The Economic Research Service (ERS) annually calculates "normalized prices," which smooth out the effects of shortrun seasonal or cyclical variation, for key agricultural inputs and outputs. These normalized prices are used by the U.S. Army Corps of Engineers, USDA’s Natural Resources Conservation Service, and other Federal agencies to evaluate the benefits of resource-related projects affecting agriculture. Since 1993, ERS has calculated these prices (in Table 1) based on 5-year lagged averages of actual market prices (e.g., an average of 2010-14 market prices is used to calculate normalized prices for 2015 for the 2016 ERS report year). National price indices (in Table 2) are as reported by USDA’s National Agricultural Statistics Service. State-level normalized prices for the report year 2016 (in Table 3) were calculated by multiplying the national-level normalized prices by the average ratios of the State-level market prices to the national market prices for 2012-14.