South East Area Reports for 1999

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

                                      ALFALFA HAY ON OWNED LAND                           


                                                   Average Of   Average Of   Average Of
                                                    All Farms    High 20%       Low 20%  
                                                   
          Number of fields                                119           23           28
          Number of farms                                 114           23           23

          Acres                                         52.53        56.27        45.58
          Yield per acre (ton)                           3.99         5.22         3.25
          Operators share of yield %                   100.00       100.00       100.00
          Value per ton                                 72.80        75.07        68.15
          Total product return per acre                290.27       391.71       221.78
          Miscellaneous income per acre                  6.47         8.86         4.72
          Gross return per acre                        296.74       400.57       226.50

          Direct expenses per acre
            Seed                                        10.88         9.76        16.51
            Fertilizer                                  16.06        13.39        18.06
            Crop chemicals                               6.89        10.54         9.34
            Crop insurance                               0.25         0.01         0.54
            Drying fuel                                  0.03         0.00         0.00
            Irrigation energy                            0.00         0.00         0.00
            Fuel & oil                                  12.99        11.89        12.30
            Repairs                                     17.31        14.15        36.15
            Repair, machinery                           16.81        21.47         8.46
            Custom hire                                 14.40         3.53        28.12
            Repair, buildings                            2.00         0.70         0.88
            Repair, irrigation equip                     0.10         0.00         0.00
            Hired labor                                  0.23         0.00         0.00
            Machinery & bldg leases                      0.53         0.00         0.96
            Utilities                                    0.06         0.00         0.00
            Operating interest                           9.61         6.93        15.13
            Miscellaneous                                2.92         1.56         5.00
          Total direct expenses per acre               111.04        93.94       151.46
          Return over direct expenses per acre         185.70       306.63        75.04

          Overhead expenses per acre
            Repair, machinery                            0.03         0.00         0.00
            Hired labor                                 13.23        14.45        18.47
            Machinery & bldg leases                      5.55         2.17        17.24
            RE & pers. property taxes                    9.72         7.14         8.73
            Farm insurance                               4.06         3.70         4.25
            Utilities                                    3.97         3.15         4.88
            Dues & professional fees                     1.37         1.04         1.03
            Interest                                    43.49        52.82        23.28
            Mach & bldg depreciation                    33.36        39.97        31.86
            Miscellaneous                                8.42        12.97        14.62
          Total overhead expenses per acre             123.20       137.42       124.35
          Total listed expenses per acre               234.24       231.36       275.81
          Net return per acre                           62.50       169.22       -49.31

          Total direct expense per ton                  27.85        18.00        46.54
          Total listed expense per ton                  58.75        44.34        84.75
          Net return per ton                            15.68        32.43       -15.15
          Breakeven yield per acre                       3.13         2.96         3.98
          Est. labor hours per acre                      2.31         1.08         1.93

          Net return including govt. payments           90.27       184.30        -5.18
          Lbr & mgt charge per acre                     32.99        24.93        38.72
          Net return over lbr & mgt                     57.27       159.37       -43.90

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