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*)
__________________________________________________________________________________________
2004: Q4...    |              6.8              6.8                    n.a.             6.4

2005: Q1...    |              7.1              7.1                    n.a.             6.6
      Q2...    |              7.3              7.3                    n.a.             6.7
      Q3...    |              7.6              7.7                    n.a.             7.0
      Q4...    |              8.0              8.0                    n.a.             7.3

2006: Q1...    |              8.3              8.3                    n.a.             7.5
      Q2...    |              8.7              8.8                    n.a.             7.9
      Q3...    |              8.7              8.7                    n.a.             7.8
      Q4...    |              8.7              8.7                    n.a.             7.7
__________________________________________________________________________________________

                Eleventh (Dallas) Federal Reserve District (LA*, NM*, TX)
__________________________________________________________________________________________
2004: Q4...    |              7.6              7.6                     7.7             7.0

2005: Q1...    |              7.8              8.0                     7.9             7.4
      Q2...    |              8.1              8.3                     8.2             7.6
      Q3...    |              8.4              8.5                     8.4             8.0
      Q4...    |              8.9              8.9                     8.7             8.1

2006: Q1...    |              9.0              9.2                     8.8             8.2
      Q2...    |              9.4              9.6                     9.2             8.1
      Q3...    |              9.6              9.7                     9.4             8.5
      Q4...    |              9.5              9.6                     9.3             8.7
__________________________________________________________________________________________

             Fifth (Richmond) Federal Reserve District (MD, NC, SC, VA, WV*) 
__________________________________________________________________________________________
2004: Q4...    |              7.4              7.0                     7.1             6.9

2005: Q1...    |              7.6              7.4                     7.4             7.2
      Q2...    |              7.7              7.5                     7.5             7.7
      Q3...    |              8.1              8.0                     8.0             7.9
      Q4...    |              8.6              8.4                     8.4             8.0

2006: Q1...    |              8.9              9.1                     8.7             8.4
      Q2...    |              9.0              9.2                     8.8             8.8
      Q3...    |              9.3              9.2                     8.8             8.6
      Q4...    |              9.3              9.3                     8.9             8.4
__________________________________________________________________________________________

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)
__________________________________________________________________________________________
2004: Q4...    |             n.a.              7.6                     7.6             7.2

2005: Q1...    |             n.a.              7.7                     7.7             7.3
      Q2...    |             n.a.              7.9                     7.9             7.4
      Q3...    |             n.a.              8.2                     8.1             7.6
      Q4...    |             n.a.              8.5                     8.4             7.9

2006: Q1...    |             n.a.              8.8                     8.7             8.1
      Q2...    |             n.a.              9.1                     9.0             8.4
      Q3...    |             n.a.              9.2                     9.1             8.5
      Q4...    |             n.a.              9.2                     9.0             8.4
__________________________________________________________________________________________

         Ninth (Minneapolis) Federal Reserve District (MI*, MN, MT, ND, SD, WI*)
__________________________________________________________________________________________
2004: Q4...    |             n.a.              7.2                     7.3             6.9

2005: Q1...    |             n.a.              7.4                     7.4             7.1
      Q2...    |             n.a.              7.7                     7.7             7.3
      Q3...    |             n.a.              7.9                     7.9             7.4
      Q4...    |             n.a.              8.3                     8.3             7.8

2006: Q1...    |             n.a.              8.4                     8.5             7.9
      Q2...    |             n.a.              8.9                     8.9             8.4
      Q3...    |             n.a.              9.1                     9.1             8.5
      Q4...    |             n.a.              9.0                     9.0             8.3
__________________________________________________________________________________________

  Twelfth (San Francisco) Federal Reserve District (AL, AZ, CA, HI, ID, NV, OR, UT, WA) 
__________________________________________________________________________________________
2004: Q4...    |             n.a.              7.4                     7.8             7.7

2005: Q1...    |             n.a.              7.7                     7.9             7.8
      Q2...    |             n.a.              7.5                     7.9             7.9
      Q3...    |             n.a.              8.3                     8.2             8.1
      Q4...    |             n.a.              9.0                     8.8             8.3

2006: Q1...    |             n.a.              9.0                     8.7             8.2
      Q2...    |             n.a.              9.2                     8.9             8.4
      Q3...    |             n.a.              9.1                     9.0             8.4
      Q4...    |             n.a.              9.0                     9.1             8.3
__________________________________________________________________________________________
   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