Red River Valley Reports For 1999

                                              TABLE - 1                                   
                               FARM INCOME STATEMENT, 1999 (Continued)                    
                       Minnesota and North Dakota Farm Business Mgmt Education            
                                          Red River Valley                                
                                  (Farms sorted by Net Farm Income)                       

                                                     Average Of   Average Of   Average Of
                                                      All Farms     Low 20%     High 20% 
                                                     

          Number of Farms                                   211           42           42

          CASH FARM EXPENSE
            Seed                                          25693        17610        39741
            Fertilizer                                    40026        24259        68425
            Crop chemicals                                58949        38595       106701
            Crop insurance                                11784         8309        22487
            Drying fuel                                     669          326         1066
            Irrigation energy                                43           -            - 
            Crop marketing                                 3554         2056         5698
            Crop miscellaneous                            15415         5518        18996
            Feeder livestock purchase                      1452          661         1038
            Livestock expenses                             1694            3         5488
            Interest                                      38289        25872        59659
            Fuel & oil                                    14268         9117        23168
            Repairs                                       27561        17867        39190
            Custom hire                                   12755         8343        24192
            Hired labor                                   21462         7718        43745
            Land rent                                     83389        63665       136010
            Machinery & bldg leases                        7499         3706        15483
            Real estate taxes                              5473         3223         8961
            Farm insurance                                 5992         3165         9533
            Utilities                                      4476         2532         7678
            Dues & professional fees                       3148         2160         5824
            Hedging account deposits                       1586          901         5313
            Miscellaneous                                  9778         8312        20532
          Total cash expense                             394956       253920       668928
          Net cash farm income                            72988        20340       155840

          INVENTORY CHANGES
            Crops and feed                                17143       -20821        57261
            Market livestock                                521          727         1035
            Accounts receivable                            7889         3458        25706
            Prepaid expenses and supplies                  6623         2631        10938
            Accounts payable                                937         6384          656
          Total inventory change                          33113        -7620        95596
          Net operating profit                           106101        12720       251436

          DEPRECIATION AND OTHER CAPITAL ADJUSTMENTS
            Breeding livestock                              155         -457         1253
            Machinery and equipment                      -21933       -14302       -36666
            Buildings and improvements                     -747         -546        -1373
            Other farm capital                             3475          639        10702
          Total depr. and other capital adj              -19049       -14667       -26085
          Net farm income                                 87052        -1947       225351

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