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1997 Normalized Prices

Updated 07/21/2010

Normalized Prices for all Years

INFORMATIONAL MEMORANDUM FOR JAMES LYONS, UNDER SECRETARY FOR NATURAL RESOURCES AND ENVIRONMENT

THROUGH:	I. Miley Gonzalez
		Under Secretary
		Research, Education, and Economics

FROM:    	Susan Offutt 
		Administrator

SUBJECT:	1997 Normalized Prices


ISSUE:

We transmit herewith the "current normalized prices" for use by Federal agencies in the evaluation of water related development projects in 1997.  Consistent with established practice, these prices are transmitted to you for distribution to Federal water resource agencies.  The methodology used to calculate these prices is explained in the attached text and is based on a 5-year moving average of historical data.

DISCUSSION:

This approach is designed to minimize short run distortions in prices caused by abnormal weather and temporary changes in foreign demand for agricultural products while deriving consistent relative prices for commodities and cost indices for production inputs.

The 1985 Food Security Act, the 1990 Food, Agriculture, Conservation, and Trade Act, and the 1996 Federal Agricultural Improvement and Reform Act have served to reduce the influence of government support prices for most agricultural commodities.  Therefore, the approach that utilizes structural information and simulation models adds little information to an approach that uses longer run average market prices.  Thus, The Economic Research Service will only calculate and report 5-year moving average market prices as the current normalized prices beginning in 1993, as proposed when the 1992 normalized prices were issued.  

Attachment

cc: Ralph Brooks, Tennessee Valley Authority (w/attachment)
     Alan Dickerman, Bureau of Reclamation (w/attachment)
     Robert Daniel, Corps of Engineers (w/attachment)  
     Doug Lawrence, Natural Resources Conservation Service (w/attachment)

 CURRENT NORMALIZED PRICES

The orderly development and use of water and related land resources require that a consistent set of economic standards and criteria be used for the evaluation of agricultural benefits and costs.  Agricultural price standards provide the basis for valuing the agricultural effects of alternative development and management plans for water and related land resources.


AUTHORITY

The authority for these standards is set forth in the Water Resources Planning Act (P.L. 98-90) and in the Economic and Environmental Principles and Guidelines for Water and Related Land Resources Implementation Studies.  These Principles and Guidelines state in part:

	"Section 1.4.10 Prices

	a.	The prices of goods and services used for evaluation should reflect the real exchange values expected to prevail over the period of analysis.  For this purpose, relative price relationships and the general level of prices for outputs and inputs prevailing during, or immediately preceding, the period of planning generally represent the real price relationships expected over the life of the plan, unless specific considerations indicate real exchange values are expected to change.

	b.	The general level of prices for outputs and inputs prevailing during or immediately preceding the period of planning is to be used for the entire period of analysis.  In the case of agricultural planning, normalized prices prepared by the Department of Agriculture should be used."


CONCEPTUAL BASIS FOR NORMALIZED AGRICULTURAL PRICES AND COSTS

Current normalized prices are to be used in all economic evaluations covered by the Principles and Guidelines, such as:

	1.	Evaluation of beneficial or adverse effects of alternative projects and programs under consideration.

	2	Appraisals of economic impacts where such impacts are expressed in terms of value of production or income.


 The project evaluation process should yield valid estimates of the aggregate benefits and costs during the life of the projects and programs under consideration.  These estimates need to be based on relative price relationships that are representative of the period of analysis and that are not distorted by short-term abnormalities.  Market prices and costs are generally influenced by highly variable factors such as weather and sudden demand changes.  Thus, a procedure is needed to correct for the effects of these factors.


COMPUTATION METHODS TO DERIVE CURRENT NORMALIZED PRICES

Current normalized prices are derived from a five-year moving average of historical data series, 1991-95.  The 1985 Food Security Act, the 1990 Food, Agriculture, Conservation, and Trade Act, and the 1996 Federal Agricultural Improvement and Reform Act have reduce the price influence of government support programs for most agricultural commodities.  Therefore, the approach that utilized structural information and simulation models adds little information to an approach that uses longer run average market prices.  Thus, ERS is calculating and reporting five-year moving average market prices as the current normalized prices beginning in 1993.  The moving average approach is used to minimize short run distortions in market prices caused by such factors as abnormal weather patterns and short-term fluctuations in the foreign demand for agricultural products.  For your comparison this year, we have included a table of normalized prices estimates for 1990 through 1997.

Indices of prices received and paid by farmers are based on a five-year moving average of historical data series as well.  A comparison table has also been included for the indices from 1990 through 1997.  


