AVERAGE PRICES RECEIVED BY IOWA FARMERS CALVES – DOLLARS PER CWT. (MARKET YEAR IS JANUARY-DECEMBER) --------------------------------------------------------------------------- 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 --------------------------------------------------------------------------- JAN 23.40 24.00 23.00 30.00 29.70 21.50 18.20 17.60 16.10 16.30 FEB 21.50 23.20 24.50 32.70 31.40 22.00 19.00 18.30 16.30 17.70 MAR 22.50 24.70 23.50 32.50 29.00 20.00 18.00 17.50 16.10 18.00 APR 22.60 24.50 25.00 33.30 29.50 19.50 18.50 18.30 16.10 19.10 MAY 24.00 24.00 25.70 33.00 31.00 20.70 19.50 18.40 17.20 19.30 JUN 25.00 24.50 26.00 34.00 31.00 17.80 17.50 18.80 16.90 19.70 JUL 27.00 22.50 26.70 34.00 28.00 17.50 16.50 18.00 16.50 18.60 AUG 26.50 22.00 27.80 32.20 27.00 16.30 16.50 16.40 16.80 19.10 SEP 24.10 21.50 27.40 32.30 24.50 15.30 16.00 14.80 16.00 18.80 OCT 22.30 20.80 27.40 31.50 24.50 14.50 15.50 15.70 15.60 19.00 NOV 22.50 20.00 27.10 29.00 23.00 15.20 15.00 14.80 15.50 19.90 DEC 23.00 20.20 27.50 28.00 21.50 16.00 16.00 14.30 15.00 21.70 MARKET YR AVG 23.60 22.70 25.90 31.70 27.30 17.80 17.10 16.80 16.20 18.90 PRICE --------------------------------------------------------------------------- 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 --------------------------------------------------------------------------- JAN 24.00 30.00 25.00 26.60 24.90 25.80 23.00 20.00 24.30 26.00 FEB 24.30 28.30 24.10 24.70 25.70 24.80 23.80 19.00 25.10 25.20 MAR 24.50 29.30 25.30 22.80 24.80 24.90 23.70 20.50 27.50 26.50 APR 26.00 29.20 26.40 24.80 26.10 25.20 21.30 20.80 27.00 26.10 MAY 27.80 29.80 25.60 23.20 25.70 25.40 20.90 20.80 27.50 27.70 JUN 25.40 27.90 26.20 23.90 24.30 23.20 18.90 21.60 26.50 26.40 JUL 26.40 28.40 24.10 22.10 25.20 23.00 20.20 22.20 25.00 26.80 AUG 26.00 28.50 21.40 23.00 24.20 24.50 19.80 22.40 25.40 26.20 SEP 26.00 26.50 21.50 24.00 25.10 23.50 20.40 22.10 26.00 28.00 OCT 26.00 24.80 20.70 23.80 25.30 22.50 19.10 22.90 24.50 25.80 NOV 28.00 23.00 22.80 23.80 25.40 22.40 18.60 22.30 23.80 23.90 DEC 27.50 23.20 26.00 24.10 26.20 20.90 18.80 22.70 23.70 24.80 MARKET YR AVG 26.00 27.20 24.00 24.00 25.30 21.50 20.60 21.50 25.30 25.90 PRICE --------------------------------------------------------------------------- 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 --------------------------------------------------------------------------- JAN 25.90 27.30 33.00 31.90 38.60 50.80 55.00 23.20 32.70 33.90 FEB 27.00 28.50 33.50 34.10 41.30 50.00 51.90 23.00 36.80 34.60 MAR 27.00 29.80 34.50 34.10 40.30 53.60 47.90 25.10 36.30 37.80 APR 28.20 30.50 34.10 34.10 42.90 54.40 44.60 28.40 40.90 38.80 MAY 27.50 35.00 34.30 35.10 41.80 56.60 41.50 29.90 39.20 41.20 JUN 28.70 35.00 34.00 34.10 43.90 56.80 34.20 33.00 40.20 36.60 JUL 27.10 33.50 33.10 34.10 43.40 58.30 34.80 30.30 34.30 39.00 AUG 27.00 32.00 32.00 35.10 42.50 65.40 33.50 26.20 36.30 39.00 SEP 28.50 31.50 32.00 35.10 44.90 59.70 30.30 34.00 34.00 37.70 OCT 27.50 30.50 32.00 36.40 46.30 56.40 29.60 29.60 34.60 40.20 NOV 27.20 30.40 30.00 37.30 45.50 55.60 25.10 30.40 35.00 39.30 DEC 28.30 31.50 30.00 37.30 47.70 51.60 24.10 33.00 35.00 38.80 MARKET YR AVG 27.40 