Red River Valley Reports For 1998

                                                                TABLE 6                                                      
                                                  BALANCE SHEET AT MARKET VALUES, 1998                                       
                                        Minnesota and North Dakota Farm Business Mgmt Education                              
                                                   (Farms sorted by Net Farm Income)                                         


                                                              Average Of              Average Of              Average Of           
                                                               All Farms               Low 20 %                High 20 %           
                                                              ----------              ----------              ----------           
          Number of Farms                                           173                      32                      28

                                                        Beginning     Ending    Beginning     Ending    Beginning     Ending
          ASSETS                                        ---------   ---------   ---------   ---------   ---------   ---------
          Current Farm Assets
            Cash and checking balance                        8559       12824        5333       14076        8341       16810
            Prepaid expenses & supplies                     21865       17156       26715       12962       35393       36070
            Growing crops                                     167          36          -           -           -           - 
            Accounts receivable                             18331       24102        8737       13262       47438       50377
            Hedging accounts                                  763         807         761        2026        1861         621
            Crops held for sale or feed                    125193      114023      176901      124898      191943      206851
            Crops under government loan                      8493        6981       14753       16448        6012        9696
            Market livestock held for sale                   4255        2577          -           -         6744        3664
            Other current assets                              363        1081         338          -           79        5348
            Total current farm assets                      187990      179586      233537      183672      297810      329438
          Intermediate Farm Assets
            Breeding livestock                               2294        1775         569         641        5880        4591
            Machinery and equipment                        228129      233707      254305      263354      383488      388071
            Other intermediate assets                      164682      178234      277281      277862      231381      266494
            Total intermediate farm assets                 395105      413715      532156      541857      620750      659156
          Long-Term Farm Assets
            Farm land                                      286002      304232      299546      309665      489261      550499
            Buildings and improvements                      38530       42297       30538       31472       79174       84842
            Other long-term assets                          17691       19237       18045       17884       57558       63005
            Total long-term farm assets                    342222      365766      348129      359021      625993      698345
          Total Farm Assets                                925318      959068     1113822     1084550     1544553     1686939

          Total Nonfarm Assets                             130749      145043      169091      180959      149129      160580
          Total Assets                                    1056067     1104111     1282913     1265509     1693681     1847518

          LIABILITIES
          Current Farm Liabilities
            Accrued interest                                 8823       11929        8269       17517       12606       12768
            Accounts payable                                11421       13706       14737       29085       17929       12148
            Current notes                                   95320       96753      138886      147021      128862      125648
            Government crop loans                            3413        4052        8441       12205        3661        6340
            Principal due on term debt                      30050       33740       38876       50101       41975       46891
            Total current farm liabilities                 149056      160273      209252      255974      205055      203834
          Intermediate Farm Liabilities                    115487      122295      167431      158927      156529      165487
          Long-term Farm Liabilities                       139408      161439      169094      193234      224177      286119
          Total Farm Liabilities                           403951      444008      545777      608136      585761      655440

          Total Nonfarm Liabilities                         20956       21604       39475       41815       13997       12727
          Total Deferred Liabilities                       103409      101517      141462      119108      172052      191749
          Total Liabilities                                528316      567129      726714      769059      771810      859917

          Net Worth (farm and nonfarm)                     527752      536982      556199      496450      921871      987602
          Net Worth Change                                               9230                  -59749                   65731

          RATIO ANALYSIS
          Current Farm Liabilities / Assets                  79 %        89 %        90 %       139 %        69 %        62 %
          Curr. & Interm Farm Liab. / Assets                 45 %        48 %        49 %        57 %        39 %        37 %
          Long Term Farm Liabilities / Assets                41 %        44 %        49 %        54 %        36 %        41 %
          Total Liabilities / Assets                         50 %        51 %        57 %        61 %        46 %        47 %

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