STATE PRICES

The State normalized prices were obtained by multiplying the National normalized prices by the average ratio of the State price to the National commodity price for the period 1993-95.


FURTHER PRICE ESTIMATION

Special circumstances will require further price estimation, such as:

	1.	Pricing of commodities not included in the price table.

			For example, forest product prices are not included in the tables.  Information on current prices for forest products can be obtained from the last issue of The Demand and Price Situation for Forest Products, Forest Service, U.S. Department of Agriculture.  To be consistent with the agricultural prices in this report, the stumpage prices should be adjusted to reflect value added from harvesting.
	2.	Determination of price differentials within States.

Current normalized prices for specific areas within a State may be derived by computing the average local area-to-area price ratio for the 1993-95 period and multiplying by the State normalized price.

	3.	Determination of price differentials to reflect product quality 		differences.

Published data do not provide, in most instances, a basis for deriving such price estimates.  Procedures for estimating such price differentials will vary from one set of circumstances to another.  Since a standard procedure cannot be specified, analysts confronted by such a problem must develop their own procedures.  The basis used for estimating such price differentials should be fully documented in review reports.

	4.	Adjustments to reflect the impacts of project or program actions on market prices.

As specified in the Principles and Guidelines, whenever implementation of a plan is expected to influence price significantly, the use of a price about midway between those expected with and without implementation may be justified.  Special consideration should be given to price adjustments where a program induced shift from a deficit to a surplus production area is expected, or vice versa.

These and other special price problems should be approached in such a manner as to achieve consistency with the published estimates of current normalized prices.

 
Normalized prices:  1990 through 1997*
                                                                                                                           

           Commodity              Units         1990      1991      1992      1993**   1994**  1995**   1996**   1997**
                                                                                                                           

Program Commodities

Wheat, all                        Bu.           2.90      2.75      2.80      3.13     3.26     3.17     3.11     3.50
Rye                               Bu.           1.75      2.00      2.00      2.10     2.24     2.26     2.38     2.55
Rice                              Cwt           6.00      7.00      7.00      7.15     6.91     7.10     6.98     7.48
Corn                              Bu.           2.00      2.25      2.25      2.30     2.32     2.33     2.29     2.48
Oats                              Bu.           1.40      1.35      1.30      1.60     1.55     1.30     1.25     1.36
Barley                            Bu.           1.80      2.05      2.05      2.25     2.30     2.14     2.06     2.21
Sorghum grain                     Cwt           3.40      3.75      3.75      3.76     3.78     3.85     3.81     4.20
Sugarbeets                        Ton          36.60     37.50     37.50     40.60    41.24    40.80    40.14    39.16
Sugarcane for sugar               Ton          27.50     28.50     28.50     29.50    29.30    29.12    29.12    28.86     
Cotton, lint (upland)             Lb.           0.55      0.60      0.60      0.61     0.59     0.60     0.62     0.63
Tobacco                           Lb.           1.65      1.70      1.75      1.69     1.73     1.75     1.76     1.78
Soybeans for beans                Bu.           4.90      5.65      5.70      6.07     5.98     5.80     5.75     5.95
Peanuts harvested for nuts        Lb.           0.27      0.30      0.31      0.29     0.30     0.30     0.30      .29
Milk                              Cwt          11.75     11.50     12.25     12.87    13.00    13.12    13.00    12.81 
Wool                              Lb.           0.75      0.75      0.70      0.98     0.94     0.77     0.68     0.72

Non-Program Commodities

Apples, fresh market              Lb.           0.17      0.17      0.18      0.18     0.19     0.20     0.20     0.21
Oranges, all                      Box           6.10      6.20      6.30      8.44     7.65     7.28     6.80     6.52
Grapefruit, all                   Box           4.90      5.00      5.10      7.09     6.56     6.41     5.72     5.38
Sweetpotatoes                     Cwt          12.80     13.00     13.30     12.78    12.92    13.34    12.86    14.08 
Steers and Heifers                Cwt          56.70     71.00     74.00     73.28    75.28    76.36    75.46    72.64
Feeder steers - 8 markets         Cwt          61.10     75.00     77.00     79.69    82.04*** 83.28*** 85.14*** 85.61***
Cows for slaughter                Cwt          39.90     49.00     45.00     47.76    48.60    48.86    47.86    44.70
Calves                            Cwt          57.10     77.00     79.00     90.42    92.52    92.92    92.20    87.70
Sheep                             Cwt          18.00     18.50     19.00     24.48    23.74    24.34    25.64    26.60
Lambs                             Cwt          59.80     59.80     60.00     64.10    60.48    59.54    59.44    63.98
Hogs                              Cwt          44.00     51.00     50.50     47.76    45.84    46.42    45.90    43.26
Broilers, commercial              Lb.           0.32      0.36      0.30      0.32     0.33     0.33     0.33     0.33 
Turkeys                           Lb.           0.45      0.50      0.52      0.38     0.39     0.39     0.39     0.39
Eggs                              Doz.          0.55      0.60      0.60      0.63     0.64     0.66     0.64     0.63
Dry beans                         Cwt          19.00     20.00     20.50     21.78    22.62    21.32    20.14    20.38
Cottonseed                        Ton          75.00     85.00     75.00     99.60   102.40   101.50   100.70    97.90
Flaxseed                          Bu.           4.95      5.50      4.75      5.40     5.53     4.86     4.35     4.34
Hay, all (baled)                  Ton          70.00     80.00     80.00     77.44    79.12    78.62    79.48    79.80
Potatoes                          Cwt           4.80      5.20      5.50      5.78     5.94     6.03     5.62     5.72
                                                                                                                           
