48 3.52 -1 +3 Aug 1992 : 3.16 3.19 3.21 +3 +5 Sep 1992 : 3.51 3.45 3.57 -6 +6 Oct 1992 : 3.53 3.49 3.62 -4 +9 Ann 1992 : 3.84 3.91 4.09 +7 +25 : May 1993 : 3.48 3.65 3.52 +17 +4 Jun 1993 : 3.48 3.48 3.16 NC -32 Jul 1993 : 3.12 3.07 3.23 -5 +11 Aug 1993 : 3.20 3.14 3.24 -6 +4 Sep 1993 : 3.22 3.19 3.25 -3 +3 Oct 1993 : 3.34 3.34 3.38 NC +4 Ann 1993 : 3.92 3.94 3.77 +2 -15 : May 1994 : 3.61 3.58 3.54 -3 -7 Jun 1994 : 3.68 3.66 3.69 -2 +1 Jul 1994 : 3.38 3.43 3.46 +5 +8 Aug 1994 : 3.55 3.58 3.70 +3 +15 Ann 1994 : 4.00 3.98 4.16 -2 +16 -------------------------------------------------------------------------------- 1/ Closing cash price for Kansas City #1 hard winter wheat (ordinary protein) Reported by AMS Grain Market News. Wheat: Price Changes Following Crop Production Reports -------------------------------------------------------------------------------- : Price 1/ : Price Change :--------------------------------------------------------------------- Date : Prior : Day : Week After : Day : Week : Closing : After : Report : After : After -------------------------------------------------------------------------------- : -------- Dollars Per Bu -------- Cents Per Bu : May 1995 : 4.07 4.10 4.07 +3 NC Jun 1995 : 4.36 4.31 4.42 -5 +6 Jul 1995 : 4.59 4.65 4.88 +6 +29 Aug 1995 : 4.61 4.70 4.54 +9 -7 Ann 1995 : 4.98 5.05 5.01 +7 +3 : May 1996 : 7.23 7.44 7.03 +21 -20 Jun 1996 : 6.27 6.16 6.03 -11 -24 Jul 1996 : 5.64 5.56 5.33 -8 -31 Aug 1996 : 5.02 5.13 4.92 +11 -10 Ann 1996 : 4.77 4.75 4.67 -2 -10 : May 1997 : 4.56 4.48 4.64 -8 +8 Jun 1997 : 4.28 4.17 3.92 -11 -36 Jul 1997 : 3.34 3.36 3.43 +2 +9 Aug 1997 : 3.76 3.74 3.69 -2 -7 Ann 1997 : 3.63 3.59 3.61 -4 -2 : May 1998 : 3.21 3.23 3.25 +2 +4 Jun 1998 : 2.98 3.00 3.06 +2 +8 Jul 1998 : 2.95 2.93 2.88 -2 -7 Aug 1998 : 2.72 2.68 2.66 -4 -6 Ann 1998 : 2.88 2.83 2.94 -5 +6 : May 1999 : 2.76 2.84 2.78 +8 +2 Jun 1999 : 2.85 2.79 2.69 -6 -16 Jul 1999 : 2.40 2.39 2.38 -1 -2 Aug 1999 : 2.65 2.57 2.67 -8 +2 Ann 1999 : 2.81 2.71 2.62 -10 -19 : May 2000 : 2.78 2.80 2.69 +2 -9 Jun 2000 : 2.74 2.76 2.73 +2 -1 Jul 2000 : 2.94 2.93 2.79 -1 -15 Aug 2000 : 2.64 2.65 2.72 +1 +8 Ann 2000 : 3.18 3.27 3.27 +9 +9 : May 2001 : 3.34 3.42 3.50 +8 +16 Jun 2001 : 3.27 3.29 3.24 +2 -3 Jul 2001 : 3.01 3.03 3.16 +2 +15 Aug 2001 : 3.03 3.03 3.03 NC NC Ann 2001 : 3.12 3.10 3.04 -2 -8 : May 2002 : 3.10 3.08 3.11 -2 +1 Jun 2002 : 3.40 3.48 3.54 +8 +14 Jul 2002 : 3.83 3.83 3.93 NC +10 Aug 2002 : 4.15 4.23 4.22 +8 +7 Ann 2002 : 5.08 5.12 5.05 +4 -3 : May 2003 : 3.81 3.91 3.95 +10 +14 Jun 2003 : 3.89 3.84 3.36 -5 -53 Jul 2003 : 2.99 3.02 3.16 +3 +17 Aug 2003 : 3.62 3.70 3.97 +8 +35 Ann 2003 : 3.66 3.70 3.57 +4 -9 : May 2004 : 4.14 4.08 4.03 -6 -11 Jun 2004 : 3.94 3.97 3.94 +3 NC Jul 2004 : 3.84 3.89 3.95 +5 +11 Aug 2004 : 3.53 3.47 3.48 -6 -5 Ann 2004 : 3.90 3.79 3.73 -11 -17 -------------------------------------------------------------------------------- 1/ Closing cash price for Kansas City #1 hard winter wheat (ordinary protein) Reported by AMS Grain Market News. Wheat: Price Changes Following Grain Stocks Reports -------------------------------------------------------------------------------- : Price 1/ : Price Change :--------------------------------------------------------------------- Date : Prior : Day : Week After : Day : Week : Closing : After : Report : After : After -------------------------------------------------------------------------------- : -------- Dollars Per Bu -------- Cents Per Bu : Jan 1984 : NC -4 Apr 1984 : -3 -8 Jun 1984 : -2 -8 Oct 1984 : +2 -2 : Jan 1985 : +1 -6 Apr 1985 : NC -8 Jun 1985 : NC -5 Oct 1985 : -1 NC : Jan 1986 : +3 +9 Apr 1986 : +13 -18 Jun 1986 : -2 -7 Sep 1986 : NC -6 Dec 1986 : +1 +3 : Mar 1987 : NC NC Jun 1987 : NC NC Sep 1987 : 2.73 2.79 2.78 +6 +5 Dec 1987 : 3.22 3.22 3.18 NC -4 : Mar 1988 : 3.08 3.06 3.13 -2 +5 Jun 1988 : 3.85 3.97 3.82 +12 -3 Sep 1988 : 4.04 4.09 4.22 +5 +18 Dec 1988 : 4.38 4.29 4.45 -9 +7 : Mar 1989 : 4.41 4.40 4.30 -1 -11 Jun 1989 : 4.36 4.31 4.37 -5 +1 Sep 1989 : 4.15 4.21 4.24 +6 +9 Dec 1989 : 4.34 4.32 4.33 -2 -1 : Mar 1990 : 4.03 4.05 4.08 +2 +5 Jun 1990 : 3.32 3.26 3.24 -6 -8 Sep 1990 : 2.83 2.86 2.85 +3 +2 Dec 1990 : 2.69 2.65 2.69 -4 NC : Mar 1991 : 2.97 3.03 2.97 +6 NC Jun 1991 : 2.88 2.91 2.82 +3 -6 Sep 1991 : 3.39 3.45 3.52 +6 +13 Dec 1991 : 4.23 4.26 4.38 +3 +15 : Mar 1992 : 4.32 4.19 4.12 -13 -20 Jun 1992 : 3.69 3.65 3.56 -4 -13 Sep 1992 : 3.67 3.68 3.57 +1 -10 Dec 1992 : 3.84 3.91 4.09 +7 +25 : Mar 1993 : 3.74 3.75 3.65 +1 -9 Jun 1993 : 2.97 3.03 3.18 +6 +21 Sep 1993 : 3.26 3.24 3.31 -2 +5 Dec 1993 : 3.92 3.94 3.77 +2 -15 : Mar 1994 : 3.45 3.48 3.56 +3 +11 Jun 1994 : 3.39 3.40 3.35 +1 -4 Sep 1994 : 4.00 3.98 4.16 -2 +16 Dec 1994 : 4.03 4.02 3.97 -1 -6 -------------------------------------------------------------------------------- 1/ Closing cash price for Kansas City #1 hard winter wheat (ordinary protein) Reported by AMS Grain Market News. Wheat: Price Changes Following Grain Stocks Reports -------------------------------------------------------------------------------- : Price 1/ : Price Change :--------------------------------------------------------------------- Date : Prior : Day : Week After : Day : Week : Closing : After : Report : After : After -------------------------------------------------------------------------------- : -------- Dollars