TABLE 1
FARM INCOME STATEMENT,
2002
North Dakota Farm Business Management Education
Program
State
Report
(Farms Sorted By Net Farm
Income)
Avg. Of
All Farms Low 20% High 20%
Number of farms 431 86 87
CASH FARM INCOME
Barley 12,747 6,053 29,039
Beans, Dark Red Kidney 37 - 183
Beans, Garbonzo 112 482 -
Beans, Navy 551 315 634
Beans, Pinto 5,438 - 18,934
Buckwheat 356 256 932
Canola 14,703 6,346 34,004
Corn 4,336 2,781 7,463
Flax 5,166 4,179 11,392
Hay, Alfalfa 472 573 360
Hay, Grass 107 82 355
Hay, Mixed 1,015 1,133 237
Lentils 146 328 -
Millet 84 - 388
Mustard Seed 493 509 1,353
Oats 611 1,031 728
Peas, Field 608 819 602
Safflower 429 499 -
Soybeans 11,132 5,439 27,887
Sunflowers 11,877 3,774 24,538
Sunflowers, Confectionary 3,828 511 10,430
Wheat, Durum 8,769 7,081 14,821
Wheat, Spring 41,569 16,145 92,997
Wheat, Winter 612 252 2,049
Rented Out 168 114 103
Miscellaneous crop income 297 234 471
Beef Bulls 1,164 372 46
Beef Calves 11,083 10,035 5,215
Beef Replacement Heifers 1,205 1,188 888
Custom Feed Beef 702 - -
Background Beef 27,887 48,227 22,118
Finish Beef Calves 6,087 7,180 10,595
Finish Yrlg Steers 284 454 -
Grazing Beef 1,451 - 4,468
Milk 7,631 8,240 -
Dairy Calves 253 617 -
Dairy Replacement Heifers 561 1,206 -
Dairy Steers 698 1,927 -
Farrow to Finish Hogs 241 313 -
Feeder Pigs 211 - -
Finish Feeder Pigs 421 882 -
Feeder Lambs 71 - 108
Lamb Finishing 226 367 485
Finish Cull Cows 427 1,838 -
Bison Calves 757 3,668 15
Cull breeding livestock 3,544 2,810 2,808
Misc. livestock income 1,049 248 258
Direct & CC govt payments 10,405 6,143 20,654
CRP payments 2,202 1,148 2,226
Other government payments 6,545 4,476 11,532
Custom work income 3,345 1,883 3,472
Patronage dividends, cash 761 394 1,282
Insurance income 25,109 15,309 42,685
Cash from hedging accts 415 150 1,233
Other farm income 5,161 4,986 5,821
Gross Cash Farm Income 245,559 182,993 415,808
TABLE 1
FARM INCOME STATEMENT, 2002 (Continued)
North Dakota Farm Business Management Education Program
State Report
(Farms Sorted By Net Farm Income)
Avg. Of
All Farms Low 20% High 20%
Number of farms
431 86
87
CASH FARM EXPENSE
Seed
13,360 7,437
28,460
Fertilizer
18,135 11,381 34,496
Crop chemicals
19,755 11,850 40,753
Crop insurance
7,994 4,240
16,613
Drying fuel
177 95
406
CCC buyback
842 198
1,525
Crop marketing
452 517
884
Crop miscellaneous
1,226 1,734
1,382
Feeder livestock
purchase
10,468 27,695 13,892
Purchased feed
10,265 13,440
4,516
Breeding fees
128 260
66
Veterinary
2,148 2,305
1,539
Livestock supplies
1,592 1,194
799
Livestock custom
hire
189 14
214
Livestock leases
192 24
18
Grazing fees
296 12
422
Hauling and
trucking
114 210
105
Livestock marketing
1,028 853
282
Interest
18,057 17,626 20,780
Fuel & oil
10,698 8,378
15,182
Repairs
18,624 15,870 27,040
Custom hire
7,523 6,060
12,691
Hired labor
6,418 5,496
12,458
Land rent
29,119 16,934 58,075
Machinery & bldg
leases
2,717 1,016
5,484
Real estate taxes
2,744 2,122
3,668
Farm insurance
3,550 2,764
4,956
Utilities
3,251 3,022
3,842
Dues & professional
fees
789 467
1,411
Hedging account
deposits
676 222
2,243
Miscellaneous
4,395 3,740
5,425
Total cash expense
196,922 167,174 319,627
Net cash farm income
48,637 15,819 96,182
INVENTORY CHANGES
Crops and feed
15,907 -4,735 69,010
Market livestock
-1,474 -10,983 6,988
Accounts receivable
-193 412
-2,047
Prepaid expenses
and supplies -2,733
-1,435 -7,726
Accounts payable
923 -383
2,080
Total inventory change
12,429 -17,124 68,305
Net operating profit
61,066 -1,304 164,487
DEPRECIATION AND OTHER CAPITAL
ADJUSTMENTS
Breeding livestock
-934 -5,180
818
Machinery and
equipment
-14,320 -10,116 -26,541
Buildings and
improvements
-966 -555
-1,592
Other farm capital
-310 -61
-1,130
Total depr. and other capital
adj -16,530 -15,911
-28,444
Net farm income
44,536 -17,215 136,043