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To: Raymond Duray who wrote (1446)	3/4/2001 1:36:15 PM
From: Joan Osland Graffius	Read Replies (2) \| Respond to of 12411

Raymone, >>I'm wondering what you are hearing about the cost of inputs, especially ammonia and diesel, for this season. Costs to produce the crops this year are going to be much more expensive than last year. Land rents are going down dramatically so I suspect some land owners will have to rent the land to operators very cheap or they will not find renters. Taxes must be paid and the land must be maintained. <g> This will be another year of marginal operator/owners going out of business and they will have to sell their land for pennies, relatively speaking. I am looking to buy some land close in proximity to our land if the price is right. <g> Some farm families are resistant to a few years of cost problems because they have been careful to preserve capital and can afford to try and produce a crop. The USDA will have numbers shortly on how this is going to play out. The farmers will be submitting their data on acreage for production of each crop in the next month or two. Just watch the spot markets and we will know what is happening. The farmers resubmit the data as spring weather conditions may change what types of crops they will plant. The information is in real time and making a killing in the spot market is luck not genius. At the bottom line I do expect ag prices to rise, it just makes common sense. I also expect for used equipment to be a thriving business. I did keep 1/3 of my ADM position and will be buying on dips. I am watching John Deere for an entry opportunity. Joan