TABLE 9
                          FINANCIAL STANDARDS MEASURES                           
            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

LIQUIDITY
  Current ratio                          1.47        0.99        1.37        2.08
  Working capital                     112,245      -2,708      83,113     330,200

SOLVENCY (market)
  Farm debt to asset ratio               46 %        57 %        50 %        38 %
  Farm equity to asset ratio             54 %        43 %        50 %        62 %
  Farm debt to equity ratio              87 %       134 %       101 %        61 %

PROFITABILITY (cost)
  Rate of return on farm assets         5.5 %      -3.0 %       5.2 %       9.0 %
  Rate of return on farm equity         6.1 %     -12.1 %       5.4 %      11.4 %
  Operating profit margin              12.2 %      -7.4 %      10.8 %      19.8 %
  Net farm income                      86,944     -17,512      72,654     219,640

REPAYMENT CAPACITY
  Term debt coverage ratio              114 %       -28 %       107 %       215 %
  Capital replacement margin            9,112     -70,391       4,063      99,805

EFFICIENCY
  Asset turnover rate (cost)           45.5 %      40.5 %      48.8 %      45.5 %
  Operating expense ratio              75.1 %      93.5 %      76.5 %      68.6 %
  Depreciation expense ratio            4.3 %       4.7 %       4.2 %       4.0 %
  Interest expense ratio                4.7 %       6.5 %       4.8 %       3.1 %
  Net farm income ratio                15.9 %      -4.7 %      14.5 %      24.2 %