Fact Sheet February 2001

continues

Wheat

1

Summary of 1999-2000 Support Program

and Related Information

Statutory Background

The 1996 farm bill provides for

fixed, but declining transition payments; nonrecourse marketing

assistance loans with marketing

loan provisions; and loan deficiency

payments for the 1996-2002 crops

of wheat.

Production Flexibility

Contracts

Payment Eligibility

Producers who enrolled in 7-year

production flexibility contracts

(PFC) during the one-time signup

held in 1996 are eligible to receive

contract payments. A farm was

eligible for enrollment if it had a

wheat acreage base established for

1996. Once the farm is enrolled,

the crop acreage base becomes

contract acreage. Farms not

enrolled during the one-time signup

period are ineligible for program

benefits, unless they are currently

under a Conservation Reserve

Program (CRP) contract with an

associated crop acreage base

reduction.

Payments

For each of the 1996-2002 crops of

wheat, the 1996 farm bill allotted a

fixed amount of funds to holders of

wheat production flexibility contracts. For wheat, the funds, allotted

by fiscal year, are:

FY 1996 $1.463 billion

FY 1997 $1.414 billion

FY 1998 $1.523 billion

FY 1999 $1.471 billion

FY 2000 $1.347 billion

FY 2001 $1.085 billion

FY 2002 $1.053 billion

Wheat PFC payment rates are

based on the eligible contract

quantities that are computed by

multiplying a producer’s wheat

contract acres times the wheat

program yield on the farm times

0.85. Actual payment rates for FY

1996 through FY 2000 and estimated payment rates for FY 2001

to 2002 are listed in the table

below.

Payment Rates For Wheat:

FY 1996 - 2002 1/

($ per bu.)

 Fiscal PFC Additional Total 1/

 Year Payments Payments Payments

 1996 .87 — .87

 1997 .63 — .63

 1998 .66 .33 .99

 1999 .64 .64 1.28

 2000 .59 .64 1.23

 2001 .47 — .47

 2002 .46 — .46

1/ Actual payments for FY 1996-2001.

 Estimated payments for FY 2002.

Additional Payments to Holders

of PFCs

The Omnibus Consolidated and

Emergency Supplemental

Appropriations Act, 1999, provided

additional payments of $2.857

billion to PFC holders for the FY

1998 contract period, of which

$750 million was allocated to wheat

PFC holders. The Agriculture,

Rural Development, Food and Drug

Administration, and Related

Agencies Act, 2000, provided

additional payments of $5.544

billion to PFC holders for the FY

1999 contract period, of which

about $1.471 billion was allocated

to wheat PFC holders. The

Agricultural Risk Protection Act of

2000 provided additional payments

to 2000-crop wheat PFC holders at

the same rate as was paid on the

1999 crop. These payments were to

be made between September 1

and September 30, 2000. The

payment rates applicable to the

additional payments are listed in

the table above.

Planting Flexibility

Any commodity or crop may be

planted on contract acreage on the

farm, except fruits and vegetables

(other than lentils, mung beans,

and dry peas). However, fruits and

vegetables may be grown under the

following situations:

1. In any region with a history of

double cropping of contract

commodities with fruits and

vegetables;

2. On a farm with a history of

planting fruits or vegetables,

except that the contract
2

Fact Sheet

Wheat

Summary of 1999-2000 Support Program

and Related Information

continues

payment will be reduced by an

acre for each acre planted to a

fruit or vegetable on the farm;

and

3. By a producer with an

established history of planting a

specific fruit or vegetable,

except that the area planted

may not exceed the producer’s

average annual plantings in the

1991-1995 crop years

(excluding any year with no

plantings) and that a contract

payment will be reduced by an

acre for each acre planted to

the fruit or vegetable.

Marketing Loan Provisions

Marketing loan provisions enable

producers to either obtain a nonrecourse marketing assistance loan

or a loan deficiency payment on all

or a part of their eligible production.

EligibiIity Requirements

To qualify for a marketing assistance loan or a loan deficiency

payment on wheat, producers

must:

■ Have, with the exception of the

2000 crop, produced the wheat

on a farm that is enrolled in a

production flexibility contract

(For the 2000 crop only, the

Agricultural Risk Protection Act

of 2000 extended eligibility to

receive LDPs for contract

commodities to producers on a

farm not enrolled in a PFC),

■ Comply with applicable conservation and wetland protection

requirements,

■ Report the planted acreage for

the crop, and

■ Have beneficial interest in the

commodity on the date the loan

or a loan deficiency payment is

requested and, in the case of a

loan, be retained while the loan

is outstanding.

