Red River Valley Reports For 1998

                                               TABLE 2                                    
                                       INVENTORY CHANGES, 1998                            
                       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

          Net cash farm income                            61061        37998       123158

          CROPS AND FEED
            Ending inventory                             140386       154562       265826
            Beginning inventory                          158822       218370       261745
            Inventory change                             -18437       -63808         4080

          MARKET LIVESTOCK
            Ending inventory                               3655           -          9661
            Beginning inventory                            4248           -          7425
            Inventory change                               -593           -          2236

          ACCTS RECEIVABLE & OTHER CURRENT ASSETS
            Ending inventory                              30893        14361        69942
            Beginning inventory                           22406         9626        50022
            Inventory change                               8488         4735        19920

          PREPAID EXPENSES AND SUPPLIES
            Ending inventory                              18730        15614        37053
            Beginning inventory                           24919        35088        37103
            Inventory change                              -6188       -19474          -50

          ACCOUNTS PAYABLE
            Beginning inventory                           24009        27475        41366
            Ending inventory                              28813        46962        36599
            Inventory change                              -4804       -19486         4767

          Total inventory change                         -21534       -98033        30952

          Net operating profit                            39527       -60036       154110

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