South East Area Reports for 1999

                                         S.E. Minnesota FBM                               
                               FARM INCOME STATEMENT, 1999 (Continued)                    
                                  (Farms sorted by Net Farm Income)                       


                                                     Average Of   Average Of   Average Of
                                                      All Farms    High 20%      Low 20% 
                                                     
          Number of Farms                                   383           77           77

          CASH FARM EXPENSE
            Seed                                          13112        25365         9086
            Fertilizer                                    13863        24238         9294
            Crop chemicals                                13181        25352        11861
            Crop insurance                                 3314         5280         2770
            Drying fuel                                    1709         3500         1316
            Irrigation energy                                68          205           33
            Crop marketing                                 1267         2368          809
            Crop miscellaneous                             4535         5438         3756
            Feeder livestock purchase                     17557        47673        13873
            Purchased feed                                49276       132700        22763
            Breeding fees                                  1990         6051          452
            Veterinary                                     5830        14969         1892
            Livestock supplies                             6372        17430         2041
            Livestock leases                               1189         3162          236
            Grazing fees                                    212          287           - 
            Livestock marketing                            1831         4349          580
            Interest                                      24666        44674        23942
            Fuel & oil                                     5883        11010         3798
            Repairs                                        9084        19605         3629
            Custom hire                                    8803        18131         5120
            Hired labor                                   14350        41343         4481
            Land rent                                     26814        44466        20342
            Machinery & bldg leases                        8398        25434         3893
            Real estate taxes                              3656         6299         3018
            Personal property taxes                         123          530           - 
            Farm insurance                                 3496         6884         1987
            Utilities                                      5025        10512         2804
            Dues & professional fees                        962         2243          348
            Hedging account deposits                       1264         2827          289
            Miscellaneous                                 17307        34197        11998
          Total cash expense                             265139       586522       166410
          Net cash farm income                            67127       162542        13478

          INVENTORY CHANGES
            Crops and feed                                -3547         8676       -11631
            Market livestock                               6635        22887          342
            Accounts receivable                            2393         8897        -1460
            Prepaid expenses and supplies                  3546        15425          354
            Accounts payable                               -248          272        -2852
          Total inventory change                           8780        56156       -15246
          Net operating profit                            75907       218699        -1768

          DEPRECIATION AND OTHER CAPITAL ADJUSTMENTS
            Breeding livestock                            -1250         2981        -4702
            Machinery and equipment                      -14951       -26437       -10723
            Buildings and improvements                    -5874       -13661        -5210
            Other farm capital                               80          363        -1453
          Total depr. and other capital adj              -21994       -36754       -22088
          Net farm income                                 53913       181945       -23856
                                               -2-                                              

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