Disclaimer: This web page is designed to aid farmers with their marketing and risk management decisions. The risk of loss in trading futures, options, forward contracts, and hedge-to-arrive can be substantial and no warranty is given or implied by the author or any other party. Each farmer must consider whether such marketing strategies are appropriate for his or her situation. This web page does not represent the views of Kansas State University.
Disclosure: Dr. Barnaby�s research was the basis for the privately developed Crop Revenue Coverage.

Estimated Weighted National Average Price and
Projected Counter Cyclical Payments (12/01/03)
	Wheat (03/04)			Corn (03/04)
	Estimated	Monthly		Estimated	Monthly
Month	Weight	Price	Month	Weight	Price
Jun	14.2	3.08	Sep	8.6	2.20
Jul	18.9	2.95	Oct	13.8	2.12
Aug	11.6	3.34	Nov	10.9	2.24
Sep¹	8.5	3.39	Dec	7.1	2.36
Oct	6.3	3.45	Jan	14.0	2.39
Nov	4.9	3.69	Feb	6.3	2.40
Dec	7.0	3.61	Mar	7.3	2.41
Jan	8.5	3.54	Apr	5.5	2.45
Feb	4.9	3.49	May	5.2	2.39
Mar	5.6	3.47	Jun	5.7	2.33
Apr	4.6	3.53	Jul	7.3	2.25
May	4.5	3.43	Aug	8.3	2.27
KSU Est Avg Price		3.30			2.30
Strike Price		3.34			2.32
Exp. Counter Cyclical Pymt		0.04			0.02
USDA Est Avg Price²		3.10-3.40			1.90-2.30
	Milo (03/04)			Soybeans (03/04)
	Estimated	Monthly		Estimated	Monthly
Month	Weight	Price	Month	Weight	Price
Sep	7.8	3.97	Sep	7.6	6.06
Oct	13.2	3.92	Oct	22.5	6.94
Nov	14.1	4.04	Nov	8.8	7.12
Dec	14.4	4.08	Dec	7.4	7.19
Jan	11.0	4.11	Jan	14.0	7.23
Feb	4.9	4.21	Feb	6.8	7.08
Mar	4.9	4.16	Mar	7.5	7.10
Apr	2.9	4.22	Apr	5.5	7.17
May	3.1	4.14	May	4.8	7.33
Jun	6.3	4.31	Jun	4.6	7.36
Jul	8.0	4.25	Jul	5.4	7.35
Aug	9.3	4.29	Aug	5.1	7.42
KSU Est Avg Price		4.11			7.07
Strike Price		3.91			5.36
Exp. Counter Cyclical Pymt		0.00			0.00
USDA Est Avg Price²		3.48-4.20			6.05-6.95

	Cotton (03/04)
	Estimated	Monthly
Month	Weight	Price
Aug	3.9	0.463
Sep	4.3	0.557
Oct	9.0	0.680
Nov	15.3	0.641
Dec	17.8	0.646
Jan	16.0	0.618
Feb	9.3	0.620
Mar	6.9	0.610