South East Area Reports for 1999

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


                                                              Average Of              Average Of              Average Of           
                                                               All Farms              High 20 %                Low 20 %            
                                                                        
          Number of Farms                                           325                      48                      71

                                                        Beginning     Ending    Beginning     Ending    Beginning     Ending
          ASSETS                                        
          Current Farm Assets
            Cash and checking balance                        8253        9337       12407        8829        7050        8468
            Prepaid expenses & supplies                     12571       14765       23734       35527        7214        7589
            Growing crops                                      16          32           8           4          -           - 
            Accounts receivable                              6922        7700       17157       20729        5925        4566
            Hedging accounts                                  702         768        1897        3539         105          96
            Crops held for sale or feed                     78689       74766      146258      155690       55556       45189
            Crops under government loan                      2903        2434        1522         973        4391        3323
            Market livestock held for sale                  17233       21758       35228       50792       14454       14921
            Other current assets                             2338        3042        8427       11384         534         406
            Total current farm assets                      129628      134601      246638      287468       95228       84558
          Intermediate Farm Assets
            Breeding livestock                              54790       57509      146036      154212       27276       24373
            Machinery and equipment                        155481      168151      279522      299778      123669      130777
            Other intermediate assets                        8559        9660       14576       18802        6583        8054
            Total intermediate farm assets                 218830      235319      440133      472792      157528      163204
          Long-Term Farm Assets
            Farm land                                      252819      274486      404527      431986      228071      276046
            Buildings and improvements                     102131      111663      256794      277335       88398       95688
            Other long-term assets                          13499       14402       30087       32920       13245       12406
            Total long-term farm assets                    368449      400552      691409      742241      329714      384139
          Total Farm Assets                                716907      770473     1378180     1502501      582469      631902

          Total Nonfarm Assets                             116501      127627      126423      139021      104433      113865
          Total Assets                                     833409      898100     1504603     1641522      686902      745767

          LIABILITIES
          Current Farm Liabilities
            Accrued interest                                 3757        4252        7277        8387        5154        5642
            Accounts payable                                 5950        6424       10832       13307        5843        8489
            Current notes                                   51576       52445       85393       90105       57539       60730
            Government crop loans                            2418        2303        1280         932        3430        3161
            Principal due on term debt                      21677       25168       40157       53472       18448       19829
            Total current farm liabilities                  85392       90594      144938      166203       90413       97850
          Intermediate Farm Liabilities                     80759       74872      207497      180024       63402       61980
          Long-term Farm Liabilities                       149981      159028      259340      264539      154380      162030
          Total Farm Liabilities                           316132      324494      611775      610766      308195      321860

          Total Nonfarm Liabilities                         12130       12480        6412        5351       17186       19094
          Total Deferred Liabilities                        71247       76522      130436      142256       70294       77167
          Total Liabilities                                399508      413496      748623      758373      395675      418121

          Net Worth (farm and nonfarm)                     433900      484604      755980      883150      291227      327646
          Net Worth Change                                              50703                  127169                   36419

          RATIO ANALYSIS
          Current Farm Liabilities / Assets                  66 %        67 %        59 %        58 %        95 %       116 %
          Curr. & Interm Farm Liab. / Assets                 48 %        45 %        51 %        46 %        61 %        65 %
          Long Term Farm Liabilities / Assets                41 %        40 %        38 %        36 %        47 %        42 %
          Total Liabilities / Assets                         48 %        46 %        50 %        46 %        58 %        56 %

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