Beneficial Interest

A producer has beneficial interest

in the commodity if all of the

following remain with the producer:

(1) control of the commodity,

(2) risk of loss, and (3) title to the

commodity.

For further information on beneficial

interest, see the fact sheet on

“Beneficial Interest Requirements

For Loans and Loan Deficiency

Payments, Excluding Sugar and

Tobacco” or contact a local FSA

county office.

Loan Rates

The 1999, 2000, and 2001 national

average marketing assistance loan

rate for wheat is $2.58 per bushel.

Rates are set annually based on a

formula and the discretion of the

Secretary of Agriculture.

Generally, the loan rate cannot

exceed $2.58 per bushel or be

lower than 85 percent of the simple

average price received by

producers during the marketing

years for the immediate preceding

five crops, excluding the highest

and lowest prices. However, if the

stock to use ratio (S/U) is greater

than or equal to 15 percent, but

less than 30 percent, the Secretary

has the discretion to reduce the

formula loan rate up to 5 percent. If

the S/U equals or exceeds 30

percent, the Secretary may reduce

the loan rate up to 10 percent.

Loan rates: (1) vary among

counties, (2) are based on the

county where stored, and (3) may

be adjusted by the Commodity

Credit Corporation (CCC) with

premiums and discounts to reflect

grade, subclass, and quality factors

of a given quantity placed under

loan.

Loan Settlements

Loans mature on the last day of the

ninth calendar month following the

month in which the loan is

approved.

Producers may settle their

outstanding nonrecourse loan:

■ During the 9-month loan period

by repaying the loan, or

■ Upon maturity by forfeiting the

commodity to the CCC.

Marketing loan provisions enable

producers (under certain

conditions) to either: (1) repay a

marketing assistance loan at less

than the loan rate plus accrued

interest and other charges, or (2)

receive a loan deficiency payment

in lieu of obtaining a loan.

Loan Repayment Rates

The loan repayment rate is the

lower of (1) the applicable county

loan rate plus accrued interest and

other charges (per bushel), or

(2) the local posted county price

(PCP).
continues

3

The United States Department of Agriculture (USDA) prohibits discrimination in all its programs and

activities on the basis of race, color, national origin, sex, religion, age, disability, political beliefs,

sexual orientation, or marital or family status. (Not all prohibited bases apply to all programs.) Persons with disabilities who require alternative means for communication of program information

(Braille, large print, audiotape, etc.) should contact USDA’s TARGET Center at 202-720-2600

(voice and TDD).

To file a complaint of discrimination, write USDA, Director, Office of Civil Rights, Room 326-W,

Whitten Building, 1400 Independence Avenue, SW, Washington, DC 20250-9410 or call (202) 720-

5964 (voice and TDD). USDA is an equal opportunity provider and employer.

PCPs are established daily at each

county FSA office. They are based

upon the previous day’s prices for

wheat at two CCC-assigned

terminal markets. The PCPs are

then adjusted to reflect quality and

location.

Marketing Loan Gains and Loan

Deficiency Payments

Producers may realize a marketing

loan gain if they repay their loans

when the PCP is less than the loan

rate. The marketing loan gain rate

equals the amount by which the

applicable county loan rate exceeds the loan repayment rate for

the respective loan.

Producers who are eligible to

obtain a loan, but who agree to

forgo the loan, may obtain a loan

deficiency payment. The loan

deficiency payment rate equals the

amount by which the applicable

county loan rate exceeds the PCP

for wheat. The loan deficiency

payment equals the loan deficiency

payment rate times the eligible

bushels of wheat for which the loan

deficiency payment is requested.

Final Loan/Loan Deficiency

Payment Availability Dates

The final loan/loan deficiency

payment availability date for 2000-

crop wheat is March 31, 2001.

Production Evidence

Any producer who repays a loan at

less than the loan rate plus accrued

interest and other charges or

receives a loan deficiency payment

may be required to provide producFact Sheet

Wheat

Summary of 1999-2000 Support Program

and Related Information

tion evidence acceptable to CCC,

such as evidence of sales, warehouse receipts, and load summaries from the warehouse, buyer, or

processor.