Per Bu -------- Cents Per Bu : Mar 1995 : 3.78 3.75 3.73 -3 -5 Jun 1995 : 5.11 5.08 4.82 -3 -29 Sep 1995 : 4.98 5.05 5.01 +7 +3 Dec 1995 : 5.25 5.19 5.13 -6 -12 : Mar 1996 : 5.59 5.68 5.88 +9 +29 Jun 1996 : 5.72 5.63 5.46 -9 -26 Sep 1996 : 4.77 4.75 4.67 -2 -10 Dec 1996 : 4.51 4.52 4.57 +1 +6 : Mar 1997 : 4.59 4.53 4.32 -6 -27 Jun 1997 : 3.48 3.39 3.34 -9 -14 Sep 1997 : 3.63 3.59 3.61 -4 -2 Dec 1997 : 3.42 3.53 3.54 +11 +12 : Mar 1998 : 3.42 3.38 3.26 -4 -16 Jun 1998 : 2.97 3.03 2.97 +6 NC Sep 1998 : 2.88 2.83 2.94 -5 +6 Dec 1998 : 3.20 3.16 3.05 -4 -15 : Mar 1999 : 3.09 2.97 2.97 -12 -12 Jun 1999 : 2.67 2.63 2.46 -4 -21 Sep 1999 : 2.81 2.71 2.62 -10 -19 Dec 1999 : 2.64 2.66 2.70 +2 +6 : Mar 2000 : 2.64 2.71 2.65 +7 +1 Jun 2000 : 2.98 2.89 2.78 -9 -20 Sep 2000 : 3.18 3.27 3.27 +9 +9 Dec 2000 : 3.50 3.52 3.43 +2 -7 : Mar 2001 : 3.25 3.18 3.25 -7 NC Jun 2001 : 3.03 3.06 3.06 +3 +3 Sep 2001 : 3.12 3.10 3.04 -2 -8 Dec 2001 : 3.20 3.23 3.26 +3 +6 : Mar 2002 : 3.22 3.19 3.29 -3 +7 Jun 2002 : 3.63 3.59 3.74 -4 +11 Sep 2002 : 5.08 5.12 5.05 +4 -3 Dec 2002 : 4.15 3.96 3.93 -19 -22 : Mar 2003 : 3.68 3.78 3.78 +10 +10 Jun 2003 : 3.12 3.06 2.98 -6 -14 Sep 2003 : 3.66 3.70 3.57 +4 -9 Dec 2003 : 4.20 4.38 4.30 +18 +10 : Mar 2004 : 4.46 4.40 4.44 -6 -2 Jun 2004 : 3.81 3.79 3.83 -2 +2 Sep 2004 : 3.90 3.79 3.73 -11 -17 Dec 2004 : 4.05 4.07 4.02 +2 -3 -------------------------------------------------------------------------------- 1/ Closing cash price for Kansas City #1 hard winter wheat (ordinary protein) Reported by AMS Grain Market News. Upland Cotton: Price Changes Following Crop Production Reports -------------------------------------------------------------------------------- : Price 1/ : Price Change :--------------------------------------------------------------------- Date : Prior : Day : Week After : Day : Week : Closing : After : Report : After : After -------------------------------------------------------------------------------- : ---------- Cents Per Lb --------- Points Per Lb : Aug 1989 : 70.23 70.04 68.81 -19 -142 Sep 1989 : 67.41 68.84 69.44 +143 +203 Oct 1989 : 69.71 70.29 68.34 +58 -137 Nov 1989 : 70.78 68.15 68.21 -263 -257 Dec 1989 : 62.99 63.71 62.84 +72 -15 Jan 1990 : 62.18 62.21 62.43 +3 +25 : Aug 1990 : 78.86 79.93 72.68 +107 -618 Sep 1990 : 70.79 70.44 71.39 -35 +60 Oct 1990 : 70.28 70.52 70.22 +24 -6 Nov 1990 : 69.55 69.12 69.64 -43 +9 Dec 1990 : 70.42 69.79 69.76 -63 -66 Jan 1991 : 69.80 69.68 70.84 -12 +104 : Aug 1991 : 66.46 64.46 65.69 -200 -77 Sep 1991 : 62.48 62.21 61.35 -27 -113 Oct 1991 : 58.39 58.76 58.03 +37 -36 Nov 1991 : 54.41 53.76 55.14 -65 +73 Dec 1991 : 54.00 54.14 54.18 +14 +18 