TABLE 1
FARM INCOME STATEMENT, 2004
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 434 86 87
CASH FARM INCOME
Barley 25,302 16,839 55,587
Beans, Pinto 9,660 4,642 27,776
Canola 13,477 8,995 26,879
Corn 7,142 5,252 10,312
Flax 6,680 2,484 16,871
Hay, Alfalfa 1,437 3,688 1,541
Hay, Mixed 671 328 1,732
Hay, Small Grain 190 799 40
Lentils 97 - 400
Mustard Seed 208 75 336
Oats 267 125 415
Peas, Field 1,143 1,488 1,815
Rye 114 103 313
Safflower 261 115 1,139
Soybeans 21,777 21,553 43,198
Sunflowers 12,436 7,232 18,881
Sunflowers, Confectionary 4,165 2,315 10,390
Wheat, Durum 6,822 1,466 17,454
Wheat, Spring 53,354 32,746 116,818
Wheat, Winter 1,521 990 2,775
Rented Out 238 597 492
Miscellaneous crop income 674 508 1,082
Beef Bulls 1,714 1,538 138
Beef Calves 19,094 12,798 17,914
Beef Replacement Heifers 973 - 1,976
Beef, Custom Fed 463 - 1,232
Background Beef 25,281 16,087 34,955
Finish Beef Calves 3,629 9,591 3,758
Finish Yrlg Steers 391 - -
Grazing Beef 893 - 2,869
Milk 12,484 1,517 17,935
Dairy Calves 244 - 569
Dairy Replacement Heifers 119 - 115
Dairy Steers 591 68 330
Farrow to Finish Hogs 160 53 141
Feeder Pigs 209 - -
Finish Feeder Pigs 799 1,166 -
Lamb Finishing 236 - -
Finish Beef Cull Cows 1,259 33 -
Cull breeding livestock 7,810 4,377 10,731
Misc. livestock income 918 1,151 1,607
Direct & CC govt payments 15,966 11,269 29,043
CRP payments 2,156 1,558 3,358
Other government payments 8,381 3,944 18,315
Custom work income 3,690 2,291 5,499
Patronage dividends, cash 1,162 758 2,057
Insurance income 29,233 22,957 51,789
Cash from hedging accts 1,783 1,364 4,707
Other farm income 5,626 4,441 9,496
Gross Cash Farm Income 312,901 209,299 574,780
TABLE 1
FARM INCOME STATEMENT, 2004 (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 434 86 87
CASH FARM EXPENSE
Seed 18,880 15,832 33,505
Fertilizer 28,581 19,760 60,114
Crop chemicals 24,008 16,363 48,787
Crop insurance 11,609 8,988 19,219
Drying fuel 376 275 716
Irrigation energy 107 - 232
CCC buyback 1,714 3,413 1,281
Crop marketing 845 736 1,911
Crop miscellaneous 1,145 1,141 1,921
Feeder livestock purchase 8,267 10,130 11,349
Purchased feed 10,973 6,729 13,637
Breeding fees 192 52 181
Veterinary 2,219 1,219 3,082
Supplies 1,814 976 2,925
Livestock custom hire 92 185 84
Livestock leases 210 151 314
Grazing fees 128 - 190
Livestock marketing 1,475 700 1,681
Interest 16,709 15,577 23,507
Fuel & oil 15,364 12,598 23,489
Repairs 21,747 17,941 32,547
Custom hire 9,386 6,574 15,848
Hired labor 8,231 5,542 18,274
Land rent 34,431 24,470 60,979
Machinery & bldg leases 2,360 1,728 3,670
Real estate taxes 3,092 2,201 5,200
Farm insurance 4,669 3,649 7,970
Utilities 3,638 2,736 5,189
Dues & professional fees 934 863 1,465
Hedging account deposits 1,208 358 2,609
Miscellaneous 5,209 5,515 6,870
Total cash expense 239,612 186,403 408,745
Net cash farm income 73,289 22,896 166,035
INVENTORY CHANGES
Crops and feed -7,726 -22,636 -383
Market livestock 3,296 420 13,501
Accounts receivable 13,959 12,742 19,939
Prepaid expenses and supplies 508 -1,863 4,781
Accounts payable -3,018 -4,918 -2,407
Total inventory change 7,018 -16,255 35,431
Net operating profit 80,307 6,641 201,466
DEPRECIATION AND OTHER CAPITAL ADJUSTMENTS
Breeding livestock -3,386 -3,569 -3,766
Machinery and equipment -18,113 -15,219 -32,371
Buildings and improvements -1,230 -748 -3,006
Other farm capital 410 837 707
Total depr. and other capital adj -22,319 -18,699 -38,435
Net farm income 57,988 -12,059 163,031
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