*   Prices for crops and milk are for marketing years 1990 through 1997; Prices for livestock and wool are for calendar 
years 1990 through 1997.

**  Prices based on five-year moving average estimates.

*** Price series has been discontinued, 1994 price based on four-year moving average estimates (1988-91), 1995 price based 
on a three-year moving average (1989-1991), 1996 price based on a two year moving average (1990-1991), and 1997 price based 
on 1991 price.

 Normalized Price Indexes, 1990-97
                                                                                                            
                             :  
                             :                            Market Clearing Price Estimates                   
            Index            :
                             :          1990     1991     1992     1993     1994     1995     1996     1997       
                                                                                                            
                                                                      1967=100                  
Prices received by farmers:
      All farm products                  238      261      268      258      263      265      261      260		
      All crops                          237      246      249      240      245      245      238      243
      Livestock and products             238      276      287      275      279      284      281      274

Prices paid by farmers:
      All production items               307      326      338      326      336      345      354      361
      Feed                               215      237      239      231      237      235      235      235
      Livestock                          227      278      286      313      321      329      331      317
      Seed                               437      453      461      412      420      430      432      439
      Fertilizer                         243      247      256      235      240      239      240      252
      Agric chemicals                    204      207      215      212      222      234      251      260
      Fuels and energy                   370      379      396      370      385      399      420      416
      Farm and motor supplies            250      257      262      246      253      258      255      263
      Auto and trucks                    522      542      567      524      548      575      630      676
      Tractors & self-propelled mach.    448      462      477      457      479      501      526      555
      Other machinery                    512      531      553      507      531      554        *        *
      Building & fencing materials       323      331      341      323      329      339      356      367
      Wage rates for hired farm labor    404      423      442      414      432      455      472      490

                                                                                                            
* Other machinery has been combined with tractors and self-porpelled machinery.
 Normalized Indexes:  1997
_____________________________________________________________________________________ 

         Indexes                              Market Clearing Price Estimates
_____________________________________________________________________________________

                                       1990-1992=100     1977 = 100      1967 = 100

Prices received by farmers:
      All farm products                      100             142             260
      All crops                              104             126             243  
      Livestock and products                  97             156             274

Prices paid by farmers:
      All production items                   104             180             361
      Feed                                   101             127             235 
      Livestock                               96             201             317
      Seed                                   104             168             439
      Fertilizer                             106             139             252
      Agricultural chemicals                 107             165             260
      Fuels and energy                        94             206             416
      Farm and motor supplies                107             159             263
      Autos and trucks                       109             289             674
      Tractors and self-propelled machinery  109             233             555
      Other machinery *                      
      Building and fencing materials         106             160             367 
      Wage rates for hired farm labor        107             217             490

______________________________________________________________________________________
* The new index using 1990-92 as a base combined  machinery with tractors and 
self-porpelled machinery.
 
