TABLE 12 - 4
              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 Cwt. Produced

                                          Avg. Of 
                                         All Farms

   Number of farms                             11         

                                        Quantity     Value
   Beef Calves sold (lb)                   39.62     41.97
   Transferred out (lb)                    60.80     62.64
   Cull sales                                        18.72
   Less purchased                                    -0.45
   Less transferred in                               -7.86
   Inventory change                                 -11.83
   Total production                                 103.20
   Other income                                       0.25
   Gross return                                     103.44

   Direct Expenses
     Aftermath Grazing (aum)                0.14      1.66
     Corn Silage (lb.)                    238.11      1.97
     Hay, Alfalfa (lb.)                    64.50      1.08
     Hay, Grass & Other (lb.)           1,668.86     23.93
     Pasture (aum)                          1.09     13.83
     Protein Vit Minerals (lb.)            11.23      1.41
     Other feed stuffs                     28.57      0.62
     Veterinary                                       2.05
     Livestock supplies                               1.77
     Fuel & oil                                       1.27
     Repairs                                          3.53
     Custom hire                                      0.26
     Cost of cow share lease                         33.06
     Marketing                                        0.61
     Operating interest                               1.17
   Total direct expenses                             88.23
   Return over direct expense                        15.22

   Overhead Expenses
     Hired labor                                      0.99
     Farm insurance                                   1.07
     Utilities                                        1.42
     Interest                                         1.46
     Mach & bldg depreciation                         1.37
     Miscellaneous                                    1.11
   Total overhead expenses                            7.43
   Total dir & ovhd expenses                         95.66
   Net return                                         7.79

   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