Payment Limitations

In general, the total amount of

production flexibility contract

payments to an individual may not

exceed $40,000 for all

commodities. In addition, the sum

of loan deficiency payments and

marketing loan gains for all

commodities is limited to $75,000

per person, except for the 1999 and

2000 crops.

Wheat Marketing Loan/Loan Deficiency Payment Examples

Marketing Loan Examples Under Various Price Scenarios

($ per bushel)

 Price Scenario

 1 2 3

 a) Applicable county loan rate 2.58 2.58 2.58

 b) Accrued interest 0.14 0.14 0.14

 c) Loan rate plus accrued interest 1/ 2.72 2.72 2.72

 d) PCP 3.00 2.65 2.50

 e) Loan repayment rate; (lower of c or d) 2.72 2.65 2.50

 f) Marketing Loan Gain; [greater of 0 or (a - e)] 0.00 0.00 0.08

 g) Waived interest, 0.00 0.07 0.14

 lesser of ([greater of 0 or (c - e)] or b)

 1/ Interest for 9 months based on 7 percent annual interest rate.

The payment limit for LDPs/MLGs

was mandated at $150,000 for the

1999 crop only by the Agriculture,

Rural Development, Food and Drug

Administration, and Related Agencies Appropriations Act (Appropriations Act), 2000. The payment limit

for the 2000 crop is mandated at

$150,000 by the 2001 Appropriations Act. When a producer is likely

to reach the payment limit for

LDPs/MLGs, commodity certificates may be used to exchange the

outstanding loan obligation at or

before loan maturity.
4

continues

WHEAT PROGRAM SUMMARY

Acreage Acreage Diversion

Number Allotment/Base National Set-Aside Payments, Deficiency/

 Crop of Farms on Farms Acreage on Farms Diversion Contract

 Year Participating Participating Allotment/Base 1/ Participating & SG&H 2/ Payments