30.90 32.90 34.70 43.30 54.20 36.60 29.30 36.10 37.80 PRICE --------------------------------------------------------------------------- 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 --------------------------------------------------------------------------- JAN 41.70 78.30 87.40 71.10 57.00 61.70 59.70 64.70 61.30 68.50 FEB 46.50 82.20 86.10 69.10 56.00 64.20 61.30 64.00 61.10 71.30 MAR 47.90 85.60 75.10 66.80 59.00 64.50 61.70 65.70 61.10 72.30 APR 54.80 90.40 70.80 68.30 60.50 64.90 60.80 65.80 60.20 75.10 MAY 56.20 85.40 68.90 62.80 64.50 64.30 58.40 65.60 58.80 76.90 JUN 57.10 85.40 72.60 62.70 65.70 64.20 59.60 62.80 58.50 73.90 JUL 62.80 88.40 72.70 62.70 63.60 58.00 57.80 59.60 58.50 75.80 AUG 61.60 82.10 75.70 64.40 69.30 54.50 57.70 59.50 63.70 81.40 SEP 62.70 91.20 73.40 63.70 64.50 53.10 57.20 57.10 65.00 84.20 OCT 65.60 79.80 75.60 58.00 58.50 53.60 53.90 57.20 62.20 80.40 NOV 62.60 86.60 76.50 58.10 58.80 56.10 58.70 58.20 61.30 80.30 DEC 72.80 83.70 71.80 57.40 57.50 58.30 60.90 58.00 63.00 81.50 MARKET YR AVG 56.50 84.60 78.20 63.40 60.40 60.70 59.60 62.20 61.50 75.30 PRICE --------------------------------------------------------------------------- 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 --------------------------------------------------------------------------- JAN 87.40 90.60 90.30 96.80 84.70 93.60 90.20 82.10 55.40 64.70 FEB 88.70 89.40 92.70 101.00 89.20 94.70 92.20 79.80 54.40 69.10 MAR 90.00 89.60 95.10 107.00 89.90 97.00 96.30 77.40 55.90 72.90 APR 88.60 86.50 96.90 107.00 89.80 94.20 95.90 76.90 50.50 76.40 MAY 87.00 87.10 99.10 108.00 89.70 98.20 92.10 73.00 51.60 79.10 JUN 82.10 95.40 102.00 108.00 92.50 98.30 89.00 74.30 55.70 82.00 JUL 85.20 93.40 101.00 106.00 93.70 103.00 85.50 69.80 51.90 81.30 AUG 94.60 98.90 99.90 97.50 104.00 92.90 89.20 68.00 50.50 83.90 SEP 89.50 96.20 98.30 92.80 93.80 91.20 79.30 63.90 53.00 81.20 OCT 89.60 90.50 95.80 90.50 88.00 89.50 75.70 60.80 53.60 77.90 NOV 88.10 88.30 95.10 85.90 87.10 87.70 75.00 57.90 55.10 76.60 DEC 88.50 90.80 95.60 85.00 88.30 87.40 76.80 58.00 54.60 78.70 MARKET YR AVG 88.40 90.60 95.60 97.50 89.70 94.10 87.50 69.90 53.60 76.00 PRICE --------------------------------------------------------------------------- 1998 1999 2000 2001 2002 2003 2004 2005* 2006 2007 --------------------------------------------------------------------------- JAN 80.90 79.50 96.50 98.80 96.90 94.90 106.00 120.00 FEB 80.10 79.30 98.30 101.00 99.50 89.00 104.00 122.00 MAR 79.40 81.10 103.00 100.00 100.00 91.40 107.00 135.00 APR 80.50 81.10 111.00 102.00 92.00 93.00 114.00 136.00 MAY 84.50 82.00 100.00 100.00 89.30 94.00 122.00 134.00 JUN 75.70 81.10 101.00 107.00 89.30 95.40 120.00 131.00 JUL 65.00 85.90 101.00 103.00 83.70 92.60 116.00 130.00 AUG 67.70 87.40 105.00 101.00 84.00 99.50 117.00 128.00 SEP 71.30 87.90 106.00 106.00 79.80 107.00 125.00 136.00 OCT 69.00 89.60 103.00 94.30 81.10 103.00 121.00 128.00 NOV 68.80 90.80 98.00 94.60 86.20 99.90 117.00 DEC 70.50 93.30 98.20 95.30 91.90 99.50 118.00 MARKET YR AVG 75.60 84.90 102.00 100.00 89.10 96.60 115.00 PRICE --------------------------------------------------------------------------- *Preliminary. **Mid-month price.