South East Area Reports for 1999

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

                                    SOYBEANS ON SHARE RENTED LAND                         


                                                   Average Of   Average Of   Average Of
                                                    All Farms    High 20%       Low 20%  
                                                   
          Number of fields                                 33            8            7
          Number of farms                                  28            6            6

          Acres                                        110.82       107.24       103.40
          Yield per acre (bushel)                       40.59        45.63        24.03
          Operators share of yield %                    62.56        98.81        47.79
          Value per bushel                               5.14         5.16         4.99
          Total product return per acre                132.81       231.91        54.66
          Miscellaneous income per acre                  3.39         8.25         4.90
          Gross return per acre                        136.20       240.16        59.56

          Direct expenses per acre
            Seed                                        13.11        17.53        10.15
            Fertilizer                                   2.06         0.25         2.15
            Crop chemicals                              12.52        17.78         7.23
            Crop insurance                               6.80         8.21         6.06
            Drying fuel                                  0.00         0.00         0.00
            Irrigation energy                            0.13         0.56         0.00
            Fuel & oil                                   6.73         9.15         5.67
            Repairs                                     14.86        24.22        10.46
            Repair, machinery                            3.56         2.94         5.91
            Custom hire                                  2.98        11.13         1.39
            Repair, buildings                            0.34         0.02         0.79
            Repair, irrigation equip                     0.14         0.58         0.00
            Machinery & bldg leases                      0.10         0.00         0.00
            Utilities                                    0.07         0.29         0.00
            Marketing                                    0.45         0.26         1.61
            Operating interest                           4.69         4.20         4.85
            Miscellaneous                                0.39         0.39         1.18
          Total direct expenses per acre                68.94        97.51        57.44
          Return over direct expenses per acre          67.26       142.65         2.12

          Overhead expenses per acre
            Hired labor                                  5.08        11.19         2.20
            Machinery & bldg leases                      1.44         4.76         0.67
            RE & pers. property taxes                    0.17         0.71         0.00
            Farm insurance                               2.16         3.06         1.05
            Utilities                                    1.60         1.68         1.19
            Dues & professional fees                     0.21         0.37         0.00
            Interest                                     5.22        10.20         2.26
            Mach & bldg depreciation                    19.26        41.88        11.69
            Miscellaneous                                3.28         2.62         2.38
          Total overhead expenses per acre              38.41        76.46        21.45
          Total listed expenses per acre               107.35       173.98        78.89
          Net return per acre                           28.85        66.19       -19.33

          Total direct expense per bushel                2.71         2.16         5.00
          Total listed expense per bushel                4.23         3.86         6.87
          Net return per bushel                          1.14         1.47        -1.68
          Breakeven yield per acre                      32.35        32.53        31.01
          Est. labor hours per acre                      1.55         1.74         0.88

          Net return including govt. payments           53.33       102.77        -0.35
          Lbr & mgt charge per acre                     18.73        12.95        21.02
          Net return over lbr & mgt                     34.60        89.83       -21.37

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