1960 not avail. not avail. 55,000,000 none none none

1961 not avail. not avail. 55,000,000 none none none

1962 777,714 41,183,000 55,000,000 10,699,000 $285,524,000 none

1963 409,890 25,023,000 55,000,000 7,161,000 163,394,000 $79,200,000

1964 584,955 39,267,000 53,200,000 5,123,000 32,716,000 410,176,000

1965 819,535 43,465,000 53,300,000 7,185,000 36,882,000 472,338,000

1966 809,079 42,120,000 51,600,000 8,257,000 26,156,000 655,186,000

1967 769,295 56,887,000 68,200,000 none none 727,053,000

1968 803,050 50,155,000 59,300,000 none none 745,974,000

1969 953,318 45,243,000 51.600,000 11,097,000 71,612,000 784,336,000

1970 923,302 39,867,000 45,500,000 15,723,000 62,548,000 808,458,000

1971 1,011,954 18,122,000 19,700,000 13,500,000 none 885,653,000

1972 976,338 18,314,000 19,700,000 20,106,000 132,000,000 726,670,000

1973 1,053,360 17,783,000 18,700,000 7,372,000 103,024,000 375,226,000

1974 N/A N/A 55,000,000 N/A N/A N/A

1975 N/A N/A 53,500,000 N/A N/A N/A

1976 N/A N/A 61,600,000 N/A N/A N/A

1977 N/A N/A 62,200,000 none none 996,416,000

1978 not avail. 41,965,000 58,800,000 9,600,000 15,116,000 617,353,000

1979 not avail. 36,142,300 70,100,000 8,200,000 none none

1980 666,143 73,349,613 75,000,000 none none none

1981 782,608 81,725,768 84,500,000 none none 414,588,000

1982 222,912 43,753,209 90,661,347 5,800,000 none 476,500,000

1983 498,013 70,152,741 90,186,265 30,017,000 309,200,000 769,700,000

1984 317,565 56,146,824 93,961,821 18,449,800 506,100,000 1,049,800,000

1985 472,886 69,970,117 94,035,775 18,824,021 652,700,000 1,555,300,000

1986 456,725 78,101,983 91,599,459 21,014,243 215,400,000 3,457,000,000

1987 557,203 76,606,731 87,551,977 23,931,737 none 3,287,000,000

1988 547,012 72,693,872 84,761,610 22,462,977 none 1,216,400,000

 1989 433,758 64,369,632 82,315,009 9,580,558 none 572,100,000

1990 463,859 66,696,372 80,492,510 7,520,564 none 2,420,300,000

1991 462,882 67,644,101 79,202,505 15,924,272 none 2,246,100,000

1992 433,990 65,650,430 78,873,913 7,321,461 none 1,370,503,000

1993 475,590 68,565,784 78,365,734 5,696,746 none 1,900,079,000

1994 461,039 67,996,895 78,113,657 5,194,652 none 1,145,514,000

1995 417,038 65,846,523 77,653,599 6,129,239 none 265,764,000

1996 953,995 76,673,982 N/A N/A none 1,940,519,000

 1997 966,349 76,662,592 N/A N/A none 1,396,798,000

1998 988,032 78,904,816 N/A N/A none 1,496,191,000

 1999 1,006,583 79,038,119 N/A N/A none 1,446,875,000

 2000 1,016,618 79,000,000 N/A N/A none 1,330,000,000

 1/ 1964 through 1969 includes the increase in small farm allotment authorized by law

 2/ SG&H: Special Grazing and Hay Program

 3/ Price support payments in 1963

 4/ Domestic allotment

 5/ Required set-aside

 6/ N/A: not applicable

 7/ National program acreage

 8/ Includes set-aside and special grazing and hay program acreage

 9/ Acreage on which program payments were based

10/ Acreage base complying with program provisions

11/ 1996-1999 includes only production flexibility contract payments

12/ Contract acreage

13/ Preliminary

14/ Forecast based on October 2000 World Agricultural Supply and Demand Estimates (WASDE)

Fact Sheet

Wheat

Summary of 1999-2000 Support Program

and Related Information

3/

4/

4/

4/

5/

6/

7/

7/

7/

7/

8/

8/

7/

9/

10/

12/

13/

11/

14/
continues

5

PRODUCTION OF WHEAT

Crop Year Acreage Planted Acreage Harvested Yield Production

million acres million acres bu. (per harvested ac.) million bushels

1960 54.9 51.9 26.1 1,354.7

1961 55.7 51.6 23.9 1,232.4

1962 49.3 43.7 25.0 1,092.0

1963 53.4 45.5 25.2 1,146.8

1964 55.7 49.8 25.8 1,283.4

1965 57.4 49.6 26.5 1,315.6

1966 54.1 49.6 26.3 1,304.9

1967 67.3 58.4 25.8 1,507.6

1968 61.9 54.8 28.4 1,556.7

1969 53.5 47.1 30.6 1,442.7

1970 48.7 43.6 31.0 1,351.6

1971 53.8 47.7 33.9 1,618.6

1972 54.9 47.3 32.7 1,546.2

1973 59.3 54.1 31.6 1,710.8

1974 71.0 65.4 27.3 1,781.9

1975 74.9 69.5 30.6 2,126.9

1976 80.4 70.9 30.3 2,148.8

1977 75.4 66.7 30.7 2,045.5

1978 66.0 56.5 31.4 1,775.5

1979 71.4 62.5 34.2 2,134.1

1980 80.8 71.1 33.5 2,380.9

1981 88.3 80.6 34.5 2,785.4

1982 86.2 77.9 35.5 2,765.0

1983 76.4 61.4 39.4 2,419.8

1984 79.2 66.9 38.8 2,594.8

1985 75.5 64.7 37.5 2,424.1

1986 72.0 60.7 34.4 2,090.6

1987 65.8 55.9 37.7 2,107.7

1988 65.5 53.2 34.1 1,812.2

1989 76.6 62.2 32.7 2,036.6

1990 77.0 69.1 39.5 2,729.8

1991 69.9 57.8 34.3 1,980.1

1992 72.2 62.8 39.3 2,466.8

1993 72.2 62.7 38.2 2,396.4

1994 70.3 61.8 37.6 2,321.0

1995 69.0 61.0 35.8 2,182.7

1996 75.1 62.8 36.3 2,277.4

1997 70.4 62.8 39.5 2,481.5

1998 65.8 59.0 43.2 2,547.3

1999 62.7 53.8 42.7 2,299.0

2000 62.5 53.2 42.1 2,239.2

1/ Preliminary

2/ Forecast based on October WASDE

Fact Sheet

Wheat

Summary of 1999-2000 Support Program

and Related Information

1/

2/
6

USE OF WHEAT

(million bushels)

 Domestic Reseal/

 Food & Feed, Seed & Ending CCC Farmer-Owned

Crop Year Industrial Use Residual Use Exports Total Use Carryover Inventory Reserve

