TABLE 1
FARM INCOME STATEMENT, 2003
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 21,572 6,472 54,732
Beans, Black Turtle 88 - 359
Beans, Navy 673 14 2,670
Beans, Pinto 7,004 302 24,347
Canola 12,358 4,442 29,291
Corn 7,143 2,815 15,590
Corn, Ear 196 - -
Flax 6,264 2,221 15,276
Hay, Alfalfa 776 867 2,714
Hay, Green Chop 82 412 -
Hay, Mixed 996 1,066 1,564
Lentils 104 - 155
Mustard Seed 656 229 1,790
Oats 434 398 454
Peas, Field 372 283 712
Safflower 344 168 1,386
Soybeans 23,143 5,854 62,671
Sunflowers 15,812 7,577 38,589
Sunflowers, Confectionary 4,816 1,576 13,725
Wheat, Durum 6,801 3,126 14,989
Wheat, Spring 42,141 21,328 96,750
Wheat, Winter 693 - 2,245
Rented Out 202 61 538
Miscellaneous crop income 554 711 752
Beef Bulls 1,112 708 18
Beef Calves 13,817 12,228 7,959
Beef Replacement Heifers 1,887 273 1,860
Beef, Custom Fed 491 - -
Background Beef 28,765 37,110 29,733
Finish Beef Calves 2,160 221 3,842
Finish Yrlg Steers 378 75 881
Grazing Beef 1,554 - 4,926
Milk 10,817 7,261 11,292
Dairy Calves 266 388 -
Dairy Steers 497 150 675
Farrow to Finish Hogs 404 208 -
Finish Feeder Pigs 569 113 -
Feeder Lambs 53 182 -
Lamb Finishing 220 788 -
Market Lambs 81 179 -
Bison Calves 296 141 111
Cull breeding livestock 7,387 7,310 5,812
Misc. livestock income 944 475 647
Direct & CC govt payments 18,343 9,778 38,418
CRP payments 2,218 1,586 3,537
Other government payments 16,325 11,360 29,591
Custom work income 3,111 2,313 3,992
Patronage dividends, cash 992 405 2,027
Insurance income 15,640 14,742 26,970
Cash from hedging accts 356 95 1,219
Other farm income 5,745 3,785 8,611
Gross Cash Farm Income 287,656 171,796 563,417
TABLE 1
FARM INCOME STATEMENT, 2003 (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 17,525 8,352 39,408
Fertilizer 25,910 11,957 59,559
Crop chemicals 23,327 11,355 51,996
Crop insurance 11,091 5,703 22,334
Drying fuel 88 35 205
CCC buyback 2,014 1,512 6,837
Crop marketing 461 139 1,183
Crop miscellaneous 1,012 266 2,560
Feeder livestock purchase 8,673 12,878 9,862
Purchased feed 11,451 11,661 9,856
Breeding fees 218 221 257
Veterinary 2,353 2,478 1,988
Livestock supplies 1,998 1,579 1,506
Livestock custom hire 154 146 312
Livestock leases 145 215 -
Grazing fees 124 173 130
Livestock marketing 1,430 916 1,044
Interest 17,787 15,912 23,853
Fuel & oil 13,336 9,667 22,764
Repairs 20,270 16,053 32,400
Custom hire 8,749 5,910 14,848
Hired labor 7,311 5,870 17,127
Land rent 31,813 19,207 62,259
Machinery & bldg leases 2,672 1,104 7,120
Real estate taxes 2,815 2,015 4,902
Farm insurance 3,988 2,987 6,593
Utilities 3,464 2,965 4,843
Dues & professional fees 989 867 1,813
Hedging account deposits 1,216 370 4,286
Miscellaneous 4,926 3,817 8,930
Total cash expense 227,310 156,330 420,774
Net cash farm income 60,346 15,466 142,642
INVENTORY CHANGES
Crops and feed 21,204 -2,252 74,625
Market livestock -2,694 -2,591 -6,242
Accounts receivable 1,725 -2,179 3,341
Prepaid expenses and supplies 4,733 524 13,265
Accounts payable 437 -1,492 3,321
Total inventory change 25,405 -7,990 88,311
Net operating profit 85,752 7,476 230,953
DEPRECIATION AND OTHER CAPITAL ADJUSTMENTS
Breeding livestock -3,209 -4,756 -4,400
Machinery and equipment -15,095 -8,439 -32,244
Buildings and improvements -1,337 -1,422 -2,515
Other farm capital -423 -57 -590
Total depr. and other capital adj -20,064 -14,674 -39,750
Net farm income 65,687 -7,197 191,203
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