 
                                    STATES: 1997 CURRENT NORMALIZED PRICES FOR PRINCIPAL COMMODITIES

                                                                                                                         
 -------------------------------------------------------------------------------------------------------------------------------
                                                           COMMODITIES                                                          
                 :--------------------------------------------------------------------------------------------------------------
      STATE      :  WHEAT   :        :       :  CORN  :        :        :SORGHUM  : HAY,   :  DRY  : SUGAR   : SUGAR  :         
                 :   ALL 1/ :  RYE 1/:  RICE 1/  FOR  : OATS 1/: BARLEY 1/ GRAIN  : ALL    : BEANS : BEETS 2/: CANE   :         
                 :          :        :       :  GRAIN 1/       :        :         : BALED  :       :         : SUGAR 2/         
 -------------------------------------------------------------------------------------------------------------------------------
                 :   BUSHEL   BUSHEL     CWT.   BUSHEL   BUSHEL    BUSHEL    CWT .    TON      CWT.     TON      TON            
                 :
MAINE            :    0.00     0.00     0.00     0.00     1.07     0.00     0.00    84.33     0.00     0.00     0.00
NEW HAMPSHIRE    :    0.00     0.00     0.00     0.00     0.00     0.00     0.00   105.80     0.00     0.00     0.00
VERMONT          :    0.00     0.00     0.00     0.00     0.00     0.00     0.00    81.87     0.00     0.00     0.00
MASSACHUSETTS    :    0.00     0.00     0.00     0.00     0.00     0.00     0.00   111.15     0.00     0.00     0.00
RHODE ISLAND     :    0.00     0.00     0.00     0.00     0.00     0.00     0.00   119.72     0.00     0.00     0.00
CONNECTICUT      :    0.00     0.00     0.00     0.00     0.00     0.00     0.00   112.73     0.00     0.00     0.00
NEW YORK         :    3.20     2.12     0.00     2.64     1.41     0.00     0.00    82.05    17.79     0.00     0.00
NEW JERSEY       :    2.99     3.74     0.00     2.68     0.00     1.70     0.00   107.18     0.00     0.00     0.00
PENNSYLVANIA     :    3.27     2.75     0.00     2.92     1.58     1.74     0.00    92.53     0.00     0.00     0.00
DELAWARE         :    3.07     0.00     0.00     2.71     0.00     1.63     0.00    97.30     0.00     0.00     0.00
MARYLAND         :    3.12     2.25     0.00     2.69     1.53     1.72     0.00    97.29     0.00     0.00     0.00
                 :
MICHIGAN         :    3.24     2.16     0.00     2.47     1.53     2.01     0.00    63.88    20.26    36.21     0.00
WISCONSIN        :    2.91     2.99     0.00     2.42     1.34     1.61     0.00    66.69    26.69     0.00     0.00
MINNESOTA        :    3.46     2.21     0.00     2.36     1.29     1.97     0.00    74.31    19.36    40.94     0.00
                 :
OHIO             :    3.10     3.50     0.00     2.49     1.51     0.00     0.00    79.44     0.00    37.28     0.00
INDIANA          :    3.04     2.74     0.00     2.51     1.59     0.00     0.00    72.50     0.00     0.00     0.00
ILLINOIS         :    3.03     2.57     0.00     2.52     1.50     0.00     4.00    79.54     0.00     0.00     0.00
IOWA             :    2.81     0.00     0.00     2.42     1.44     0.00     0.00    78.58     0.00     0.00     0.00
MISSOURI         :    3.00     0.00     7.45     2.54     1.62     0.00     4.05    61.59     0.00     0.00     0.00
                 :
NORTH DAKOTA     :    3.97     2.03     0.00     2.25     1.19     2.07     0.00    44.84    17.25    40.74     0.00
SOUTH DAKOTA     :    3.55     2.26     0.00     2.30     1.40     2.08     3.37    56.20     0.00     0.00     0.00
