Red River Valley Reports For 1998

                                                                TABLE 13 - 1                                         
                                                         Size Of Farm Report, 1998                                   
                                          Minnesota and North Dakota Farm Business Mgmt Education                    
                                                              Red River Valley                                       
                                                  (Farms Sorted By Gross Cash Farm Income)                           


                                                              Average For   40,001 -  100,001 -  200,001 -           
                                                               All Farms     100,000    200,000    500,000  500,001 +
                                                              -----------  ---------  ---------  ---------  ---------
                      Number of farms                                 197         10         36        103         46

                      Income Statement
                        Gross cash farm income                     399008      73736     151933     328896     836515
                        Total cash farm expense                    337948      69489     128518     276666     710804
                        Net cash farm income                        61061       4246      23415      52230     125711
                        Inventory change                           -21534      -2396      -2013     -22527     -39766
                        Depreciation and capital adjustment        -18964      -4165      -7233     -17729     -34905
                        Net farm income                             20563      -2315      14169      11974      51040

                      Profitability (cost)
                        Labor and management earnings               -3876      -9749       5132      -9220       2570
                        Rate of return on assets                      3 %       -3 %        3 %        2 %        4 %
                        Rate of return on equity                     -2 %      -15 %       -4 %       -4 %       -0 %
                        Operating profit margin                       6 %      -11 %        6 %        5 %        8 %
                        Asset turnover rate                          44 %       26 %       44 %       43 %       45 %

                      Liquidity
                        Term debt coverage ratio                     50 %       -6 %       68 %       45 %       52 %
                        Expense as a percent of income               90 %       98 %       86 %       91 %       89 %
                        Interest as a percent of income               9 %       13 %        9 %        9 %        8 %

                      Solvency (market)
                        Number of sole proprietors                    173          9         36         96         30
                        Ending farm assets                         959068     351568     475411     898143    1971418
                        Ending farm liabilities                    545060     201109     279986     508231    1115728
                        Ending total assets                       1104111     435360     566086    1044816    2203836
                        Ending total liabilities                   567129     223381     298159     532691    1135940
                        Ending net worth                           536982     211979     267927     512125    1067896
                        Net worth change                             9230      -2940      10722       1461      35833
                        Ending farm debt to asset ratio              57 %       57 %       59 %       57 %       57 %
                        Beg total debt to asset ratio                50 %       48 %       50 %       49 %       51 %
                        End total debt to asset ratio                51 %       51 %       53 %       51 %       52 %

                      Nonfarm Information
                        Farms reporting living expenses                23          3          7         10          2
                        Total family living expense                 29932         -       29269      29942         - 
                        Total living, invest, & capital purch       55087         -       39481      64750         - 
                        Net nonfarm income                          15088      17419      16961      17551       7025

                      Crop Acres
                        Total acres owned                             372        177        239        328        629
                        Total crop acres                             1485        405        785       1379       2563
                        Total crop acres owned                        327        162        186        277        599
                        Total crop acres cash rented                 1052        203        522        987       1839
                        Total crop acres share rented                 105         40         77        115        125

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