Red River Valley Reports For 1998

                                           
                                            TABLE 12 - 13                                 
                                   Crop Enterprise Analysis, 1998                         
                       Minnesota and North Dakota Farm Business Mgmt Education            
                                          Red River Valley                                
                                  (Average of all farms reporting)                        

                                      ALFALFA HAY ON OWNED LAND                           


                                                                     Average For
                                                                      All Farms 
                                                                     ----------
                    Number of fields                                          9
                    Number of farms                                           9

                    Acres                                                 50.89
                    Yield per acre (ton)                                   3.89
                    Operators share of yield %                           100.00
                    Value per ton                                         67.47
                    Total product return per acre                        262.16
                    Miscellaneous income per acre                          0.00
                    Gross return per acre                                262.16

                    Direct expenses per acre
                      Seed                                                 5.65
                      Fertilizer                                          15.59
                      Crop chemicals                                       2.27
                      Fuel & oil                                          13.32
                      Repairs                                             39.72
                      Custom hire                                          1.70
                      Operating interest                                   8.93
                    Total direct expenses per acre                        87.19
                    Return over direct expenses per acre                 174.97

                    Overhead expenses per acre
                      Custom hire                                          1.89
                      Hired labor                                          8.20
                      Machinery & bldg leases                              1.09
                      RE & pers. property taxes                            9.66
                      Farm insurance                                       3.78
                      Utilities                                            1.98
                      Dues & professional fees                             2.71
                      Interest                                            29.56
                      Mach & bldg depreciation                            25.20
                      Miscellaneous                                        5.36
                    Total overhead expenses per acre                      89.43
                    Total listed expenses per acre                       176.62
                    Net return per acre                                   85.54

                    Total direct expense per ton                          22.44
                    Total listed expense per ton                          45.46
                    Net return per ton                                    22.02
                    Breakeven yield per acre                               2.62

                    Net return including govt. payments                   95.16
                    Lbr & mgt charge per acre                             17.01
                    Net return over lbr & mgt                             78.15

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