TABLE 12 - 2
                              Livestock Enterprise Analysis, 2004                           
                    North Dakota Farm Business Management Education Program                    
                                          State Report                                         
                             (Farms Sorted By Net Return Per Unit)                             
                          Beef Cow-Calf -- Average Per Cwt. Produced                           
                                           Avg. Of                         
                                          All Farms            Low 20%             High 20%
Number of farms                              124                  24                  25         
                                     Quantity     Value  Quantity     Value  Quantity     Value
Beef Calves sold (lb)                   36.67     41.58     25.79     27.90     54.57     62.77
Transferred out (lb)                    63.33     71.54     74.05     82.34     45.23     49.64
Cull sales                                        23.28               35.20               17.53
Butchered                                          0.19                0.51                0.13
Less purchased                                   -12.15              -17.45               -8.51
Less transferred in                              -12.01              -20.81               -6.96
Inventory change                                  -4.15               -5.80               -6.99
Total production                                 108.27              101.90              107.62
Other income                                       0.19                0.65                  - 
Gross return                                     108.47              102.55              107.62
Direct Expenses
  Corn Silage (lb.)                    308.92      2.50    475.90      4.12    231.61      1.80
  Hay, Alfalfa (lb.)                    85.32      1.98    173.22      4.58     68.13      1.58
  Hay, Grass & Other (lb.)           1,061.50     19.14  1,303.46     24.75    812.04     13.62
  Pasture (aum)                          1.21     15.45      1.31     17.64      1.09     11.92
  Complete Ration (lb.)                 33.33      1.02     29.05      1.16     28.55      0.56
  Creep / Starter (lb.)                 18.84      1.13      6.93      0.37     28.26      1.78
  Protein Vit Minerals (lb.)            20.93      2.16     13.90      1.93     13.71      2.02
  Other feed stuffs                     85.15      2.04    123.78      2.03     72.33      1.80
  Veterinary                                       2.74                3.64                2.37
  Supplies                                         1.83                2.40                1.62
  Fuel & oil                                       2.51                2.93                1.81
  Repairs                                          4.16                6.43                2.55
  Custom hire                                      0.67                0.89                0.38
  Livestock leases                                 0.32                0.98                0.39
  Marketing                                        0.84                0.94                0.98
  Operating interest                               1.22                1.90                0.79
Total direct expenses                             59.72               76.71               45.96
Return over direct expense                        48.75               25.83               61.65
Overhead Expenses
  Hired labor                                      1.85                1.17                1.06
  Farm insurance                                   1.67                2.32                1.00
  Utilities                                        1.61                2.47                1.01
  Interest                                         2.31                3.47                1.92
  Mach & bldg depreciation                         3.37                3.80                3.05
  Miscellaneous                                    2.02                3.35                1.19
Total overhead expenses                           12.83               16.58                9.22
Total dir & ovhd expenses                         72.54               93.29               55.19
Net return                                        35.92                9.25               52.43
Other Information
Number of cows                                    149.1               105.1               167.4
Pregnancy percentage                               96.8                97.0                97.4
Pregnancy loss percentage                           1.8                 3.0                 1.1
Culling percentage                                 17.3                23.8                14.1
Calving percentage                                 95.0                94.0                96.4
Weaning percentage                                 90.6                89.0                92.8
Calves sold per cow                                0.94                0.91                0.97
Calf death loss percent                             5.0                 5.5                 4.4
Average weaning weight                              559                 528                 591
Lbs weaned/exposed female                           507                 470                 548
Feed cost per cow                                240.28              274.71              206.93
Avg wgt/Beef Calf sold                              588                 536                 619
Avg price / cwt                                  113.41              108.18              115.03