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*)
__________________________________________________________________________________________
2001: Q1...    |              9.2              9.2                    n.a.             8.2
      Q2...    |              8.6              8.6                    n.a.             7.9
      Q3...    |              8.1              8.0                    n.a.             7.5
      Q4...    |              7.5              7.4                    n.a.             7.2

2002: Q1...    |              7.5              7.3                    n.a.             7.2
      Q2...    |              7.3              7.3                    n.a.             7.1
      Q3...    |              7.2              7.2                    n.a.             6.8
      Q4...    |              6.8              6.7                    n.a.             6.5

2003: Q1...    |              6.7              6.6                    n.a.             6.4
__________________________________________________________________________________________

       Tenth (Kansas City) Federal Reserve District (CO, KS, MO*, NE, NM*, OK, WY)
__________________________________________________________________________________________
2001: Q1...    |              9.6              9.8                     9.5             8.9
      Q2...    |              9.0              9.1                     9.0             8.5
      Q3...    |              8.4              8.6                     8.5             8.0
      Q4...    |              7.8              8.1                     8.2             7.6

2002: Q1...    |              7.7              7.9                     7.9             7.5
      Q2...    |             n.a.              8.1                     8.0             7.7
      Q3...    |             n.a.              7.9                     7.9             7.5
      Q4...    |             n.a.              7.6                     7.6             7.2

2003: Q1...    |             n.a.              7.4                     7.5             7.0
__________________________________________________________________________________________

         Ninth (Minneapolis) Federal Reserve District (MI*, MN, MT, ND, SD, WI*)
__________________________________________________________________________________________
2001: Q1...    |             n.a.              9.8                     9.8             9.1
      Q2...    |             n.a.              9.3                     9.3             8.6
      Q3...    |             n.a.              8.9                     8.9             8.5
      Q4...    |             n.a.              8.2                     8.1             7.6

2002: Q1...    |             n.a.              7.5                     7.7             7.3
      Q2...    |             n.a.              7.6                     7.7             7.4
      Q3...    |             n.a.              7.4                     7.5             7.2
      Q4...    |             n.a.              7.2                     7.2             6.9

2003: Q1...    |             n.a.              6.9                     7.0             6.6
__________________________________________________________________________________________

37






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
__________________________________________________________________________________________

                Eleventh (Dallas) Federal Reserve District (LA*, NM*, TX)
__________________________________________________________________________________________
2001: Q1...    |             10.3             10.4                    10.1             9.5
      Q2...    |              9.7              9.7                     9.5             9.0
      Q3...    |              9.2              9.2                     9.2             8.5
      Q4...    |              8.3              8.4                     8.5             8.0

2002: Q1...    |              8.2              8.3                     8.2             8.0
      Q2...    |              8.1              8.2                     8.2             7.8
      Q3...    |              8.1              8.1                     8.1             7.8
      Q4...    |              7.6              7.7                     7.7             7.5

2003: Q1...    |              7.6              7.6                     7.7             7.5
__________________________________________________________________________________________

             Fifth (Richmond) Federal Reserve District (MD, NC, SC, VA, WV*) 
__________________________________________________________________________________________
2001: Q1...    |              9.4              9.4                     9.2             8.9
      Q2...    |              8.6             11.0                     8.5             8.3
      Q3...    |              8.2              7.9                     8.0             7.6
      Q4...    |              9.9              7.2                     7.2             7.0

2002: Q1...    |              7.0              7.1                     9.4             7.3
      Q2...    |              7.5              7.3                     7.5             7.2
      Q3...    |              7.3              6.9                     7.3             7.2
      Q4...    |              6.8              6.7                     7.0             6.7

2003: Q1...    |              6.5              6.5                     6.6             6.6
__________________________________________________________________________________________
   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.

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