South East Area Reports for 1999

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

                                      CORN ON SHARE RENTED LAND                           


                                                   Average Of   Average Of   Average Of
                                                    All Farms    High 20%       Low 20%  
                                                   
          Number of fields                                 35            7            7
          Number of farms                                  31            6            6

          Acres                                        125.36        80.63        98.86
          Yield per acre (bushel)                      143.21       147.42       154.50
          Operators share of yield %                    58.44        93.36        50.65
          Value per bushel                               1.76         1.77         1.76
          Total product return per acre                146.71       242.48       137.26
          Miscellaneous income per acre                  0.66         0.00         3.52
          Gross return per acre                        147.36       242.48       140.78

          Direct expenses per acre
            Seed                                        19.20        21.21        18.04
            Fertilizer                                  31.84        37.94        34.33
            Crop chemicals                              17.67        20.20        19.57
            Crop insurance                               4.25         7.21         5.41
            Drying fuel                                  3.35         3.09         6.77
            Irrigation energy                            0.37         0.00         0.00
            Fuel & oil                                   7.93         8.46        12.48
            Repairs                                     13.24        22.92        30.14
            Repair, machinery                            4.50         0.42         5.71
            Custom hire                                  2.77         7.41         5.33
            Repair, buildings                            0.25         0.00         0.02
            Repair, irrigation equip                     0.28         0.00         0.00
            Machinery & bldg leases                      0.68         0.00         0.00
            Utilities                                    0.45         0.00         0.00
            Marketing                                    0.74         0.14         2.08
            Operating interest                           6.56         6.68         5.64
            Miscellaneous                                0.33         0.42         1.23
          Total direct expenses per acre               114.42       136.11       146.74
          Return over direct expenses per acre          32.95       106.37        -5.97

          Overhead expenses per acre
            Hired labor                                  5.24         6.14        15.50
            Machinery & bldg leases                      1.07         5.47         1.44
            RE & pers. property taxes                    0.11         0.00         0.00
            Farm insurance                               2.85         3.83         4.01
            Utilities                                    1.69         1.98         2.60
            Dues & professional fees                     0.18         0.31         0.14
            Interest                                     6.93         3.73         5.38
            Mach & bldg depreciation                    16.36        22.40        19.29
            Miscellaneous                                3.45         2.69         3.08
          Total overhead expenses per acre              37.90        46.55        51.47
          Total listed expenses per acre               152.32       182.66       198.21
          Net return per acre                           -4.95        59.82       -57.43

          Total direct expense per bushel                1.37         0.99         1.88
          Total listed expense per bushel                1.82         1.33         2.53
          Net return per bushel                         -0.06         0.43        -0.73
          Breakeven yield per acre                     147.19       110.64       218.51
          Est. labor hours per acre                      2.47         3.52         2.92

          Net return including govt. payments           17.62        93.54       -19.36
          Lbr & mgt charge per acre                     26.06        17.42        32.11
          Net return over lbr & mgt                     -8.44        76.12       -51.47

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