bs-2004-01 - AFPC · 2017. 3. 10. · Title: Microsoft PowerPoint - bs-2004-01.ppt Author: snorman Created Date: 3/3/2004 2:29:21 PM

AFPC Briefing Paper 04-1

January 2004

Representative Farms EconomicOutlook for the January 2004

FAPRI/AFPC Baseline

Department of Agricultural EconomicsDepartment of Agricultural EconomicsTexas Agricultural Experiment StationTexas Agricultural Experiment StationTexas Cooperative ExtensionTexas Cooperative ExtensionTexas A&M UniversityTexas A&M University

College Station, Texas 77843College Station, Texas 77843--21242124Telephone: (979) 845Telephone: (979) 845--59135913

Fax: (979) 845Fax: (979) 845--31403140http://www.afpc.tamu.eduhttp://www.afpc.tamu.edu

Agricultural & Food Policy Centerat Texas A&M University

AFPC Briefing Series

The briefing series is designed to facilitate presentation by AFPC related torequests for specific policy impact analyses. The materials included in thispackage are intended only as visual support for an oral presentation. The user iscautioned against drawing extraneous conclusions from the material. In mostAFPC welcomes comments and discussions of these results and theirimplications. Address such comments to:

Agricultural and Food Policy CenterDepartment of Agricultural Economics2124 TAMUSTexas A&M UniversityCollege Station, TX 77843-2124

or call 979-845-5913.

REPRESENTATIVE FARMS ECONOMICOUTLOOK FOR THE JANUARY 2004

FAPRI/AFPC BASELINE

AFPC Briefing Paper 04-1

James W. RichardsonJoe L. Outlaw

David P. AndersonJ. Marc Raulston

Brian HerbstJames D. Sartwelle, IIIRobert B. Schwart, Jr.

Keith SchumannPaul Feldman

Steven L. Klose

REPRESENTATIVE FARMS ECONOMIC OUTLOOK FOR THEJANUARY 2004 FAPRI/AFPC BASELINE

The farm level economic impacts of the Farm Security and Rural Investment Act of 2002 on representative crop and livestock operations are projected in this report. The analysis was conducted over the 2001-2008 planning horizon using FLIPSIM, AFPC’s whole farm simulation model. Data to simulate farming operations in the nation’s major production regions came from two sources:

# Producer panel cooperation to develop economic information to describe and simulate representative crop, livestock, and dairy farms, and

# Projected prices, policy variables, and input inflation rates from the Food and Agricultural Policy Research Institute (FAPRI) January 2004 Baseline.

The FLIPSIM policy simulation model incorporates the historical risk faced by farmers for prices and production. This report presents the results of the January 2004 Baseline in a risk context using selected simulated probabilities and ranges for annual net cash farm income values. The probability of a farm experiencing annual cash flow deficits and the probability of a farm losing real net worth are included as indicators of the cash flow and equity risks facing farms through the year 2008.

Definitions of Variables in the Summary Tables

# Overall Financial Position, 2004-2008 -- As a means of summarizing the representativefarms’ economic efficiency, liquidity, and solvency position AFPC classifies each farm as being in either a good (green), marginal (yellow) or poor (red) position. AFPC assumes a farm is in a good financial position when it has less than a 25 percent chance each of a cash flow deficit and a 25 percent chance of losing real net worth. If the probabilities of these events are between 25 and 50 percent the farm is classified as marginal. A probability greater than 50 percent places the farm in a poor financial position.

# Receipts -- 2004-2008 average of cash receipts from all sources, including market sales,CCP and direct payments, loan deficiency payments, crop insurance indemnities, andother farm related receipts.

# Payments -- 2004-2008 average of annual counter cyclical payments, direct payments,and marketing loan gains/LDP for crops and the milk program payment for dairy farms.

# NCFI -- 2004-2008 average net cash farm income equals average total receipts minus average total cash expenses.

# Reserves 2008 -- equals total cash on hand at the end of year 2008. Ending cash equals beginning cash reserves plus net cash farm income and interest earned on cash reserves less principal payments, federal taxes (income and self employment), state income taxes, family living withdrawals, and actual machinery replacement costs (not depreciation).

# Nominal Net Worth -- equity equals total assets including land minus total debt from allsources and is reported at the end of 2008.

# CRNW -- annualized percentage change in the operator’s net worth from January 1, 2004, through December 31, 2008, after adjusting for inflation.

