Red River Valley Reports For 1998

                                               TABLE 1                                    
                               FARM INCOME STATEMENT, 1998 (Continued)                    
                       Minnesota and North Dakota Farm Business Mgmt Education            
                                          Red River Valley                                
                                  (Farms sorted by Net Farm Income)                       


                                                     Average Of   Average Of   Average Of
                                                      All Farms     Low 20%    High 20% 
                                                     ----------   ----------   ----------
          Number of Farms                                   197           39           39

          CASH FARM EXPENSE
            Seed                                          23545        30678        37734
            Fertilizer                                    29680        35788        50539
            Crop chemicals                                50910        68901        80329
            Crop insurance                                11320        14191        16971
            Drying fuel                                     476          751          602
            Crop marketing                                 3475         3340         6581
            Crop miscellaneous                            13405        16814        16423
            Feeder livestock purchase                      2011          297          710
            Purchased feed                                 2623           58         9207
            Breeding fees                                   167           -           432
            Veterinary                                      245            1          561
            Livestock supplies                              316          100         1148
            Grazing fees                                      2           -            - 
            Livestock marketing                              60           -           191
            Interest                                      31049        41536        45700
            Fuel & oil                                    12340        13267        20325
            Repairs                                       24705        32808        37225
            Custom hire                                    8402        10586        15949
            Hired labor                                   19803        27846        38364
            Land rent                                     70347       102547        95089
            Machinery & bldg leases                        6611        10789         9334
            Real estate taxes                              4779         7061         7570
            Farm insurance                                 5199         6582         8619
            Utilities                                      3944         4908         6639
            Dues & professional fees                       2712         3005         5685
            Hedging account deposits                        757         1217         1010
            Miscellaneous                                  9152        10903        17305
          Total cash expense                             337948       443974       530240
          Net cash farm income                            61061        37998       123158

          INVENTORY CHANGES
            Crops and feed                               -18437       -63808         4080
            Market livestock                               -593           -          2236
            Accounts receivable                            8488         4735        19920
            Prepaid expenses and supplies                 -6188       -19474          -50
            Accounts payable                              -4804       -19486         4767
          Total inventory change                         -21534       -98033        30952
          Net operating profit                            39527       -60036       154110

          DEPRECIATION AND OTHER CAPITAL ADJUSTMENTS
            Breeding livestock                             -242          116          517
            Machinery and equipment                      -19830       -23601       -31147
            Buildings and improvements                     -751         -536        -2099
            Other farm capital                             1859         1273         3812
          Total depr. and other capital adj              -18964       -22747       -28917
          Net farm income                                 20563       -82783       125193

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