Red River Valley Reports For 1998

                                                                TABLE 13 - 3                                         
                                                        Age Of Operator Report, 1998                                 
                                          Minnesota and North Dakota Farm Business Mgmt Education                    
                                                              Red River Valley                                       


                                                              Average For                                            
                                                               All Farms    Under 31    31 - 40    41 - 50    51 - 60
                                                              -----------  ---------  ---------  ---------  ---------
                      Number of farms                                 196         15         61         86         31

                      Income Statement
                        Gross cash farm income                     400491     192527     379617     401219     463922
                        Total cash farm expense                    339336     169070     326979     332830     396281
                        Net cash farm income                        61155      23456      52638      68388      67641
                        Inventory change                           -21652      10112     -16304     -22424     -26698
                        Depreciation and capital adjustment        -19028      -5894     -15642     -21594     -21775
                        Net farm income                             20474      27674      20692      24371      19168

                      Profitability (cost)
                        Labor and management earnings               -4034      19983       3056      -3425     -17186
                        Rate of return on assets                      3 %        7 %        3 %        3 %        2 %
                        Rate of return on equity                     -2 %        6 %       -3 %       -1 %       -2 %
                        Operating profit margin                       6 %       11 %        6 %        8 %        7 %
                        Asset turnover rate                          44 %       61 %       52 %       42 %       34 %

                      Liquidity
                        Term debt coverage ratio                     49 %      110 %       41 %       61 %       51 %
                        Expense as a percent of income               90 %       84 %       90 %       88 %       91 %
                        Interest as a percent of income               9 %        8 %        8 %        9 %       10 %

                      Solvency (market)
                        Number of sole proprietors                    172         14         54         78         24
                        Ending farm assets                         960273     397492     795528    1061149    1316401
                        Ending farm liabilities                    546309     265893     481756     592938     722278
                        Ending total assets                       1105591     448709     923356    1202081    1520377
                        Ending total liabilities                   568434     294699     505993     616961     730977
                        Ending net worth                           537157     154010     417363     585119     789401
                        Net worth change                             9128      23452      13149       5076        168
                        Ending farm debt to asset ratio              57 %       67 %       61 %       56 %       55 %
                        Beg total debt to asset ratio                50 %       61 %       54 %       50 %       46 %
                        End total debt to asset ratio                51 %       66 %       55 %       51 %       48 %

                      Nonfarm Information
                        Farms reporting living expenses                22          1          8         10          3
                        Total family living expense                 30373         -       35078      28997         - 
                        Total living, invest, & capital purch       56505         -       47862      68707         - 
                        Net nonfarm income                          15103       9391      17174      15950      12311

                      Crop Acres
                        Total acres owned                             370        187        235        409        625
                        Total crop acres                             1489        860       1468       1496       1636
                        Total crop acres owned                        326        143        189        371        574
                        Total crop acres cash rented                 1057        685       1149       1032        940
                        Total crop acres share rented                 106         32        130         92        122

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