South East Area Reports for 1999

                                         S.E. Minnesota FBM                               
                                       INVENTORY CHANGES, 1999                            
                                  (Farms sorted by Net Farm Income)                       


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

          Net cash farm income                            67127       162542        13478

          CROPS AND FEED
            Ending inventory                              85521       172706        47527
            Beginning inventory                           89068       164030        59157
            Inventory change                              -3547         8676       -11631

          MARKET LIVESTOCK
            Ending inventory                              27805        72777        14013
            Beginning inventory                           21169        49889        13671
            Inventory change                               6635        22887          342

          ACCTS RECEIVABLE & OTHER CURRENT ASSETS
            Ending inventory                              12594        33302         4735
            Beginning inventory                           10201        24406         6194
            Inventory change                               2393         8897        -1460

          PREPAID EXPENSES AND SUPPLIES
            Ending inventory                              16974        41520         7040
            Beginning inventory                           13428        26096         6686
            Inventory change                               3546        15425          354

          ACCOUNTS PAYABLE
            Beginning inventory                           10689        20891        10326
            Ending inventory                              10937        20619        13179
            Inventory change                               -248          272        -2852

          Total inventory change                           8780        56156       -15246

          Net operating profit                            75907       218699        -1768

                                               -3-                                              

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