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