IA

MONMOC

TNSC

TXNP

TXHG

INNE

TXWG

Characteristics of Panel Farms Producing Feed Grains.

IAG1350IAG2750IAG4200NEG1960NEG4300MOCG1700MOCG3630MONG1850ING1000ING2200TXNP1750TXNP7000TXHG2000TXWG1400TNG900TNG2400SCG1500SCG3500

Cropland

(acres)

1,3502,7504,2001,9604,3001,7003,6301,8501,0002,2001,7507,0002,0001,400

9002,4001,5003,500

Assets

($1,000)

1,092.002,012.004,167.002,218.005,069.002,961.004,810.003,412.001,530.004,387.00

486.002,931.00

521.00585.00618.00

2,109.00874.00

4,071.00

Debt/Asset

(ratio)

0.120.170.130.100.150.130.150.140.100.140.160.140.180.130.240.160.200.15

Gross Receipts

($1,000)

443.10764.00

1,483.00957.00

1,938.40399.80948.80642.70342.00783.90546.00

1,815.80379.00269.20249.60743.40489.80

1,301.20

Feed Grains

(acres)

6751,3752,1001,6462,666

8251,650

900500

1,100880

4,2801,3501,150

4501,080

8461,840

• Overall, 8 feed grain farms are characterized as good, 9 are moderate and one is in poor condition.

• Only three of eighteen farms will be under cash flow stress with only one in poor condition in terms of maintaining real wealth.

Economic Viability of Representative Farms over the 2004-2008 Period

Viability is classified as good (green), moderate (yellow), and poor (red) based on the probabilities:

P(Cash Flow Deficit) is the probability that the farm will have a cash flow deficit. Reported values represent the probabilities for 2004 and 2008.P(Real Net Worth Decline) is the probability that the farm will have a loss in real net worth relative to the beginning net worth. Reported values represent the probabilities for losing real net worth from 2001 to 2003 and from 2001 to 2008.

1

2

3

< 25 > 5026 - 50

1 Receipts are average annual total cash receipts including government payments, 2004-2008 ($1,000)2 Payments are average annual total government payments, 2004-2008 ($1,000)3 NCFI are average annual net cash farm income, 2004-2008 ($1,000)4 Reserve 2008 are average ending cash reserves, 2008 ($1,000)5 Net Worth 2008 are average nominal ending net worth, 2008 ($1,000)6 CRNW are average percentage in real net worth over 2004-2008 period, (%)

1-11-19NEG43001-11-1NEG1960

1-2454-97ING22001-5958-99ING1000

1-529-23TXWG1400

1-116-23SCG35001-1245-37SCG15001-515-38TNG24001-123-8TNG900

1-927-37TXHG20001-226-33TXNP7000

1-1638-48TXNP1750

1-639-53MONG18501-19-7MOCG36301-17-20MOCG1700

1-113-28IAG42001-118-11IAG2750

1-1014-33IAG13502004-20082004-20088/9/1

P(Real Net Worth Declines)P(Cash Flow Deficit) Farm Name

Implications of the January 2004 FAPRI Baseline on the Economic Viability of Representative Farms Primarily Producing Feed Grains and Oilseeds.

IAG1350IAG2750IAG4200NEG1960NEG4300MOCG1700MOCG3630MONG1850ING1000ING2200TXNP1750TXNP7000TXHG2000TXWG1400TNG900TNG2400SCG1500SCG3500

Receipts

($1,000)447.39769.80

1,495.261,013.231,874.01

479.93881.94655.67305.26714.35627.16

2,031.17420.86293.21254.86743.74519.15

1,376.13

Payments

($1,000)51.1388.20

176.03100.03177.76

52.2595.4454.1233.8781.6062.59

212.7758.4946.1127.3678.9591.14

203.26

NCFI

($1,000)114.98284.89433.80354.13482.48224.40440.46196.59

48.31127.55137.08458.44

93.6284.2177.78

203.4498.87

386.84

Reserve 2008

($1,000)209.67632.38949.91

1,302.461,201.26

369.33908.60

97.75(127.88)(190.59)197.63704.66107.75166.31139.83352.21159.96

1,248.35

Net Worth 2008

($1,000)1,072.342,160.964,153.892,726.575,033.552,890.114,854.023,114.221,298.813,599.52

674.003,372.09

547.41638.39591.65

2,021.07827.75

4,171.38

CRNW

(%)2.405.162.975.813.233.023.972.17

(0.26)0.447.935.064.534.484.582.552.913.88

WAND

COKSNW

KSCW

Characteristics of Panel Farms Producing Wheat.