1960 496.5 94.7 653.5 1,245.0 1,502.0 1,242.0 38.0

1961 504.0 100.3 715.7 1,320.0 1,421.0 1,097.0 37.0

1962 502.7 96.1 649.4 1,248.0 1,270.0 1,082.0 29.0

1963 487.9 93.5 845.6 1,427.0 994.0 829.0 10.0

1964 514.4 120.4 722.7 1,358.0 921.0 646.0 —

1965 517.9 207.4 852.0 1,577.0 660.0 340.0 3.0

1966 505.1 178.0 771.0 1,454.0 513.0 124.0 8.0

1967 517.8 108.1 765.0 1,391.0 630.0 102.0 —

1968 522.4 217.3 544.0 1,284.0 904.0 163.0 —

1969 520.1 243.9 603.0 1,367.0 983.0 301.0 —

1970 517.1 255.1 741.0 1,513.0 823.0 370.0 8.0

1971 523.7 325.6 610.0 1,459.0 984.0 367.0 13.0

1972 531.8 266.9 1,135.0 1,934.0 597.0 144.0 11.0

1973 544.3 209.1 1,217.0 1,970.0 340.0 19.0 —

1974 545.0 126.9 1,018.0 1,690.0 435.0 1.0 —

1975 589.0 137.3 1,173.0 1,899.0 666.0 0.0 —

1976 588.0 166.0 950.0 1,704.0 1,113.0 0.0 —

1977 587.0 272.0 1,124.0 1,983.0 1,178.0 48.0 342.0

1978 592.0 245.0 1,194.0 2,031.0 924.0 51.0 403.0

1979 596.0 187.0 1,375.0 2,158.0 902.0 188.0 260.0

1980 611.0 172.0 1,514.0 2,296.0 989.0 200.0 360.0

1981 602.0 245.0 1,771.0 2,618.0 1,159.0 190.0 560.0

1982 616.0 292.0 1,509.0 2,417.0 1,515.0 192.0 1,061.0

1983 643.0 471.0 1,426.0 2,540.0 1,399.0 188.0 611.0

1984 651.0 506.0 1,421.0 2,578.0 1,425.0 378.0 654.0

1985 674.0 377.0 909.0 1,960.0 1,905.0 602.0 596.0

1986 712.0 485.0 999.0 2,196.0 1,821.0 830.0 632.0

1987 721.0 365.0 1,598.0 2,684.0 1,261.0 283.0 467.0

1988 726.0 253.0 1,415.0 2,394.0 702.0 190.0 287.0

1989 749.0 244.0 1,232.0 2,225.0 536.0 117.0 144.0

1990 790.0 576.0 1,069.0 2,435.0 868.0 163.0 14.0

1991 789.0 343.0 1,282.0 2,414.0 475.0 152.0 50.0

1992 834.0 293.0 1,354.0 2,481.0 531.0 150.0 28.0

1993 872.0 367.0 1,228.0 2,467.0 568.0 150.0 6.0

1994 853.0 433.6 1,188.3 2,474.8 506.6 142.0 0

 1995 882.9 257.2 1,241.1 2,381.2 376.0 118.0 0

1996 890.7 409.9 1,001.5 2,302.1 443.6 93.0 N/A

1997 914.1 343.0 1,040.4 2,297.5 722.5 94.0 N/A

1998 909.7 475.0 1,042.2 2,426.9 945.9 128.0 N/A

1999 924.7 375.4 1,089.5 2,389.7 949.7 104.0 N/A

2000 940.0 336.0 1,125.0 2,401.0 888.0 105.0 N/A

1/ Includes foreign currency and long-term credit, donations, barter, and agency development programs

2/ The Farmer-Owned Reserve Program started in crop year 1977. Prior to that the Reseal was in effect. Beginning in 1985, includes

 wheat in the Special Producer Storage Loan Program

3/ Preliminary

4/ Forecast based on October WASDE

Fact Sheet

Wheat

Summary of 1999-2000 Support Program

and Related Information

continues

1/ 2/

3/

4/
continues

7

Fact Sheet

Wheat

Summary of 1999-2000 Support Program

and Related Information

WHEAT

 National Average

 Support Price

 Target Payment Loan Average Price Value of Government

 Crop Production Price Rate Rate to Farmers Production Payments

 Year (million bushels) ----------($per bushel)--------- ($per bushel) (million$) (million$)

1960 1,354.7 1.78 $1.74 $2,361.2

1961 1,232.4 1.79 1.83 2,254.7

1962 1,092.0 2.00 2.04 2,225.7 $ 285.5 Diversion

1963 1,146.8 2.00 .18 1.82 1.85 (2.03) 2,125.3 242.6 Div. & Price Sup.