NEBRASKA         :    3.39     2.22     0.00     2.53     1.46     1.89     4.02    51.70    20.37    36.01     0.00
KANSAS           :    3.36     2.71     0.00     2.54     1.52     1.84     4.10    68.83    18.29     0.00     0.00
                 :
VIRGINIA         :    2.87     2.42     0.00     2.57     0.00     1.75     0.00    83.74     0.00     0.00     0.00
WEST VIRGINIA    :    3.03     0.00     0.00     2.75     1.70     0.00     0.00    73.31     0.00     0.00     0.00
NORTH CAROLINA   :    2.86     2.16     0.00     2.65     1.68     2.02     3.56    72.99     0.00     0.00     0.00
KENTUCKY         :    3.05     0.00     0.00     2.55     0.00     1.80     4.27    72.51     0.00     0.00     0.00
TENNESSEE        :    3.05     0.00     0.00     2.49     0.00     0.00     4.16    45.61     0.00     0.00     0.00
                 :
SOUTH CAROLINA   :    2.94     2.38     0.00     2.63     1.56     2.01     4.14    71.20     0.00     0.00     0.00
GEORGIA          :    2.83     3.04     0.00     2.66     1.54     0.00     4.39    61.87     0.00     0.00     0.00
FLORIDA          :    2.72     0.00     0.00     2.55     0.00     0.00     0.00    82.73     0.00     0.00    30.32
ALABAMA          :    3.11     0.00     0.00     2.63     1.37     0.00     4.50    55.43     0.00     0.00     0.00
                 :
MISSISSIPPI      :    3.28     0.00     7.71     2.44     0.00     0.00     3.98    46.61     0.00     0.00     0.00
ARKANSAS         :    3.03     0.00     7.38     2.48     1.79     0.00     4.02    56.87     0.00     0.00     0.00
LOUISIANA        :    3.07     0.00     7.33     2.47     0.00     0.00     4.00    45.01     0.00     0.00    25.78
                 :
OKLAHOMA         :    3.32     3.28     0.00     2.83     1.47     2.14     4.30    71.29     0.00     0.00     0.00
TEXAS            :    3.18     2.86     7.67     2.62     1.79     2.65     4.15    64.10    18.09    35.26    27.23
                 :
MONTANA          :    3.59     0.00     0.00     2.70     1.41     2.36     0.00    64.52    18.31    42.36     0.00
IDAHO            :    3.35     0.00     0.00     2.99     1.46     2.65     0.00    79.24    18.78    40.45     0.00
WYOMING          :    3.51     0.00     0.00     2.65     1.60     2.99     0.00    71.70    18.55    39.39     0.00
COLORADO         :    3.49     2.39     0.00     2.63     1.80     2.81     4.34    80.77    18.21    36.99     0.00
NEW MEXICO       :    3.28     0.00     0.00     2.57     0.00     0.00     4.63   106.73    25.69    37.28     0.00
ARIZONA          :    3.93     0.00     0.00     3.17     0.00     2.75     0.00    85.00     0.00     0.00     0.00
UTAH             :    3.63     0.00     0.00     3.03     1.69     2.45     0.00    66.03    19.15     0.00     0.00
NEVADA           :    3.33     0.00     0.00     0.00     0.00     2.44     0.00    89.92     0.00     0.00     0.00
                 :
WASHINGTON       :    3.70     0.00     0.00     2.88     1.44     2.19     0.00    90.10    20.88     0.00     0.00
OREGON           :    3.66     0.00     0.00     3.09     1.61     2.21     0.00    93.72    21.15    38.59     0.00
CALIFORNIA       :    3.49     0.00     7.54     3.14     1.89     2.73     0.00    96.77    32.36    36.65     0.00
                 :
ALASKA           :    0.00     0.00     0.00     0.00     2.45     3.35     0.00   171.64     0.00     0.00     0.00
HAWAII           :    0.00     0.00     0.00     0.00     0.00     0.00     0.00     0.00     0.00     0.00    30.54
                 :
                 :
1/  DOES NOT INCLUDE DEFICIENCY PAYMENTS.
2/  DOES NOT INCLUDE PAYMENTS UNDER THE SUGAR ACT.
                                                                                                                       CONTINUED
 