WAW1725WAW4675NDW2180NDW6250KSCW1385KSCW4000KSNW2800KSNW4300COW3000COW5440

Cropland

(acres)

1,7254,6752,1806,2501,3854,0002,8004,3003,0005,440

Assets

($1,000)

1,257.004,056.00

540.002,903.00

778.001,629.001,218.001,785.001,218.002,043.00

Debt/Asset

(ratio)

0.140.150.090.190.200.160.270.150.160.16

Gross Receipts

($1,000)

428.601,076.60

375.101,285.80

193.00548.70318.50625.10298.80529.70

Wheat

(acres)

1,0353,043

7002,700

9282,845

9352,0001,1251,900

• Three wheat farms are projected to be in good overall financial condition with six in moderate condition and only one in poor condition.

• One of the ten wheat farms will feel severe liquidity pressure over the period.

• Only one wheat farm has a significant chance of losing real equity.





1

2

3

< 25 > 5026 - 50

1-11-2COW5440

1-11-1COW3000

1-931-41KSNW4300

1-7298-99KSNW2800

1-11-12KSCW4000

1-119-38KSCW1385

1-112-35NDW6250

1-2513-45NDW2180

1-228-27WAW4675

1-814-32WAW1725

2004-20082004-20083/6/1


Implications of the January 2004 FAPRI Baseline on the Economic Viability of Representative Farms Primarily Producing Wheat.

Receipts Payments NCFI Reserve 2008 Net Worth 2008 CRNW

($1,000) ($1,000) ($1,000) ($1,000) ($1,000) (%)

WAW1725WAW4675NDW2180NDW6250KSCW1385KSCW4000KSNW2800KSNW4300COW3000COW5440

445.421,043.48

376.741,292.23

195.83561.43340.41655.26300.20527.99

46.86132.4443.07

133.9229.1873.5739.9574.4728.3957.18

117.46284.5384.38

390.6675.97

253.6445.51

159.90130.92237.94

194.55530.69184.68968.44107.38586.28

(284.70)273.54300.71576.86

1,229.873,794.54

593.442,992.06

685.181,780.86

768.591,717.531,257.152,151.48

2.272.382.013.832.094.84

(1.73)2.604.244.12

CA

TN

TXSPTXRP

TXCB

ARLA

AL

NC

GA

TXMC

TXEC

TXVC

TXPC

Characteristics of Panel Farms Producing Cotton.

CAC2400CAC9000TXSP2239TXSP3745TXPC2500TXEC5000TXRP2500TXMC3500TXCB1850TXCB5500TXVC4500LAC2640ARC5000TNC1900TNC4050ALC3000GAC1700NCC1500

Cropland

(acres)

2,0009,0002,2393,7452,5005,0002,5003,5001,8505,5004,5002,6405,0001,9004,0503,0001,7001,500

Assets

($1,000)

5,058.0017,150.00

764.001,455.001,622.001,134.00

424.001,003.00

964.001,258.002,031.00

971.004,259.001,750.003,740.001,761.002,175.001,690.00

Debt/Asset

(ratio)

0.130.140.110.120.160.390.130.150.120.170.240.220.170.060.140.120.230.15

Gross Receipts

($1,000)

2,098.8010,899.60

632.10828.60811.20

1,120.40229.30

1,281.50549.30

1,293.901,314.00

952.702,772.90

707.101,696.301,308.601,240.30

702.90

Cotton

(acres)

1,0004,5001,6162,6251,1844,3001,1221,750

9252,7502,3881,4981,801

9152,6702,0751,0201,000

• Two of 18 cotton farms are characterized as being in good overall condition, with 14 farms characterized in moderate and 2 in poor condition.

• Nearly one-half of the farms are projected to have severe cash flow problems over the period.

• Two of the 18 cotton farms have more than a 45 percent chance of losing real equity.





1

2

3

< 25 > 5026 - 50

1-5153-81LAC26401-13-21ARC50001-11-8TNC19001-1225-32TNC40501-128-37ALC30001-699-61GAC17001-4734-69NCC1500

1-522-29CAC24001-1130-27CAC90001-1844-59TXSP22391-2345-52TXSP37451-233-42TXPC25001-2456-56TXEC50001-1033-29TXRP25001-437-30TXMC35001-742-40TXCB18501-2045-55TXCB55001-840-46TXVC4500

2004-20082004-20082/14/2P(Real Net Worth Declines)P(Cash Flow Deficit) Farm Name

Implications of the January 2004 FAPRI Baseline on the Economic Viability of Representative Farms Primarily Producing Cotton.


