South East Area Reports for 1999

                                                           S.E. Minnesota FBM                                                
                                                   BALANCE SHEET AT COST VALUES, 1999                                        
                                                   (Farms sorted by Net Farm Income)                                         


                                                              Average Of              Average Of              Average Of           
                                                               All Farms              High 20 %                Low 20 %            
                                                                        
          Number of Farms                                           317                      48                      65

                                                        Beginning     Ending    Beginning     Ending    Beginning     Ending
          ASSETS                                        
          Current Farm Assets
            Cash and checking balance                        8412        9442       12407        8829        7506        9109
            Prepaid expenses & supplies                     12887       15131       23734       35527        7870        8256
            Growing crops                                      16          33           8           4          -           - 
            Accounts receivable                              7006        7819       17157       20729        6106        4622
            Hedging accounts                                  720         788        1897        3539         115         105
            Crops held for sale or feed                     79727       75923      146258      155690       58023       47309
            Crops under government loan                      2951        2493        1522         973        4685        3618
            Market livestock held for sale                  17481       21896       35228       50792       15548       16128
            Other current assets                             2382        3117        8427       11384         510         436
            Total current farm assets                      131583      136642      246638      287468      100362       89582
          Intermediate Farm Assets
            Breeding livestock                              51135       53513      137213      146817       23646       19927
            Machinery and equipment                        106132      114313      210397      227475       76894       77313
            Other intermediate assets                        9868       10651       20239       22387        7770        9272
            Total intermediate farm assets                 167134      178477      367850      396678      108311      106512
          Long-Term Farm Assets
            Farm land                                      175847      184050      267254      283761      158198      165753
            Buildings and improvements                      87212       93639      240642      258910       65656       68670
            Other long-term assets                          15416       16016       37020       39116       16692       14257
            Total long-term farm assets                    278475      293705      544916      581787      240546      248680
          Total Farm Assets                                577192      608823     1159404     1265933      449219      444775

          Total Nonfarm Assets                             110225      120004      122568      135069       94739      103235
          Total Assets                                     687417      728827     1281971     1401002      543958      548009

          LIABILITIES
          Current Farm Liabilities
            Accrued interest                                 3667        4133        7277        8387        4727        5077
            Accounts payable                                 5880        6393       10832       13307        5406        8334
            Current notes                                   52288       52391       85393       90105       60101       62096
            Government crop loans                            2479        2362        1280         932        3747        3452
            Principal due on term debt                      21740       25329       40157       53472       18668       20148
            Total current farm liabilities                  86067       90609      144938      166203       92649       99106
          Intermediate Farm Liabilities                     81628       75794      207497      180024       65333       63951
          Long-term Farm Liabilities                       149996      159336      259340      264539      157014      165749
          Total Farm Liabilities                           317690      325738      611775      610766      314995      328807

          Total Nonfarm Liabilities                         12155       12374        6412        5351       17660       19391
          Total Liabilities                                329846      338112      618187      616117      332656      348198

          Net Worth (farm and nonfarm)                     357572      390715      663784      784885      211302      199811
          Net Worth Change                                              33143                  121100                  -11491

          RATIO ANALYSIS
            Current Farm Liabilities / Assets                65 %        66 %        59 %        58 %        92 %       111 %
            Curr. & Interm Farm Liab / Assets                56 %        53 %        57 %        51 %        76 %        83 %
            Long Term Farm Liab. / Assets                    54 %        54 %        48 %        45 %        65 %        67 %
            Total Liabilities / Assets                       48 %        46 %        48 %        44 %        61 %        64 %

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