Farm Business Management -- Reports -- State-wide Minnesota 2004

	Avg. Of
	All Farms	Low 20%	20 - 40%	40 - 60%	60 - 80%	High 20%

Number of farms	2234	446	447	447	447	447

Assets
Current Farm Assets
Cash and checking balance	11,613	8,203	9,316	9,920	9,995	20,624
Prepaid expenses & supplies	23,234	8,559	11,327	15,911	22,634	57,706
Growing crops	612	262	172	297	322	2,005
Accounts receivable	26,759	13,798	13,731	16,490	26,734	63,012
Hedging accounts	1,278	447	647	918	1,100	3,277
Crops held for sale or feed	108,666	52,732	61,225	84,770	118,617	225,858
Crops under government loan	23,628	19,206	21,084	23,081	22,689	32,069
Market livestock held for sale	37,507	16,461	15,804	21,177	34,053	99,995
Other current assets	2,334	1,979	762	1,031	3,591	4,309
Total current farm assets	235,631	121,647	134,067	173,595	239,736	508,856

Intermediate Farm Assets
Breeding livestock	55,660	25,265	26,017	42,808	66,579	117,561
Machinery and equipment	179,033	118,840	121,306	137,127	186,898	330,860
Titled vehicles	7,494	6,965	5,781	5,677	7,350	11,696
Other intermediate assets	30,820	20,825	11,388	24,242	34,472	63,148
Total intermediate farm assets	273,006	171,895	164,491	209,855	295,300	523,264

Long Term Farm Assets
Farm land	226,294	172,852	167,229	205,340	237,275	348,656
Buildings and improvements	108,570	60,484	67,612	67,854	106,030	240,762
Other long-term assets	22,609	10,082	12,445	18,894	24,795	46,802
Total long-term farm assets	357,474	243,418	247,287	292,087	368,100	636,220
Total Farm Assets	866,111	536,960	545,845	675,537	903,136	1,668,340

Total Nonfarm Assets	121,444	106,853	111,452	117,952	116,009	154,923
Total Assets	987,555	643,813	657,297	793,489	1,019,145	1,823,264

Liabilities
Current Farm Liabilities
Accrued interest	5,575	5,017	4,505	4,524	5,636	8,192
Accounts payable	9,914	10,438	7,132	7,137	9,370	15,492
Current notes	86,146	61,772	53,786	68,766	84,501	161,849
Government crop loans	21,450	18,032	19,253	21,274	20,635	28,048
Principal due on term debt	36,200	23,188	25,424	28,515	36,283	67,562
Total current farm liabilities	159,285	118,447	110,101	130,217	156,425	281,143

Total intermediate farm liabs	97,884	73,083	68,996	81,772	100,888	164,624
Total long term farm liabilities	200,253	166,798	147,830	164,641	195,860	326,059
Total farm liabilities	457,421	358,328	326,927	376,630	453,173	771,827

Total nonfarm liabilities	25,546	29,172	25,670	21,232	23,724	27,940
Total liabilities	482,967	387,499	352,597	397,862	476,897	799,767

Net worth (farm and nonfarm)	504,588	256,314	304,700	395,626	542,248	1,023,497
Net worth change	54,574	-8,342	15,249	37,579	53,802	174,444

Ratio Analysis
Current farm liabilities / assets	68 %	97 %	82 %	75 %	65 %	55 %
Curr. & interm farm liab. / assets	51 %	65 %	60 %	55 %	48 %	43 %
Long term farm liab. / assets	56 %	69 %	60 %	56 %	53 %	51 %
Total debt to asset ratio	49 %	60 %	54 %	50 %	47 %	44 %