TABLE 11 - 46
             Crop Enterprise Analysis, 2004
North Dakota Farm Business Management Education Program
                      State Report
              (Farms Sorted By Net Return)

         Hay, Mixed Alfalfa/Grass on Owned Land

                                            Avg. Of             
                                           All Farms 
     Number of fields                             50            
     Number of farms                              21  

     Acres                                     55.94            
     Yield per acre (ton)                       1.20            
     Operators share of yield %               100.00            
     Value per ton                             37.02            
     Other product return per acre              0.21            
     Total product return per acre             44.55            
     Miscellaneous income per acre              2.86            
     Gross return per acre                     47.41 

     Direct Expenses          
       Fertilizer                               0.31            
       Fuel & oil                               7.56            
       Repairs                                  8.12            
       Operating interest                       1.78            
       Miscellaneous                            0.95            
     Total direct expenses per acre            18.72            
     Return over direct exp per acre           28.70  

     Overhead Expenses          
       Hired labor                              0.97            
       RE & pers. property taxes                3.90            
       Farm insurance                           2.15            
       Utilities                                1.14            
       Dues & professional fees                 0.50            
       Interest                                12.74            
       Mach & bldg depreciation                 6.75            
       Miscellaneous                            2.02            
     Total overhead expenses per acre          30.18            
     Total dir & ovhd expenses per acre        48.90            
     Net return per acre                       -1.48  

     Lbr & mgt charge per acre                 11.56            
     Net return over lbr & mgt                -13.04            
     Government payments                        6.08            
     Net return with govt payments             -6.96  

     Cost of Production          
     Total direct expense per ton              15.62            
     Total dir & ovhd exp per ton              40.82            
     With labor & management                   50.47            
     Total exp less govt & oth income          42.82