                                    STATES: 1997 CURRENT NORMALIZED PRICES FOR PRINCIPAL COMMODITIES-CONTINUED


 -------------------------------------------------------------------------------------------------------------------------------
                 :                                         COMMODITIES                                                          
                 :--------------------------------------------------------------------------------------------------------------
      STATE      : COTTON,  :        : COTTON:SOYBEANS: PEANUTS :        : APPLES :ORANGES : GRAPE-:         : SWEET- :         
                 :  LINT    :TOBACCO :  SEED :  FOR   :HARVESTED:FLAXSEED: COMMER-:  ALL   : FRUIT :POTATOES :POTATOES:         
                 : UPLAND 3/:        :       : BEANS  :FOR NUTS :        : CIAL 4/:        : ALL 5/:         :        :         
 -------------------------------------------------------------------------------------------------------------------------------
                     POUND    POUND      TON   BUSHEL    POUND    BUSHEL   POUND     BOX     BOX       CWT.     CWT.            
                 :
MAINE            :   0.000    0.000     0.00     0.00    0.000     0.00    0.225     0.00     0.00     6.32     0.00
NEW HAMPSHIRE    :   0.000    0.000     0.00     0.00    0.000     0.00    0.298     0.00     0.00     0.00     0.00
VERMONT          :   0.000    0.000     0.00     0.00    0.000     0.00    0.206     0.00     0.00     0.00     0.00
MASSACHUSETTS    :   0.000    5.592     0.00     0.00    0.000     0.00    0.254     0.00     0.00     6.67     0.00
RHODE ISLAND     :   0.000    0.000     0.00     0.00    0.000     0.00    0.000     0.00     0.00     6.24     0.00
CONNECTICUT      :   0.000    5.605     0.00     0.00    0.000     0.00    0.296     0.00     0.00     0.00     0.00
NEW YORK         :   0.000    0.000     0.00     0.00    0.000     0.00    0.189     0.00     0.00     8.11     0.00
NEW JERSEY       :   0.000    0.000     0.00     5.81    0.000     0.00    0.257     0.00     0.00     5.87    17.44
PENNSYLVANIA     :   0.000    1.184     0.00     5.72    0.000     0.00    0.170     0.00     0.00     7.33     0.00
DELAWARE         :   0.000    0.000     0.00     5.94    0.000     0.00    0.000     0.00     0.00     8.65     0.00
MARYLAND         :   0.000    1.608     0.00     5.94    0.000     0.00    0.219     0.00     0.00     8.49    15.47
                 :
MICHIGAN         :   0.000    0.000     0.00     5.86    0.000     0.00    0.137     0.00     0.00     6.63     0.00
WISCONSIN        :   0.000    1.447     0.00     5.86    0.000     0.00    0.273     0.00     0.00     5.68     0.00
MINNESOTA        :   0.000    0.000     0.00     5.81    0.000     4.47    0.000     0.00     0.00     4.96     0.00
                 :
OHIO             :   0.000    1.843     0.00     5.97    0.000     0.00    0.232     0.00     0.00     6.81     0.00
INDIANA          :   0.000    1.847     0.00     5.94    0.000     0.00    0.236     0.00     0.00     6.30     0.00
ILLINOIS         :   0.000    0.000     0.00     6.08    0.000     0.00    0.246     0.00     0.00     5.15     0.00
IOWA             :   0.000    0.000     0.00     5.90    0.000     0.00    0.000     0.00     0.00     5.88     0.00
MISSOURI         :   0.579    1.817    87.42     5.95    0.000     0.00    0.234     0.00     0.00     5.59     0.00
                 :
NORTH DAKOTA     :   0.000    0.000     0.00     5.63    0.000     4.34    0.000     0.00     0.00     5.04     0.00
SOUTH DAKOTA     :   0.000    0.000     0.00     5.58    0.000     4.31    0.000     0.00     0.00     4.38     0.00
NEBRASKA         :   0.000    0.000     0.00     5.76    0.000     0.00    0.000     0.00     0.00     6.12     0.00
