South East Area Reports for 1999

                                         S.E. Minnesota FBM                               
                                   Crop Enterprise Analysis, 1999                         
                                (Farms sorted by Return to Overhead)                      

                                    SOYBEANS ON CASH RENTED LAND                          


                                                   Average Of   Average Of   Average Of
                                                    All Farms    High 20%       Low 20%  
                                                   
          Number of fields                                237           46           51
          Number of farms                                 204           41           41

          Acres                                        171.53       107.47       151.91
          Yield per acre (bushel)                       43.44        46.53        38.90
          Operators share of yield %                   100.00       100.00       100.00
          Value per bushel                               5.16         5.24         5.11
          Total product return per acre                224.04       243.83       198.84
          Miscellaneous income per acre                  8.83        13.56         4.13
          Gross return per acre                        232.87       257.39       202.97

          Direct expenses per acre
            Seed                                        21.36        17.47        23.31
            Fertilizer                                   2.70         3.49         3.98
            Crop chemicals                              22.46        19.93        23.42
            Crop insurance                              10.39        10.74         9.72
            Drying fuel                                  0.01         0.00         0.00
            Irrigation energy                            0.07         0.00         0.01
            Fuel & oil                                   7.00         6.41         9.48
            Repairs                                      8.01         7.22         8.61
            Repair, machinery                            7.14         8.50        12.94
            Custom hire                                  5.11         3.67        10.08
            Repair, buildings                            1.16         0.98         0.64
            Repair, irrigation equip                     0.00         0.00         0.00
            Hired labor                                  0.04         0.00         0.16
            Land rent                                   95.63        63.02       103.93
            Machinery & bldg leases                      1.96         0.03         1.88
            Utilities                                    0.05         0.00         0.00
            Marketing                                    0.68         0.24         0.20
            Operating interest                           6.84         4.00         7.71
            Miscellaneous                                0.88         0.98         1.04
          Total direct expenses per acre               191.49       146.70       217.09
          Return over direct expenses per acre          41.38       110.69       -14.12

          Overhead expenses per acre
            Repair, machinery                            0.00         0.00         0.01
            Hired labor                                  4.40         3.71         4.87
            Machinery & bldg leases                      4.34         8.85         2.98
            RE & pers. property taxes                    0.01         0.06         0.00
            Farm insurance                               2.41         2.44         2.58
            Utilities                                    1.99         2.04         2.43
            Dues & professional fees                     0.58         0.31         1.14
            Interest                                     6.75         6.82         8.77
            Mach & bldg depreciation                    21.38        24.46        19.05
            Miscellaneous                                3.57         4.69         3.95
          Total overhead expenses per acre              45.42        53.38        45.78
          Total listed expenses per acre               236.92       200.08       262.87
          Net return per acre                           -4.05        57.31       -59.90


          Total direct expense per bushel                4.41         3.15         5.58
          Total listed expense per bushel                5.45         4.30         6.76
          Net return per bushel                         -0.09         1.23        -1.54
          Breakeven yield per acre                      44.22        35.59        50.62
          Est. labor hours per acre                      1.79         1.81         2.17

          Net return including govt. payments           32.16        87.35       -22.75
          Lbr & mgt charge per acre                     23.84        25.16        22.45
          Net return over lbr & mgt                      8.32        62.19       -45.20

                                              -30-                                              

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