($1,000) ($1,000) ($1,000) ($1,000) ($1,000) (%)

CAC2400CAC9000TXSP2239TXSP3745TXPC2500TXEC5000TXRP2500TXMC3500TXCB1850TXCB5500TXVC4500LAC2640ARC5000TNC1900TNC4050ALC3000GAC1700NCC1500

202.57921.72

86.81132.21183.90262.92

59.54219.51

93.26276.62249.96

163.40668.05118.85272.21253.60155.13121.97

375.762,069.72

103.80147.55184.81169.66

86.60305.24155.77191.46319.39

91.41722.33306.29462.87427.27151.31120.15

1,197.375,626.38

96.74187.80517.50118.67201.34722.59398.68481.30393.23

11.551,749.551,050.511,204.641,512.24

(1.04)108.60

4,835.7417,664.30

743.661,453.161,714.171,076.10

538.801,478.051,116.391,362.252,140.96

816.584,865.912,387.924,101.602,587.471,654.921,518.19

2.574.302.642.123.163.226.34

10.446.014.026.56

(0.40)5.316.433.817.511.97

(0.10)

2,117.2011,161.78

623.63845.89892.42

1,207.17259.65

1,326.01567.37

1,337.341,377.16

974.652,683.46

728.341,812.241,392.511,199.98

768.79

CA

TXB

MO

ARW

LAS

MSLAN

ARH

TXTXE

ARS

Characteristics of Panel Farms Producing Rice.

CAR424CAR2365CABR1365CACR1420TXR1553TXR3774TXBR1650TXER3200LASR1200LANR2500MOER4500MOWR4000ARSR3640ARWR1200ARHR3000MSR4735

Cropland

(acres)

4242,3651,0001,4201,5533,7741,6503,2001,2002,5004,5004,0003,6401,2003,0004,736

Assets

($1,000)

917.003,576.001,692.002,156.00

525.001,142.00

733.001,066.00

418.002,435.006,188.006,774.004,620.001,754.003,510.001,750.00

Debt/Asset

(ratio)

0.280.220.350.350.180.180.040.270.250.210.120.150.140.160.170.17

Gross Receipts

($1,000)

334.601,952.30

823.501,097.00

471.001,228.70

631.201,218.20

428.601,146.701,773.001,859.401,461.50

613.301,469.002,017.80

Rice

(acres)

4002,2401,0001,278

8552,9401,0252,304

6601,0001,5002,0001,742

6001,5001,335

• Three of the 16 rice farms are projected to be in good overall financial condition with 5 in moderate and 8 in poor condition.

• Slightly more than one-half of the rice farms are expected to face severe cash flow problems and 6 of 16 have high probabilities of real equity losses.





1

2

3

< 25 > 5026 - 50

P(Real Net Worth Declines)P(Cash Flow Deficit)Farm Name

1-479-81ARWR12001-1913-74ARHR3000

1-925-47MOWR40001-210-17ARSR3640

1-617-78MSR4735

1-13-21MOER4500

1-102-39TXBR16501-1717-43TXER32001-3716-60LASR12001-6525-95LANR2500

1-12-9TXR3774

1-9999-99CAR4241-6429-88CAR23651-9999-99CABR13651-9999-99CACR14201-1912-49TXR1553

2004-20082004-20083/5/8

Implications of the January 2004 FAPRI Baseline on the Economic Viability of Representative Farms Primarily Producing Rice.


($1,000) ($1,000) ($1,000) ($1,000) ($1,000) (%)

CAR424CAR2365CABR1365CACR1420TXR1553TXR3774TXBR1650TXER3200LASR1200LANR2500MOER4500MOWR4000ARSR3640ARWR1200ARHR3000MSR4735

321.421,875.30

791.121,051.88

439.541,144.52

588.641,138.65

399.081,080.951,711.791,698.151,349.00

560.741,354.471,889.72

147.19858.26366.45488.28180.63457.58244.48471.17143.00325.90468.00601.30473.70193.73484.28516.30

11.36121.2647.17

(113.66)93.02

362.75130.85139.9564.66

103.83596.97470.34421.42115.94224.20225.20

(320.40)(242.95)(404.03)