KANSAS           :   0.604    0.000   100.42     5.90    0.000     0.00    0.000     0.00     0.00     0.00     0.00
                 :
VIRGINIA         :   0.619    1.754    81.42     5.90    0.288     0.00    0.161     0.00     0.00    11.61     9.87
WEST VIRGINIA    :   0.000    1.828     0.00     0.00    0.000     0.00    0.192     0.00     0.00     0.00     0.00
NORTH CAROLINA   :   0.637    1.733    81.42     5.87    0.291     0.00    0.134     0.00     0.00     6.30    10.17
KENTUCKY         :   0.000    1.858     0.00     6.13    0.000     0.00    0.248     0.00     0.00     0.00     0.00
TENNESSEE        :   0.623    1.886    87.16     6.11    0.000     0.00    0.000     0.00     0.00     0.00     0.00
                 :
SOUTH CAROLINA   :   0.651    1.713    76.55     6.03    0.281     0.00    0.221     0.00     0.00     0.00    11.89
GEORGIA          :   0.641    1.691    73.43     5.93    0.292     0.00    0.000     0.00     0.00     0.00    10.81
FLORIDA          :   0.633    1.685    82.52     5.83    0.278     0.00    0.000     6.14     5.28    12.12     0.00
ALABAMA          :   0.609    0.000    82.17     6.07    0.301     0.00    0.000     0.00     0.00    10.61    13.75
                 :
MISSISSIPPI      :   0.621    0.000    89.04     6.04    0.000     0.00    0.000     0.00     0.00     0.00    13.06
ARKANSAS         :   0.607    0.000    91.15     6.15    0.000     0.00    0.000     0.00     0.00     0.00     0.00
LOUISIANA        :   0.609    0.000    93.28     5.96    0.000     0.00    0.000     0.00     0.00     0.00    13.38
                 :
OKLAHOMA         :   0.581    0.000    95.07     5.73    0.285     0.00    0.000     0.00     0.00     0.00     0.00
TEXAS            :   0.602    0.000   100.87     5.46    0.284     0.00    0.000     7.20     4.90    10.77    14.24
                 :
MONTANA          :   0.000    0.000     0.00     0.00    0.000     0.00    0.000     0.00     0.00     8.36     0.00
IDAHO            :   0.000    0.000     0.00     0.00    0.000     0.00    0.209     0.00     0.00     4.75     0.00
WYOMING          :   0.000    0.000     0.00     0.00    0.000     0.00    0.000     0.00     0.00     6.92     0.00
COLORADO         :   0.000    0.000     0.00     0.00    0.000     0.00    0.205     0.00     0.00     4.84     0.00
NEW MEXICO       :   0.655    0.000   117.15     0.00    0.323     0.00    0.266     0.00     0.00     5.87     0.00
ARIZONA          :   0.627    0.000   116.00     0.00    0.000     0.00    0.250     6.47     4.58     7.35     0.00
UTAH             :   0.000    0.000     0.00     0.00    0.000     0.00    0.172     0.00     0.00     5.18     0.00
NEVADA           :   0.000    0.000     0.00     0.00    0.000     0.00    0.000     0.00     0.00     6.34     0.00
                 :
WASHINGTON       :   0.000    0.000     0.00     0.00    0.000     0.00    0.211     0.00     0.00     5.09     0.00
OREGON           :   0.000    0.000     0.00     0.00    0.000     0.00    0.146     0.00     0.00     5.26     0.00
CALIFORNIA       :   0.703    0.000   124.58     0.00    0.000     0.00    0.324     8.01     6.70    11.38    26.98
                 :
ALASKA           :   0.000    0.000     0.00     0.00    0.000     0.00    0.000     0.00     0.00    17.86     0.00
HAWAII           :   0.000    0.000     0.00     0.00    0.000     0.00    0.000     0.00     0.00     0.00     0.00
                 :
                 :
3/  PRICES BASED ON A 480 POUND NET WEIGHT BALE.
4/  BOTH FRESH AND PROCESSED SALE PRICES (EQUIVALENT PACKINGHOUSE-DOOR RETURNS FOR WASHINGTON AND OREGON,
    EQUIVALENT FIRST DELIVERY POINT FOR CALIFORNIA AND "AS SOLD" FOR OTHER STATES).
5/  EQUIVALENT PACKINGHOUSE-DOOR RETURNS PER BOX FOR ALL USES.                                            -CONTINUED                              