Jan 1992 : 52.36 50.91 51.29 -145 -107 : Aug 1992 : 57.57 56.59 56.69 -98 -88 Sep 1992 : 54.07 55.09 56.29 +102 +222 Oct 1992 : 50.40 49.61 50.69 -79 +29 Nov 1992 : 49.55 49.11 50.22 -44 +67 Dec 1992 : 52.86 52.50 51.33 -36 -153 Jan 1993 : 53.91 54.02 54.46 +11 +55 : Aug 1993 : 52.70 51.48 52.44 -122 -26 Sep 1993 : 53.25 54.69 53.96 +144 +71 Oct 1993 : 55.58 54.66 53.76 -92 -182 Nov 1993 : 53.61 54.55 55.74 +94 +213 Dec 1993 : 59.62 59.10 60.09 -52 +47 Jan 1994 : 65.18 64.91 66.89 -27 +171 : Aug 1994 : 71.50 71.23 68.13 -27 -337 Sep 1994 : 73.46 73.23 71.06 -23 -240 Oct 1994 : 66.86 67.14 67.80 +28 +94 Nov 1994 : 71.06 70.25 72.50 -81 +144 Dec 1994 : 81.14 81.07 82.31 -7 +117 Jan 1995 : 87.19 88.56 88.84 +137 +165 : Aug 1995 : 80.69 81.86 85.75 +117 +506 Sep 1995 : 87.61 89.04 92.99 +143 +538 Oct 1995 : 86.06 84.74 81.68 -132 -438 Nov 1995 : 83.33 82.52 85.75 -81 +242 Dec 1995 : 84.51 83.39 81.75 -112 -276 Jan 1996 : 81.21 80.66 79.64 -55 -157 : Aug 1996 : 73.61 76.29 75.41 +268 +180 Sep 1996 : 73.96 76.07 74.32 +211 +36 Oct 1996 : 73.71 71.57 70.95 -214 -276 Nov 1996 : 68.87 68.00 70.48 -87 +161 Dec 1996 : 72.30 72.61 71.99 +31 -31 Jan 1997 : 70.15 69.69 70.54 -46 +39 -------------------------------------------------------------------------------- 1/ 7-Market average base quotations for upland cotton as reported by AMS Market News (the upland cotton base quality is color 41, leaf grade 4, staple 34). Upland Cotton: Price Changes Following Crop Production Reports -------------------------------------------------------------------------------- : Price 1/ : Price Change :--------------------------------------------------------------------- Date : Prior : Day : Week After : Day : Week : Closing : After : Report : After : After -------------------------------------------------------------------------------- : ---------- Cents Per Lb --------- Points Per Lb : Aug 1997 : 71.29 72.35 71.36 +106 +7 Sep 1997 : 70.43 71.40 71.17 +97 +74 Oct 1997 : 69.26 69.49 69.41 +23 +15 Nov 1997 : 70.05 69.93 68.58 -12 -147 Dec 1997 : 64.75 64.45 63.64 -30 -111 Jan 1998 : 63.64 62.74 62.48 -90 -116 : Aug 1998 : 69.99 71.39 72.84 +140 +285 Sep 1998 : 71.39 71.79 71.47 +40 +8 Oct 1998 : 71.18 69.52 66.64 -166 -454 Nov 1998 : 67.89 67.39 64.14 -50 -375 Dec 1998 : 61.10 60.08 59.32 -102 -178 Jan 1999 : 56.21 56.06 56.24 -15 +3 : Aug 1999 : 50.00 51.11 51.43 +111 +143 Sep 1999 : 48.28 49.05 48.04 +77 -24 Oct 1999 : 47.19 48.77 50.94 +158 +375 Nov 1999 : 48.17 47.84 47.34 -33 -83 Dec 1999 : 46.79 46.89 45.95 +10 -84 Jan 2000 : 50.47 51.02 51.72 +55 +125 : Aug 2000 : 57.97 58.88 59.68 +91 +171 Sep 2000 : 61.82 60.45 60.24 -137 -158 Oct 2000 : 61.11 