Red River Valley Reports For 1998

                                            TABLE 12 - 3                                  
                                   Crop Enterprise Analysis, 1998                         
                       Minnesota and North Dakota Farm Business Mgmt Education            
                                          Red River Valley                                
                                  (Average of all farms reporting)                        

                                     BARLEY ON SHARE RENTED LAND                          


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

                    Acres                                                127.79
                    Yield per acre (bushel)                               69.35
                    Operators share of yield %                            67.60
                    Value per bushel                                       1.99
                    Total product return per acre                         93.34
                    Miscellaneous income per acre                          5.46
                    Gross return per acre                                 98.80

                    Direct expenses per acre
                      Seed                                                 7.26
                      Fertilizer                                          23.85
                      Crop chemicals                                      11.24
                      Crop insurance                                       5.48
                      Fuel & oil                                           6.51
                      Repairs                                             11.86
                      Custom hire                                          2.29
                      Operating interest                                   4.27
                      Miscellaneous                                        0.04
                    Total direct expenses per acre                        72.81
                    Return over direct expenses per acre                  25.99

                    Overhead expenses per acre
                      Custom hire                                          0.02
                      Hired labor                                          5.51
                      Machinery & bldg leases                              1.13
                      Farm insurance                                       2.53
                      Utilities                                            2.62
                      Dues & professional fees                             0.50
                      Interest                                             3.43
                      Mach & bldg depreciation                            10.91
                      Miscellaneous                                        1.01
                    Total overhead expenses per acre                      27.67
                    Total listed expenses per acre                       100.48
                    Net return per acre                                   -1.68

                    Total direct expense per bushel                        1.55
                    Total listed expense per bushel                        2.14
                    Net return per bushel                                 -0.04
                    Breakeven yield per acre                              70.70

                    Net return including govt. payments                   10.31
                    Lbr & mgt charge per acre                             12.32
                    Net return over lbr & mgt                             -2.01

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