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.

Estimated Weighted National Average Price and
Projected Counter Cyclical Payments (03/31/04)
	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	2.20
Sep	8.5	3.39	Dec	7.1	2.32
Oct	6.3	3.45	Jan¹	14.0	2.39
Nov	4.9	3.59	Feb	6.3	2.61
Dec	7.0	3.71	Mar	7.3	2.79
Jan¹	8.5	3.68	Apr	5.5	2.84
Feb	4.9	3.50	May	5.2	2.77
Mar	5.6	3.71	Jun	5.7	2.70
Apr	4.6	3.77	Jul	7.3	2.60
May	4.5	3.66	Aug	8.3	2.63
KSU Est Avg Price		3.35			2.45
Strike Price		3.34			2.32
Exp. Counter Cyclical Pymt		0.00			0.00
USDA Est Avg Price²		3.30-3.40			2.35-2.55
	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	3.99	Oct	22.5	6.61
Nov	14.1	4.13	Nov	8.8	7.05
Dec	14.4	4.21	Dec	7.4	7.17
Jan¹	11.0	4.36	Jan¹	14.0	7.34
Feb	4.9	4.76	Feb	6.8	8.28
Mar	4.9	4.86	Mar	7.5	9.56
Apr	2.9	4.94	Apr	5.5	9.65
May	3.1	4.83	May	4.8	9.87
Jun	6.3	5.04	Jun	4.6	9.91
Jul	8.0	4.96	Jul	5.4	9.90
Aug	9.3	5.02	Aug	5.1	9.99
KSU Est Avg Price		4.45			7.91
Strike Price		3.91			5.36
Exp. Counter Cyclical Pymt		0.00			0.00
USDA Est Avg Price²		4.20-4.55			7.15-7.55

	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	0.634
Dec	17.8	0.641
Jan	16.0	0.625
Feb	9.3	0.627
Mar¹	6.9	0.618
Apr	4.7	0.605
May	4.4	0.603
Jun	4.6	0.622
Jul	3.8	0.637
KSU Est Avg Price³		0.6235
Strike Price		0.6573
Exp. Counter Cyclical Pymt		0.0338