TABLE 1
FARM INCOME STATEMENT
Minnesota and North Dakota Farm Business Mgmt. Education
Red River Valley, 2004
(Farms Sorted By Net Farm Income)
Avg. Of
All Farms Low 20% 40 - 60% High 20%
Number of farms 230 46 46 46
CASH FARM INCOME
Barley 4,937 4,464 6,554 5,020
Beans, Black Turtle 273 562 54 667
Beans, Dark Red Kidney 415 417 - -
Beans, Great Northern 508 - - 2,541
Beans, Navy 2,978 8,350 631 3,579
Beans, Pinto 1,642 719 251 4,536
Corn 37,002 29,971 13,184 74,038
Hay, Alfalfa 1,236 985 647 3,982
Potatoes 1,609 3,411 - -
Soybeans 100,206 68,718 81,588 141,208
Straw 735 48 - 115
Sugar Beets 168,923 118,567 168,634 318,994
Sunflowers 3,989 2,884 624 9,468
Sunflowers, Confectionary 3,830 2,345 11,014 2,448
Wheat, Durum 439 2,195 - -
Wheat, Spring 120,696 91,933 130,118 177,537
Soybeans, Food 323 - 1,043 -
Miscellaneous crop income 76 121 - 3
Beef, Background Beef 229 62 - 1,082
Beef, Finish Beef Calves 1,834 - - 8,762
Dairy Steers 1,012 - 5,058 -
Hogs, Farrow-Fin, Raised Hogs 2,003 - - 10,016
Beef, Finish Cull Cows 57 - - 283
CCC market loan gain 13 - 11 -
Misc. livestock income 163 - 223 27
LDP payments 5,312 3,484 4,854 7,633
Direct & CC govt payments 27,580 22,458 27,724 40,060
CRP payments 1,085 1,855 1,051 633
Livestock govt payments 166 - - 828
Other government payments 2,468 1,057 1,354 7,863
Custom work income 7,582 6,407 5,165 8,692
Patronage dividends, cash 5,188 2,776 3,168 10,964
Insurance income 32,939 35,274 35,985 26,226
Cash from hedging accts 3,019 757 3,755 5,007
Other farm income 19,453 7,771 14,692 38,735
Gross Cash Farm Income 559,921 417,592 517,379 910,946
TABLE 1
FARM INCOME STATEMENT (Continued)
Minnesota and North Dakota Farm Business Mgmt. Education
Red River Valley, 2004
(Farms Sorted By Net Farm Income)
Avg. Of
All Farms Low 20% 40 - 60% High 20%
Number of farms 230 46 46 46
CASH FARM EXPENSE
Seed 42,012 31,403 39,316 60,389
Fertilizer 42,726 36,851 36,063 71,030
Crop chemicals 53,562 49,116 59,166 77,819
Crop insurance 19,790 17,665 18,841 27,043
Drying fuel 1,923 1,311 2,108 3,874
CCC buyback 5,875 1,337 1,351 12,755
Crop custom hire 250 - - -
Crop hauling and trucking 427 703 71 801
Crop marketing 1,364 2,973 2,399 413
Crop miscellaneous 3,824 2,211 4,195 4,529
Feeder livestock purchase 1,390 - 2,256 4,098
Purchased feed 1,183 7 549 5,147
Livestock miscellaneous 425 59 151 1,719
Interest 23,542 21,172 22,891 26,866
Fuel & oil 23,608 19,751 19,956 35,821
Repairs 38,965 35,090 34,843 56,223
Custom hire 10,719 10,772 9,965 17,498
Hired labor 24,035 20,608 18,862 47,170
Land rent 81,496 68,037 80,406 118,452
Stock/quota lease 11,127 7,332 13,132 17,011
Machinery & bldg leases 6,428 4,521 8,434 9,517
Real estate taxes 4,133 2,919 3,069 6,859
Farm insurance 8,740 8,499 7,676 11,997
Utilities 5,002 5,156 4,355 6,766
Dues & professional fees 4,342 3,689 5,299 5,609
Hedging account deposits 1,429 95 1,182 3,311
Miscellaneous 9,489 6,744 7,749 15,755
Total cash expense 427,807 358,022 404,286 648,469
Net cash farm income 132,114 59,570 113,093 262,477
INVENTORY CHANGES
Crops and feed -38,563 -55,903 -38,777 -27,234
Market livestock -407 -32 -1,785 -450
Accounts receivable 25,233 8,734 25,395 23,114
Prepaid expenses and supplies -3,097 -6,636 -5,094 3,736
Accounts payable -4,750 -5,752 959 -5,389
Total inventory change -21,583 -59,589 -19,302 -6,221
Net operating profit 110,531 -19 93,791 256,255
DEPRECIATION AND OTHER CAPITAL ADJUSTMENTS
Breeding livestock -82 -17 -45 -123
Machinery and equipment -29,460 -23,841 -26,729 -47,849
Buildings and improvements 627 3,009 -962 2,565
Other farm capital 5,328 3,356 6,598 8,791
Total depr. and other capital adj -23,587 -17,493 -21,137 -36,616
Net farm income 86,944 -17,512 72,654 219,640
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