                      STATES:  1997 CURRENT NORMALIZED PRICES FOR PRINCIPAL COMMODITIES-CONTINUED

 -------------------------------------------------------------------------------------------------------------------------------
                                                           COMMODITIES                                                          
                 :-------------------------------------------------------------- -----------------------------------------------
      STATE      :  STEERS  :        :       :        :         :        :COMMER- :        :       :         :                  
                 :   AND    : CALVES : SHEEP : LAMBS  :  HOGS   : MILK 6/:CIAL    :TURKEYS :  EGGS :  WOOL   :                  
                 : HEIFERS  :        :       :        :         :        :BROILERS:        :       :         :                  
                 :--------------------------------------------------------------   ---------------------------------------------
                     CWT.      CWT.     CWT.    CWT.      CWT.     CWT.    POUND    POUND     DOZ     POUND                     
                 :
MAINE            :   68.64    75.66    35.03    92.87    39.31    13.89    0.000    0.000    0.952    0.746
NEW HAMPSHIRE    :   58.45    66.39    30.10    89.32    39.31    13.66    0.000    1.129    1.037    0.762
VERMONT          :   60.02    73.99    33.37    83.32    39.31    13.30    0.000    0.000    1.029    0.824
MASSACHUSETTS    :   59.08    73.03    34.74   100.24    39.31    13.76    0.000    1.137    1.030    0.705
RHODE ISLAND     :   54.96    70.71     0.00     0.00    39.31    13.66    0.000    0.000    0.976    0.000
CONNECTICUT      :   60.02    73.42    31.57    95.33    39.31    13.60    0.000    0.999    1.023    0.611
NEW YORK         :   61.12    95.01    25.05    68.99    39.42    13.03    0.327    0.387    0.602    0.587
NEW JERSEY       :   65.41    94.99    29.08    64.02    39.37    13.46    0.000    0.815    0.739    0.614
PENNSYLVANIA     :   69.46   118.95    27.84    66.46    40.86    13.69    0.321    0.400    0.528    0.528
DELAWARE         :   64.07    86.25     0.00     0.00    39.94    13.36    0.318    0.000    1.091    0.000
MARYLAND         :   64.07    86.25    27.65    69.63    39.94    13.36    0.316    0.416    0.619    0.537
                 :
MICHIGAN         :   64.84    90.03    20.59    66.56    42.16    13.10    0.339    0.380    0.440    0.477
WISCONSIN        :   65.50   127.74    20.21    63.67    41.46    12.85    0.303    0.380    0.438    0.410
MINNESOTA        :   64.53    90.58    22.84    63.53    44.64    12.75    0.324    0.342    0.426    0.409
                 :
OHIO             :   70.25    84.85    25.49    64.78    43.41    13.07    0.293    0.349    0.493    0.444
INDIANA          :   71.95    81.23    25.58    63.22    42.08    13.00    0.000    0.410    0.528    0.340
ILLINOIS         :   71.07   116.07    23.72    59.00    42.08    12.83    0.000    0.410    0.639    0.357
IOWA             :   72.39    87.45    27.02    64.43    44.19    12.70    0.333    0.377    0.428    0.386
MISSOURI         :   75.95    85.55    22.54    59.71    42.13    12.93    0.351    0.403    0.461    0.409
                 :
NORTH DAKOTA     :   75.99    87.21    24.05    62.05    38.90    11.94    0.000    0.342    0.392    0.593
SOUTH DAKOTA     :   75.95    88.17    26.34    65.35    44.24    12.67    0.000    0.361    0.349    0.720
NEBRASKA         :   73.22    95.24    25.56    63.83    44.55    12.53    0.340    0.370    0.390    0.473
KANSAS           :   73.53    93.18    26.08    65.24    41.74    12.53    0.000    0.406    0.423    0.574
                 :
VIRGINIA         :   70.16    79.43    22.39    65.80    43.78    13.96    0.319    0.409    0.877    0.571
WEST VIRGINIA    :   70.39    75.62    20.75    63.06    37.28    13.10    0.319    0.409    1.145    0.540
NORTH CAROLINA   :   71.73    80.94    25.11    58.66    44.33    14.19    0.316    0.384    0.757    0.596
KENTUCKY         :   71.45    80.24    21.94    59.65    42.36    13.53    0.294    0.000    0.658    0.485
TENNESSEE        :   70.97    76.86    26.59    64.76    41.36    13.83    0.314    0.000    0.767    0.568
                 :
SOUTH CAROLINA   :   66.63    83.45     0.00     0.00    40.89    14.26    0.327    0.384    0.649    0.000
GEORGIA          :   68.33    79.26     0.00     0.00    42.22    14.56    0.330    0.409    0.762    0.000
FLORIDA          :   70.88    86.55     0.00     0.00    38.46    15.25    0.329    0.000    0.488    0.000
ALABAMA          :   71.13    78.46    20.19    51.86    38.86    14.22    0.327    0.000    0.965    0.671
                 :
MISSISSIPPI      :   68.57    78.48     0.00     0.00    42.74    13.89    0.322    0.000    0.948    0.000
ARKANSAS         :   74.11    79.56     0.00     0.00    41.37    13.70    0.349    0.416    0.989    0.000
LOUISIANA        :   70.84    82.11    29.49    63.00    37.16    13.89    0.000    0.000    1.008    0.456
                 :
OKLAHOMA         :   78.09    89.08    30.52    60.46    40.29    13.16    0.349    0.000    0.921    0.563
TEXAS            :   73.58    88.53    31.49    63.97    38.05    13.16    0.364    0.000    0.654    0.894
                 :
MONTANA          :   79.45    86.81    25.17    65.61    41.58    13.36    0.000    0.000    0.584    0.803
IDAHO            :   69.68    84.76    24.55    60.95    41.72    12.17    0.000    0.000    0.641    0.643
WYOMING          :   79.12    88.94    24.72    65.26    41.71    11.87    0.000    0.000    0.719    0.790
COLORADO         :   74.12    92.65    25.92    64.23    44.98    13.13    0.000    0.000    0.685    0.708
NEW MEXICO       :   74.19    86.40    27.43    63.52    41.03    11.64    0.000    0.000    0.629    0.794
ARIZONA          :   71.59    90.44    28.18    63.94    42.17    12.93    0.000    0.000    0.503    0.481
UTAH             :   73.53    89.35    20.09    61.84    36.08    12.14    0.000    0.520    0.498    0.717
NEVADA           :   73.88    88.35    19.12    55.56    41.52    12.20    0.000    0.000    0.430    0.714
                 :
WASHINGTON       :   72.90    85.57    21.44    58.97    42.63    12.34    0.330    0.000    0.733    0.600
OREGON           :   72.42    83.71    22.63    58.40    46.61    12.50    0.300    0.410    0.797    0.523
CALIFORNIA       :   70.38    86.68    24.20    64.68    47.09    11.49    0.311    0.425    0.498    0.652
                 :
ALASKA           :   82.86    89.35    44.13    77.31    60.20    20.20    0.000    0.000    1.767    1.105
HAWAII           :   52.69    66.45     0.00     0.00    82.63    23.01    0.483    0.000    0.863    0.000
                 :
                 :
6/  SOLD TO PLANTS AND DEALERS.