Red River Valley Reports For 1998

                                            TABLE 12 - 12                                 
                                   Crop Enterprise Analysis, 1998                         
                       Minnesota and North Dakota Farm Business Mgmt Education            
                                          Red River Valley                                
                                  (Average of all farms reporting)                        

                                      CORN ON SHARE RENTED LAND                           


                                                                     Average For
                                                                      All Farms 
                                                                     ----------
                    Number of fields                                          7
                    Number of farms                                           6

                    Acres                                                130.17
                    Yield per acre (bushel)                              103.81
                    Operators share of yield %                            67.37
                    Value per bushel                                       1.79
                    Total product return per acre                        125.05
                    Miscellaneous income per acre                          7.19
                    Gross return per acre                                132.24

                    Direct expenses per acre
                      Seed                                                31.59
                      Fertilizer                                          39.97
                      Crop chemicals                                      16.94
                      Crop insurance                                       7.00
                      Drying fuel                                          3.83
                      Fuel & oil                                           7.17
                      Repairs                                             14.49
                      Custom hire                                          3.08
                      Operating interest                                   4.19
                      Miscellaneous                                        0.45
                    Total direct expenses per acre                       128.71
                    Return over direct expenses per acre                   3.53

                    Overhead expenses per acre
                      Hired labor                                          9.70
                      Machinery & bldg leases                              3.89
                      Farm insurance                                       2.14
                      Utilities                                            1.41
                      Dues & professional fees                             0.96
                      Interest                                             0.93
                      Mach & bldg depreciation                            11.59
                      Miscellaneous                                        3.12
                    Total overhead expenses per acre                      33.73
                    Total listed expenses per acre                       162.44
                    Net return per acre                                  -30.20

                    Total direct expense per bushel                        1.84
                    Total listed expense per bushel                        2.32
                    Net return per bushel                                 -0.43
                    Breakeven yield per acre                             128.79

                    Net return including govt. payments                  -16.27
                    Lbr & mgt charge per acre                             10.48
                    Net return over lbr & mgt                            -26.75

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