C.4. Average Fixed Interest Rates on Farm Loans
Percent
__________________________________________________________________________________________

                    Feeder cattle  Other operating  Intermediate non-real-  Long-term real
Quarter                 loans          loans 1           estate loans        estate loans
__________________________________________________________________________________________

           Seventh (Chicago) Federal Reserve District (IL*, IN*, IA, MI*, WI*)
__________________________________________________________________________________________
2002: Q4...    |              6.8              6.7                    n.a.             6.5

2003: Q1...    |              6.7              6.6                    n.a.             6.4
      Q2...    |              6.5              6.4                    n.a.             6.0
      Q3...    |              6.5              6.4                    n.a.             6.1
      Q4...    |              6.3              6.3                    n.a.             6.1

2004: Q1...    |              6.3              6.2                    n.a.             5.9
      Q2...    |              6.5              6.4                    n.a.             6.2
      Q3...    |              6.6              6.6                    n.a.             6.3
      Q4...    |              6.8              6.8                    n.a.             6.4
__________________________________________________________________________________________

                Eleventh (Dallas) Federal Reserve District (LA*, NM*, TX)
__________________________________________________________________________________________
2002: Q4...    |              7.6              7.7                     7.7             7.5

2003: Q1...    |              7.6              7.6                     7.7             7.5
      Q2...    |              7.6              7.5                     7.6             7.2
      Q3...    |              7.4              7.5                     7.4             7.6
      Q4...    |              7.3              7.3                     7.3             7.2

2004: Q1...    |              7.4              7.4                     7.3             7.0
      Q2...    |              7.2              7.2                     7.3             7.1
      Q3...    |              7.4              7.4                     7.5             6.9
      Q4...    |              7.6              7.6                     7.7             7.0
__________________________________________________________________________________________

             Fifth (Richmond) Federal Reserve District (MD, NC, SC, VA, WV*) 
__________________________________________________________________________________________
2002: Q4...    |              6.8              6.7                     7.0             6.7

2003: Q1...    |              6.5              6.5                     6.6             6.6
      Q2...    |              6.8              6.4                     6.4             6.4
      Q3...    |              6.3              6.1                     6.3             6.5
      Q4...    |              6.5              6.5                     6.9             6.7

2004: Q1...    |              6.6              6.4                     6.7             6.3
      Q2...    |              6.9              6.4                     6.5             6.5
      Q3...    |              7.2              7.0                     7.0             6.7
      Q4...    |              7.4              7.0                     7.1             6.9
__________________________________________________________________________________________

36






C.4. Average Fixed Interest Rates on Farm Loans (continued)
Percent
__________________________________________________________________________________________

                    Feeder cattle  Other operating  Intermediate non-real-  Long-term real
Quarter                 loans          loans 1           estate loans        estate loans
__________________________________________________________________________________________

       Tenth (Kansas City) Federal Reserve District (CO, KS, MO*, NE, NM*, OK, WY)
__________________________________________________________________________________________
2002: Q4...    |             n.a.              7.6                     7.6             7.2

2003: Q1...    |             n.a.              7.4                     7.5             7.0
      Q2...    |             n.a.              7.3                     7.3             6.9
      Q3...    |             n.a.              7.2                     7.3             6.8
      Q4...    |             n.a.              7.1                     7.2             6.8

2004: Q1...    |             n.a.              7.0                     7.1             6.7
      Q2...    |             n.a.              7.1                     7.1             6.8
      Q3...    |             n.a.              7.3                     7.4             7.0
      Q4...    |             n.a.              7.6                     7.6             7.2
__________________________________________________________________________________________

         Ninth (Minneapolis) Federal Reserve District (MI*, MN, MT, ND, SD, WI*)
__________________________________________________________________________________________
2002: Q4...    |             n.a.              7.2                     7.2             6.9

2003: Q1...    |             n.a.              6.9                     7.0             6.6
      Q2...    |             n.a.              6.7                     6.8             6.5
      Q3...    |             n.a.              6.7                     6.8             6.5
      Q4...    |             n.a.              6.7                     6.8             6.5

2004: Q1...    |             n.a.              6.6                     6.7             6.4
      Q2...    |             n.a.              6.7                     6.8             6.5
      Q3...    |             n.a.              6.9                     7.0             6.7
      Q4...    |             n.a.              7.2                     7.3             6.9
__________________________________________________________________________________________

  Twelfth (San Francisco) Federal Reserve District (AL, AZ, CA, HI, ID, NV, OR, UT, WA) 
__________________________________________________________________________________________
2002: Q4...    |             n.a.             n.a.                    n.a.            n.a.

2003: Q1...    |             n.a.              6.9                     7.6             7.5
      Q2...    |             n.a.              6.5                     7.1             7.0
      Q3...    |             n.a.              6.5                     7.0             7.2
      Q4...    |             n.a.              6.5                     6.9             7.3

2004: Q1...    |             n.a.              6.4                     7.1             7.2
      Q2...    |             n.a.              6.8                     7.2             7.1
      Q3...    |             n.a.              6.7                     7.2             7.4
      Q4...    |             n.a.              7.4                     7.8             7.7
__________________________________________________________________________________________
   1. Loans used primarily to finance such items as current crop production expenses and
the care and feeding of livestock(including poultry).
   * State falls only partly within the indicated Reserve District.
   n.a. Not available.
   Source. Federal Reserve Bank quarterly surveys of agricultural credit conditions at
commercial banks.

37