South East Area Reports for 1999

                                                      S.E. Minnesota FBM                                            
                                                 Age Of Operator Report, 1999                                       


                                                  Average For                                                       
                                                   All Farms    Under 31    31 - 40    41 - 50    51 - 60    Over 60
                                                  
          Number of farms                                 380         41        108        147         61         23

          Income Statement
            Gross cash farm income                     333814     145511     373186     345345     414917     195806
            Total cash farm expense                    266285     122661     300013     277691     320194     148051
            Net cash farm income                        67529      22850      73173      67654      94723      47755
            Inventory change                             8798       8089      14571       8425       9109     -15489
            Depreciation and capital adjustment        -22055      -9608     -20764     -23457     -33461     -11087
            Net farm income                             54272      21331      66980      52621      70371      21179

          Profitability (cost)
            Labor and management earnings               36751      19576      50819      33328      46316      -1474
            Rate of return on assets                      8 %        9 %       10 %        8 %        8 %        3 %
            Rate of return on equity                      9 %       13 %       14 %        8 %        9 %       -0 %
            Operating profit margin                      19 %       18 %       21 %       19 %       20 %       10 %
            Asset turnover rate                          43 %       50 %       49 %       41 %       41 %       28 %

          Profitability (market)
            Labor and management earnings               45918      18409      57385      39973      47143      75849
            Rate of return on assets                      8 %        8 %       10 %        7 %        7 %       12 %
            Rate of return on equity                     11 %       10 %       15 %        9 %        9 %       15 %
            Operating profit margin                      25 %       20 %       25 %       23 %       23 %       66 %
            Asset turnover rate                          34 %       40 %       41 %       32 %       31 %       18 %

          Liquidity
            Term debt coverage ratio                    171 %      133 %      171 %      169 %      201 %      112 %
            Expense as a percent of income               78 %       80 %       77 %       78 %       75 %       82 %
            Interest as a percent of income               7 %        9 %        7 %        8 %        7 %        9 %

          Solvency (cost)
            Number of sole proprietors                    307         35         82        121         49         20
            Ending farm assets                         622337     309752     559139     686206     811437     578767
            Ending farm liabilities                    330530     213572     356535     348857     389156     174066
            Ending total assets                        744908     379814     647479     807706     980394     826409
            Ending total liabilities                   342595     233946     368247     360129     398684     184063
            Ending net worth                           402313     145868     279233     447577     581710     642346
            Net worth change                            33749      24659      37409      35365      42287       3948
            Ending farm debt to asset ratio              53 %       69 %       64 %       51 %       48 %       30 %
            Beg total debt to asset ratio                48 %       61 %       59 %       46 %       43 %       23 %
            End total debt to asset ratio                46 %       62 %       57 %       45 %       41 %       22 %

          Solvency (market)
            Number of sole proprietors                    314         36         84        124         50         20
            Ending farm assets                         787266     373870     680921     841209    1053640     977651
            Ending farm liabilities                    398881     245338     405645     417973     497313     282405
            Ending total assets                        918034     448780     774002     971881    1233067    1246189
            Ending total liabilities                   420532     271001     425580     440892     512732     311757
            Ending net worth                           497502     177780     348422     530990     720335     934432
            Net worth change                            51746      23719      47704      47939      61996     117144
            Ending farm debt to asset ratio              51 %       66 %       60 %       50 %       47 %       29 %
            Beg total debt to asset ratio                48 %       59 %       57 %       47 %       44 %       27 %
            End total debt to asset ratio                46 %       60 %       55 %       45 %       42 %       25 %

          Nonfarm Information
            Farms reporting living expenses               221         25         63         88         33         12
            Total family living expense                 26260      24333      26206      25919      30926      20234
            Total living, invest, & capital purch       45648      32209      45934      43958      54997      58824
            Net nonfarm income                          20534      25930      23630      17661      17453      22904

          Crop Acres
            Total acres owned                             228         75        187        233        329        394
            Total crop acres                              478        321        451        562        469        369
            Total crop acres owned                        187         67        159        204        248        261
            Total crop acres cash rented                  268        211        277        325        216        105
            Total crop acres share rented                  23         43         14         33          6          4
                                              -6-                                              

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