1964 1,283.4 2.00 .70 .25 1.30 1.37 (1.80) 1,757.0 442.9 Div. & Certificates

1965 1,315.6 2.00 .75 .30 1.25 1.35 (1.79) 1,774.5 509.2 Div. & Certificates

1966 1,304.9 2.57 1.32 1.25 1.63 (2.22) 2,129.9 681.3 Div. & Certificates

1967 1,507.6 2.61 1.36 1.25 1.39 (1.87) 2,090.1 727.1 Certificates

1968 1,556.7 2.63 1.38 1.25 1.24 (1.79) 1,929.1 746.0 Certificates

1969 1,442.7 2.77 1.52 1.25 1.25 (1.89) 1,795.7 855.9 Div. & Certificates

1970 1,351.6 2.82 1.57 1.25 1.33 (2.08) 1,803.2 871.0 Div. & Certificates

1971 1,618.6 2.93 1.63 1.25 1.34 (1.88) 2,167.8 885.7 Div. & Certificates

1972 1,546.2 3.02 1.34 1.25 1.76 (2.23) 2,706.1 858.7 Div. & Certificates

1973 1,710.8 3.39 .68 1.25 3.95 (4.17) 6,744.6 478.2 Div. & Certificates

1974 1,781.9 2.05 — 1.37 4.09 — 7,287.3 101.5 Disaster

1975 2,126.9 2.05 — 1.37 3.56 — 7,549.8 51.2 Disaster

1976 2,148.8 2.29 — 2.25 2.73 — 5,867.8 143.4 Disaster

1977 2,045.5 2.90 .65 2.25 2.33 — 4,764.6 1,157.2 Def. & Disaster

1978 1,775.5 3.40 .52 2.35 2.97 5,280.6 719.3 Def/Hay&Grz, Dis.

 1979 2,134.1 3.40 — 2.50 3.80 8,109.0 72.3 Disaster

1980 2,380.9 3.08/3.63 — 3.00/3.30 3.99 9,303.0 228.2 Disaster

1981 2,785.4 3.81 .15 3.20/3.50 3.69 10,172.0 635.2 Deficiency & Dis.

1982 2,765.0 4.05 .50 3.55/4.00 3.45 9,489.0 488.8 Deficiency & Dis.

1983 2,419.8 4.30 .65 3.65/3.65 3.51 10,883.0 1,079.5 Def., Div. & Dis.

1984 2,594.8 4.38 1.00 3.30 3.39 9,246.0 1,555.9 Def. & Diversion

1985 2,424.1 4.38 1.08 3.30 3.08 7,371.0 2,188.0 Def. & Diversion

1986 2,090.6 4.38 1.98 2.40 2.42 5,042.0 3,672.4 Def. & Diversion

1987 2,107.7 4.38 1.81 2.28 2.57 5,498.0 3,287.0 Deficiency

1988 1,812.2 4.23 .69 2.21 3.72 6,741.0 1,688.0 Def. & Disaster

1989 2,036.6 4.10 .32 2.06 3.72 7,542.0 1,046.0 Def. & Disaster

1990 2,729.8 4.00 1.28 1.95 2.61 7,184.0 2,420.3 Deficiency

1991 1,980.1 4.00 1.35 2.04 3.00 5,957.0 2,246.1 Deficiency

1992 2,466.8 4.00 .81 2.21 3.24 7,984.0 1,370.5 Deficiency

1993 2,396.4 4.00 1.03 2.45 3.26 7,812.0 1,900.1 Deficiency

1994 2,321.0 4.00 .61 2.58 3.45 8,007.0 1,145.5 Deficiency

1995 2,182.7 4.00 .00 2.58 4.55 9,787.0 265.8 Deficiency

1996 2,277.4 N/A .874 2.58 4.30 9,782.0 1,940.5 PFC, LDP, MLG

 1997 2,481.5 N/A .631 2.58 3.38 8,287.0 1,412.5 PFC, LDP, MLG

 1998 2,547.3 N/A .663 2.58 2.65 6,781.0 2,717.6 PFC, LDP, MLG, MLA

 1999 2,299.0 N/A .637 2.58 2.48 5,702.0 3,830.3 PFC, LDP, MLG, MLA

 2000 2,239.2 N/A .588 2.58 2.55 5,710.0 3,593.3 PFC, LDP, MLG, MLA

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Fact Sheet

Wheat

Summary of 1999-2000 Support Program

and Related Information

 1/ For statistics for 1933 through 1959, see Wheat Commodity Fact Sheet for 1979.

