The Agricultural and Food Policy Center (AFPC) of the Texas A&M University System is pleased to be invited to address this symposium addressing the future of U.S. agriculture. As a participant in the FAPRI consortium, AFPC monitors the economic conditions of U.S. agriculture at the farm and ranch level. To accomplish this, AFPC maintains approximately 80 crop, dairy, beef and pork representative farms throughout the nation. In the interest of time, this paper will focus only on the economic condition of the 41 feed grain/oilseeds, wheat, cotton and rice farms through the year 2002. Anyone interested in the livestock operations, or more detail on the crop farms, are directed to the AFPC web site at http://afpc1.tamu.edu. The publications included at this site provide greater detail about the process AFPC employs to develop the representative farms, their structure and their financial characteristics.