Red River Valley Reports For 1999

                                            TABLE 12 - 12                                 
                                   Crop Enterprise Analysis, 1999                         
                       Minnesota and North Dakota Farm Business Mgmt Education            
                                          Red River Valley                                
                                       (Average of All Farms)                             

                                   ALFALFA HAY ON CASH RENTED LAND                        

                                                                     Average For
                                                                      All Farms 
                                                                     

                    Number of fields                                         14
                    Number of farms                                          14

                    Acres                                                102.08
                    Yield per acre (ton)                                   2.83
                    Operators share of yield %                           100.00
                    Value per ton                                         56.40
                    Total product return per acre                        159.40
                    Miscellaneous income per acre                         27.44
                    Gross return per acre                                186.84

                    Direct expenses per acre
                      Seed                                                 6.30
                      Fertilizer                                           4.49
                      Crop chemicals                                       0.87
                      Crop insurance                                       1.94
                      Fuel & oil                                           9.17
                      Repairs                                             18.05
                      Custom hire                                          3.12
                      Land rent                                           63.92
                      Operating interest                                   6.72
                    Total direct expenses per acre                       114.58
                    Return over direct expenses per acre                  72.26

                    Overhead expenses per acre
                      Custom hire                                          4.08
                      Hired labor                                          7.04
                      Machinery & bldg leases                              3.33
                      Farm insurance                                       1.62
                      Utilities                                            2.40
                      Dues & professional fees                             1.47
                      Interest                                             6.95
                      Mach & bldg depreciation                            14.26
                      Miscellaneous                                        1.80
                    Total overhead expenses per acre                      42.94
                    Total listed expenses per acre                       157.52
                    Net return per acre                                   29.32

                    Total direct expense per ton                          40.54
                    Total listed expense per ton                          55.74
                    Net return per ton                                    10.37
                    Breakeven yield per acre                               2.31
                    

                    Net return including govt. payments                   56.30
                    Lbr & mgt charge per acre                             23.82
                    Net return over lbr & mgt                             32.48

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