 2/ For 1960 through 1963 crops, support outside the commercial area was 75 percent of the rate reflecting

 the U.S. average level.

 3/ Total support.

 4/ Price support payment.

 5/ Loan rate.

 6/ Blended average price to program participants, reflecting national average price received by farmers and

 the marketing certificate value average for participants total production.

 7/ Support for wheat used for domestic food.

 8/ Domestic marketing certificate value.

 9/ Export marketing certificate value.

10/ The marketing certificate payment rate was the difference between the price received by farmers the first

 5 months (July-November) of the marketing year and 100 percent of wheat parity on July 1. An advance

 payment equal to 75 percent of the estimated face value of the certificate was made to eligible producers.

11/ Established target price, guaranteed on production from allotment acreage.

12/ Established target price on planted allotment acreage; established target price on unplanted allotment

 acreage was $2.47.

13/ Deficiency payment; 1996 and forward, contract rate.

14/ Established target price.

15/ Beginning with 1979, marketing average prices are being use in lieu of season average prices.

16/ Target price $3.63 if planted within NCA; $3.08, if exceeded NCA.

17/ Loan rate for regular loans/loan rate for wheat in the farmer-owned reserve.

18/ Includes estimated value of PIK compensation.

19/ 1996-1997 include production flexibility contract payments, loan deficiency payments,

 and marketing loan gains.

20/ 1998-2000 include production flexibility contract payments, loan deficiency payments,

 marketing loan gains, and market loss assistance payments.

21/ Preliminary.

22/ Forecast based on October WASDE.

8

continues

Foonotes for table on page 7:
Fact Sheet

Wheat

Summary of 1999-2000 Support Program

and Related Information

PRICE SUPPORT PROGRAMS FOR WHEAT

Crop Support Price/ Direct Total Quantity

Year Target Price Payments Loan Rate Placed Under Loan

($/bushel) ($/bushel) ($/bushel) (million bu.)

1960 $1.78 — $1.74 424.0

1961 1.79 — 1.83 271.2

1962 2.00 — 2.04 297.3

1963 2.00 .18 1.88 177.4

1964 2.00 .70/.25 1.30 205,8

1965 2.00 .75/.30 1.25 172.4

1966 2.57 1.32 1.25 132.7

1967 2.61 1.36 1.25 281.5

1968 2.63 1.38 1.25 453.1

1969 2.77 1.52 1.25 407.6

1970 2.82 1.57 1.25 254.3

1971 2.93 1.63 1.25 441.8

1972 3.02 1.34 1.25 185.1

1973 3.39 .68 1.25 59.9

1974 2.05 — 1.37 37.2

1975 2.05 — 1.37 51.3

1976 2.29 — 2.25 492.8

1977 2.90 .65 2.25 604.1

1978 3.40 .52 2.35 256.4

1979 3.40 — 2.50 182.0

1980 3.08/3.63 — 3.00/3.30 331.8

1981 3.81 .15 3.20/3.50 452.7

1982 4.05 .50 3.55/4.00 646.2

1983 4.30 .65 3.65 635.2

1984 4.38 1.00 3.30 284.7

1985 4.38 1.08 3.30 842.6

1986 4.38 1.98 2.40 514.1

1987 4.38 1.81 2.28 472.3

1988 4.23 .69 2.21 106.2

1989 4.10 .32 2.06 113.5

1990 4.00 1.28 1.95 405.1

1991 4.00 1.35 2.04 143.2

1992 4.00 .81 2.21 240.3

1993 4.00 1.03 2.45 258.3

1994 4.00 .61 2.58 231.1

1995 4.00 .00 2.58 114.2

1996 N/A .874 2.58 194.8

1997 N/A .631 2.58 262.7

1998 N/A .663 2.58 425.0

1999 N/A .637 2.58 154.2

2000 N/A .588 2.58 235.0

 1/ Production flexibility contract rate

 2/ Preliminary

 3/ Forecast

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