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*)
___________________________________________________________________________
2004: Q3...    |                6.6                     6.5             6.2
      Q4...    |                6.8                     6.8             6.4

2005: Q1...    |                7.1                     7.1             6.7
      Q2...    |                7.4                     7.3             6.9
      Q3...    |                7.7                     7.7             7.2
      Q4...    |                8.1                     8.0             7.6

2006: Q1...    |                8.3                     8.3             7.8
      Q2...    |                8.7                     8.7             8.2
      Q3...    |                8.9                     8.8             8.3
___________________________________________________________________________

Tenth (Kansas City) Federal Reserve District (CO, KS, MO*, NE, NM*, OK, WY)
___________________________________________________________________________
2004: Q3...    |                7.3                     6.8             6.4
      Q4...    |                7.3                     7.1             6.6

2005: Q1...    |                7.5                     7.3             6.8
      Q2...    |                7.7                     7.5             7.0
      Q3...    |                8.1                     7.9             7.3
      Q4...    |                8.4                     8.2             7.6

2006: Q1...    |                8.6                     8.4             7.9
      Q2...    |                9.0                     8.8             8.2
      Q3...    |                9.1                     8.9             8.4
___________________________________________________________________________

Twelfth (San Francisco) Federal Reserve District (AL, AZ, CA, HI, ID, NV, OR, UT, WA) 
___________________________________________________________________________
2004: Q3...    |                6.2                     6.6             6.8
      Q4...    |                6.7                     7.0             6.9

2005: Q1...    |                7.1                     7.3             7.3
      Q2...    |                7.4                     7.7             7.5
      Q3...    |                7.9                     8.0             7.8
      Q4...    |                8.8                     8.8             8.5

2006: Q1...    |                8.9                     9.0             8.6
      Q2...    |                9.1                     9.1             8.7
      Q3...    |                9.3                     9.3             8.8
___________________________________________________________________________
   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