C.5. Average Variable Interest Rates on Farm Loans
Percent
___________________________________________________________________________

                    Other operating  Intermediate non-real-  Long-term real
Quarter                 loans 1           estate loans        estate loans
___________________________________________________________________________

  Ninth (Minneapolis) Federal Reserve District (MI*, MN, MT, ND, SD, WI*)
___________________________________________________________________________
2002: Q2...    |                7.2                     7.2             6.8
      Q3...    |                6.8                     6.7             6.4
      Q4...    |                6.7                     6.6             6.3

2003: Q1...    |                6.5                     6.4             6.1
      Q2...    |                6.3                     6.2             5.9
      Q3...    |                6.2                     6.1             5.7
      Q4...    |                6.1                     6.1             5.7

2004: Q1...    |                6.3                     6.3             5.8
      Q2...    |                6.4                     6.3             6.0
___________________________________________________________________________

Tenth (Kansas City) Federal Reserve District (CO, KS, MO*, NE, NM*, OK, WY)
___________________________________________________________________________
2002: Q2...    |                7.7                     7.6             7.1
      Q3...    |                7.5                     7.4             6.9
      Q4...    |                7.2                     7.0             6.6

2003: Q1...    |                7.0                     6.9             6.4
      Q2...    |                6.9                     6.8             6.3
      Q3...    |                6.7                     6.6             6.1
      Q4...    |                6.7                     6.6             6.2

2004: Q1...    |                6.7                     6.6             6.1
      Q2...    |               34.6                     6.6             6.1
___________________________________________________________________________

Twelfth (San Francisco) Federal Reserve District (AL, AZ, CA, HI, ID, NV, OR, UT, WA) 
___________________________________________________________________________
2002: Q2...    |               n.a.                    n.a.            n.a.
      Q3...    |               n.a.                    n.a.            n.a.
      Q4...    |               n.a.                    n.a.            n.a.

2003: Q1...    |                5.8                     6.0             6.2
      Q2...    |                5.2                     5.3             5.2
      Q3...    |                5.1                     5.3             5.6
      Q4...    |                4.6                     4.9             5.7

2004: Q1...    |                5.8                     6.2             6.3
      Q2...    |                6.0                     6.2             6.7
___________________________________________________________________________
   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.

38