(1,153.33)115.45

1,026.55390.40161.15

42.85(202.53)

1,715.481,011.48

973.44(27.69)92.28

174.15

443.972,589.29

918.05465.95529.25

1,730.69886.08991.31357.02

1,819.656,615.896,391.254,456.181,462.443,003.581,619.29

(5.99)(1.14)(3.84)

(13.33)1.959.702.152.18

(0.06)(0.94)3.672.052.45

(0.22)0.65

(0.94)

WA

ID

CA

NM TXETXC

MO

FLS

FLN

WI

NYCNYW

VT

TXN

Characteristics of Panel Farms Producing Milk.

CAD1710NMD2000WAD250WAD850IDD750IDD2100TXND2400TXCD500TXCD1300TXED550TXED1000WID135WID700NYWD800NYWD1200NYCD110NYCD500VTD134VTD350MOD85MOD400FLND500FLSD1500

Cropland

(acres)800400200605240560260250460300875600

1,2001,4402,160

2961,100

220700230450600400

Assets

($1,000)10,548.00

6,267.001,863.004,612.003,681.00

10,036.008,829.002,027.005,175.001,525.004,082.002,136.004,022.004,712.007,537.00

890.003,217.00

950.002,920.00

923.002,379.002,879.006,698.00

Debt/Asset

(ratio)0.210.210.230.330.240.100.200.350.170.160.090.210.170.240.240.140.150.130.210.150.160.110.33

Gross Receipts

($1,000)5,103.406,022.00

837.402,780.002,434.406,500.006,660.801,331.104,262.601,290.902,874.90

487.802,302.402,631.603,928.60

435.201,760.30

455.701,228.20

240.401,107.301,839.904,291.70

Cows

(number)1,7102,000

250850750

2,1002,400

5001,300

5501,000

135700800

1,200110500134350

85400500

1,500

• The dairy operations are almost evenly divided between good, moderate, and poor condition at 8, 7, and 8 farms, respectively.

• About one-half of the dairies are projected to experience liquidity pressure with only a few experiencing declines in real equity.





1

2

3

< 25 > 5026 - 50

1-6499-96NYWD8001-4699-89NYWD12001-11-1NYCD1101-118-19NYCD5001-119-3VTD1341-6999-99VTD3501-259-54MOD851-150-31MOD4001-129-8FLND5001-9399-99FLSD1500

1-299-28CAD17101-1299-44NMD20001-2599-89WAD2501-8399-99WAD8501-4699-93IDD7501-116-6IDD21001-2692-63TXND24001-9199-99TXCD5001-947-28TXCD13001-1040-29TXED5501-122-13TXED10001-1899-75WID1351-945-34WID700


Implications of the January 2004 FAPRI Baseline on the Economic Viability of Representative Farms Primarily Producing Milk.

Reserve 2008 Net Worth 2008 CRNW($1,000) ($1,000) (%)

CAD1710NMD2000WAD250WAD850IDD750IDD2100TXND2400TXCD500TXCD1300TXED550TXED1000WID135WID700NYWD800NYWD1200NYCD110NYCD500VTD134VTD350MOD85MOD400FLND500FLSD1500

Receipts($1,000)5,458.686,421.19

886.742,977.122,568.716,898.817,108.711,407.514,535.921,347.263,013.36

508.962,460.602,791.744,176.64

438.231,855.66

464.111,295.66

246.831,170.351,942.804,561.52

Payments($1,000)

36.1212.9118.4641.7612.9138.9912.9112.9112.9112.9112.9118.0528.5827.0037.134.75

14.983.721.358.71

12.9112.9112.91

NCFI($1,000)

557.73578.9888.81

(160.73)69.31

1,453.83359.21(62.93)447.44197.93541.4588.99

326.0156.80

171.74158.73292.06114.8719.3257.84

233.69364.07

(357.29)

580.62296.78

(194.93)(2,099.65)

(767.55)4,114.19(317.25)

(1,021.84)759.47294.64

1,675.00(41.37)530.39

(935.85)(873.42)433.31360.13253.23

(582.66)7.76

261.161,060.80

(3,707.52)

9,278.386,094.551,466.941,747.332,629.83

12,743.067,658.38

691.455,210.081,620.535,068.171,669.443,882.633,052.505,421.581,069.903,184.591,029.961,913.51

846.372,478.053,388.772,281.90

3.035.581.72

(6.76)0.157.122.08

(7.68)4.095.166.581.023.59

(1.29)0.257.934.045.31

(1.41)2.134.657.00

(7.92)

MTWY

CO

MO

NV

NM

FL

MOC

TXB

CA

SD

TXS

Characteristics of Panel Farms Producing Beef Cattle.