61.61 58.98 +50 -213 Nov 2000 : 62.86 61.97 61.76 -89 -110 Dec 2000 : 62.98 61.10 60.57 -188 -241 Jan 2001 : 56.09 56.49 57.19 +40 +110 : Aug 2001 : 37.04 35.04 35.43 -200 -161 Sep 2001 : 33.71 33.00 32.66 -71 -105 Oct 2001 : 29.09 29.01 28.20 -8 -89 Nov 2001 : 29.50 29.99 31.87 +49 +237 Dec 2001 : 31.78 32.61 33.04 +83 +126 Jan 2002 : 32.68 32.35 33.33 -33 +65 : Aug 2002 : 38.64 39.74 39.04 +110 +40 Sep 2002 : 38.08 36.88 38.00 -120 -8 Oct 2002 : 38.49 37.89 39.17 -60 +68 Nov 2002 : 44.91 44.16 45.51 -75 +60 Dec 2002 : 44.87 46.52 46.29 +165 +142 Jan 2003 : 48.11 48.46 48.91 +35 +80 : Aug 2003 : 51.93 50.99 51.07 -94 -86 Sep 2003 : 56.14 59.00 60.14 +286 +400 Oct 2003 : 64.89 66.14 69.10 +125 +421 Nov 2003 : 71.18 68.47 68.56 -271 -262 Dec 2003 : 63.65 63.96 64.23 +31 +58 Jan 2004 : 68.23 68.29 68.80 +6 +57 : Aug 2004 : 43.16 41.19 45.25 -197 +209 Sep 2004 : 49.36 48.07 45.44 -129 -392 Oct 2004 : 44.09 42.35 44.48 -174 +39 Nov 2004 : 42.16 42.81 43.40 +65 +124 Dec 2004 : 41.40 40.94 42.11 -46 +71 Jan 2005 : 43.29 43.60 43.40 +31 +11 -------------------------------------------------------------------------------- 1/ 7-Market average base quotations for upland cotton as reported by AMS Market News (the upland cotton base quality is color 41, leaf grade 4, staple 34). Information Contacts Listed below are the commodity specialists in the Crops Branch of the National Agricultural Statistics Service to contact for additional information. Joe Prusacki, Chief (202) 720-2127 Field Crops Section Greg Thessen, Head (202) 720-2127 Lance Honig - Wheat, Rye(202) 720-8068 Darin Jantzi - Corn, Proso Millet, Flaxseed (202) 720-9526 Troy Joshua - Cotton, Cotton Ginnings (202) 720-5944 Dennis Koong - Hay, Oats, Sorghum(202) 720-7688 Jason Lamprecht - Soybeans, Sunflower, Other Oilseeds (202) 720-7369 Dennis Koong - Peanuts, Rice (202) 720-7688 Brian Young - Crop Weather, Barley, Sugar Crops(202) 720-7621 Fruit, Vegetable & Special Crops Section Jim Smith, Head (202) 720-2127 Leslie Colburn - Berries, Grapes, Maple Syrup, Tobacco (202) 720-7235 Debbie Flippin - Austrian Winter Peas, Dry Edible Peas, Lentils, Mint, Mushrooms, Peaches, Pears, Wrinkled Seed Peas(202) 720-3250 Jorge Garcia-Pratts - Citrus, Tropical Fruits (202) 720-5412 Rich Holcomb - Floriculture, Nursery, Nuts(202) 720-4215 Terry O'Connor - Apples, Apricots, Cherries, Cranberries, Plums, Prunes(202) 720-4288 Kim Ritchie - Hops (360) 902-1940 Cathy Scherrer - Dry Beans, Potatoes, Sweet Potatoes (202) 720-4285 Biz Wallingsford - Fresh and Processing Vegetables, Onions, Strawberries (202) 720-2157 ACCESS TO REPORTS!! 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