TABLE 12 - 3
              Livestock Enterprise Analysis, 2003    
   North Dakota Farm Business Management Education Program
                         State Report    
             (Farms Sorted By Net Return Per Unit)      
           Beef Cow-Calf (shares) -- Average Per Cow    
                                          Avg. Of 
                                         All Farms
   Number of farms                             11         
                                        Quantity     Value
   Beef Calves sold (lb)                  181.76    192.50
   Transferred out (lb)                   278.90    287.34
   Cull sales                                        85.88
   Less purchased                                    -2.05
   Less transferred in                              -36.03
   Inventory change                                 -54.26
   Total production                                 473.38
   Other income                                       1.12
   Gross return                                     474.50
   Direct Expenses
     Aftermath Grazing (aum)                0.63      7.60
     Corn Silage (lb.)                  1,092.22      9.05
     Hay, Alfalfa (lb.)                   295.87      4.94
     Hay, Grass & Other (lb.)           7,655.07    109.78
     Pasture (aum)                          5.01     63.45
     Protein Vit Minerals (lb.)            51.51      6.47
     Other feed stuffs                    131.07      2.85
     Veterinary                                       9.41
     Livestock supplies                               8.10
     Fuel & oil                                       5.81
     Repairs                                         16.17
     Custom hire                                      1.21
     Cost of cow share lease                        151.67
     Marketing                                        2.79
     Operating interest                               5.37
   Total direct expenses                            404.69
   Return over direct expense                        69.81
   Overhead Expenses
     Hired labor                                      4.54
     Farm insurance                                   4.92
     Utilities                                        6.53
     Interest                                         6.69
     Mach & bldg depreciation                         6.31
     Miscellaneous                                    5.09
   Total overhead expenses                           34.08
   Total dir & ovhd expenses                        438.77
   Net return                                        35.73
   Other Information
   Number of cows                                     97.6
   Pregnancy percentage                               95.6
   Pregnancy loss percentage                           4.4
   Culling percentage                                 17.4
   Calving percentage                                 91.4
   Weaning percentage                                 87.8
   Calves sold per cow                                1.00
   Calf death loss percent                             4.9
   Average weaning weight                              488
   Lbs weaned/exposed female                           429
   Feed cost per cow                                204.16
   Avg wgt/Beef Calf sold                              456
   Avg price / cwt                                  105.91