The meetings of NCT-194 were held in Kansas City, Missouri on October 6-7, 2003. The Center for the Study of Rural America at the Federal Reserve Bank of Kansas City served as the host institution. NCT-194 was formed at the expiration of NC-221 and before the approval of NC- 1014. The purpose of the group was to conduct multi-state research on transitioning agricultural finance markets and to develop a proposal for a new multi-state research committee. This publication contains the agenda and minutes from our meeting as well as the majority of the selected papers that were presented at the meeting. The annual meeting consisted of several sessions of selected research papers that reported on current research efforts as well as sessions designed to facilitate the development of the proposal for our new multi-state research project. I am happy to report that the project has been approved as NC-1014, Agricultural Finance Markets in Transition. The executive committee consisted of Chair Matthew Diersen, Vice-Chair Brent Gloy, and Secretary Timothy Park. This committee selected the papers for presentation and organized the meetings. The group would like to thank Jason Henderson for his assistance in developing the agenda for the meeting as well as making arrangements to host the group. We would also like to thank invited speakers Mark Drabenstott, Ross Anderson, Gary Mazour, Don Macke, and David McGranahan for sharing their time and thoughts with the group.