CAB500NVB700MTB500WYB500COB250NMB240SDB450MOB150MOCB350TXBB150TXSB250FLB1155

Cropland

(acres)

-1,300

-330450-

1,150240

40200-

5,400

Assets

($1,000)

8,893.002,130.002,591.002,392.009,088.002,566.002,679.00

922.002,307.00

782.002,085.00

10,113.00

Debt/Asset

(ratio)

0.010.010.010.040.010.010.010.150.010.010.010.01

Gross Receipts

($1,000)

271.90315.70274.90264.40142.20121.20230.50140.80187.50

1,226.10155.10506.40

Cows

(number)

500700500500250240450150350150250

1,155

• Six of 12 cow-calf operations are projected to be in good overall financial condition. Five are expected to be in moderate condition and one is in poor condition.

• Three of the operations will face liquidity pressures over the period.

• Three operations are projected to have more than a 30 percent chance of losing real equity over the period.





1

2

3

< 25 > 5026 - 50

1-21-3TXSB250

1-1510-15SDB450

1-121-23TXBB150

1-4099-47CAB5001-2311-30NVB700

1-321-29NMB240

1-181-26FLB1155

1-17-13MOCB3501-18-16MOB150

1-4476-68COB2501-2899-78WYB5001-11-1MTB500


Implications of the January 2004 FAPRI Baseline on the Economic Viability of Representative Farms Primarily Producing Beef Cattle.


($1,000) ($1,000) ($1,000) ($1,000) ($1,000) (%)

CAB500NVB700MTB500WYB500COB250NMB240SDB450MOB150MOCB350TXBB150TXSB250FLB1155

286.64310.18287.48276.69148.00126.46245.57151.76194.56

1,272.38160.88534.15

------

1.267.45

-1.83

--

49.4261.99

138.1552.3048.0937.0565.6764.7955.5476.0760.7692.58

8.9974.68

567.76(29.26)156.0995.87

162.5362.49

173.04137.14202.93184.32

8,100.472,122.702,841.452,211.598,273.792,390.702,600.64

876.962,470.29

893.852,071.669,382.34

0.060.932.570.410.020.140.652.971.662.310.880.29

IL INIA

Characteristics of Panel Farms Producing Hogs.

ILH200ILH750INH600IAH400

Cropland

(acres)

1,4001,9503,200

667

Assets

($1,000)

1,263.005,422.004,956.00

881.00

Debt/Asset

(ratio)

0.300.280.310.15

Gross Receipts

($1,000)

580.701,864.602,078.10

883.10

Sows

(number)

200750600400

• One hog farm is projected to be in good condition over the period with two in moderate and one in poor financial condition.

• All of the farms are projected to experience liquidity problems, with three being severe.

• None of the hog farms are expected to experience significant real equity declines.





1

2

3

< 25 > 5026 - 50

1-3993-79IAH400

1-191-71INH600

1-199-35ILH750

1-1398-88ILH200

2004-20082004-20081/2/1


Implications of the January 2004 FAPRI Baseline on the Economic Viability of Representative Farms Primarily Producing Hogs.


($1,000) ($1,000) ($1,000) ($1,000) ($1,000) (%)

ILH200ILH750INH600IAH400

583.861,891.722,176.92

897.95

40.1977.00

135.4324.49

107.53477.96412.50

66.71

(79.15)158.84

(128.19)(61.78)

942.764,761.614,046.02

756.50

1.984.604.040.59

Copies of this publication have been deposited with the Texas State Library in compliance with the State Depository Law.

Mention of a trademark or a proprietary product does not constitute a guarantee or a warranty of the product by The TexasAgricultural Experiment Station or Cooperative Extension Service and does not imply its approval to the exclusion of otherproducts that also may be suitable.

All programs and information of The Texas Agricultural Experiment Station or Cooperative Extension Service are available toeveryone without regard to race, color, religion, sex, age, handicap, or national origin.

Documents

bs-2004-01 - AFPC · 2017. 3. 10. · Title: Microsoft PowerPoint - bs-2004-01.ppt Author: snorman Created Date: 3/3/2004 2:29:21 PM