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State-wide Reports for 2004


Farm Income Statement
Minnesota State Colleges and Universities Statewide Farm Business Management Database
(Farms Sorted By Net Farm Income)

  Avg. Of          
  All Farms Low 20% 20 - 40% 40 - 60% 60 - 80% High 20%
 
Number of farms 2234 446 447 447 447 447
 
Cash Farm Income
Barley 748 919 148 478 903 1,290
Beans, Dark Red Kidney 285 187 29 22 209 977
Beans, Great Northern 60 - - - 41 262
Beans, Light Red Kidney 59 - 273 23 - -
Beans, Navy 516 735 309 310 461 767
Beans, Pinto 291 226 283 - - 946
Canola 430 654 122 35 652 687
Corn 78,057 46,456 60,668 68,935 75,929 138,227
Corn Silage 309 296 227 420 301 302
Corn, Seed 253 215 524 399 - 128
Grass Seed, Canary 41 23 - - 183 -
Grass Seed, Kentucky Blue 122 120 - 58 - 435
Grass Seed, Perennial Rye 29 44 - - - 102
Hay, Alfalfa 1,954 1,473 1,676 1,667 1,648 3,303
Hay, Grass 122 137 82 19 236 137
Hay, Mixed 137 221 183 41 173 65
Haylage, Alfalfa 45 6 22 4 35 160
Oats 213 196 152 211 261 247
Peas 724 511 362 633 544 1,567
Peas, Field 43 - - 65 45 106
Potatoes 487 1,281 599 - 81 477
Rice, Wild 34 - 134 6 30 -
Sod 95 - - - 477 -
Soybeans 55,130 30,152 42,124 50,592 59,922 92,804
Soybeans Seed 511 497 587 313 70 1,085
Straw 145 181 162 134 139 106
Sugar Beets 17,961 8,443 4,860 11,932 21,730 42,817
Sunflowers 524 398 501 314 506 900
Sunflowers, Confectionary 581 846 2 92 1,685 283
Sweet Corn 1,241 1,161 1,008 961 950 2,124
Wheat, Durum 45 226 - - - -
Wheat, Spring 17,320 12,072 10,799 14,852 23,828 25,038
Wheat, Winter 116 205 191 97 44 41
Rented Out 121 184 365 - 20 35
Corn, Waxy 47 237 - - - -
Soybeans, Natto 32 - - 24 - 137
Soybeans, Food 118 - 59 504 24 -
Other crops 71 64 - - - 291
Miscellaneous crop income 318 443 203 285 378 281
Beef Cow-Calf, Beef Calves 2,131 3,152 2,074 2,037 1,980 1,415
Beef Replacement Heifers 45 41 46 - 27 112
Beef, Custom Fed 1,425 146 63 1,232 4,380 1,302
Beef, Background Beef 1,012 2,000 550 506 1,291 715
Beef, Finish Beef Calves 8,463 4,437 5,364 2,771 11,152 18,582
Beef, Finish Yrlg Steers 3,496 1,763 854 4,272 856 9,729
Chickens, Egg Product., Eggs 215 - - - - 1,075
Dairy, Milk 95,134 34,504 38,563 66,456 110,793 225,218
Dairy, Dairy Calves 1,310 537 830 817 1,378 2,986
Dairy Heifers (for sale) 1,987 2,256 1,703 993 3,479 1,505
Dairy Replacement Heifers 441 540 196 325 593 553
Dairy Steers 6,895 5,583 3,592 11,471 7,503 6,323
Hogs, Farrow-Fin, Raised Hogs 19,061 1,112 3,226 2,481 7,924 80,520
Hogs, Feeder Pigs, Feeder Pigs 348 11 105 53 1 1,569
Hogs, Finish Feeder Pigs 25,983 6,689 4,525 5,912 12,859 99,888
Honey Production, Honey 89 448 - - - -
Sheep, Feeder Lambs, Fdr Lambs 50 124 - 95 10 18
Sheep, Market Lambs, Mkt Lambs 265 43 477 234 298 272
Turkeys 835 - 344 - 2,952 875
Turkeys, Contract 123 617 - - - -
Hogs, Contractee 1,119 430 474 1,354 1,741 1,594
Turkeys, Breed Turkey, Eggs 200 - - 1,000 - -
Beef, Finish Cull Cows 44 - - 206 - 12
Chickens, Pullets 177 106 - - - 778
Hogs, Weaning Pigs, Weaning Pigs 2,818 201 158 731 8,421 4,572
Hogs, Weaning to Feeder 197 - - - - 985
Hogs, Weaning to Finish 17,053 - 899 5,517 10,300 68,513
Hogs, Contractor 243 - - - 1,054 162
Beef Cow-Calf (shares), Beef Calv 46 157 - - - 75
CCC market loan gain 113 36 138 44 246 98
Cull breeding livestock 5,864 2,720 2,424 4,211 6,992 12,965
Misc. livestock income 1,239 1,009 1,435 1,356 682 1,711
LDP payments 5,240 2,508 3,574 4,521 5,397 10,192
Direct & CC govt payments 15,297 8,965 10,558 12,913 15,780 28,255
CRP payments 757 848 418 638 885 993
Livestock govt payments 1,011 311 346 894 1,283 2,219
Other government payments 1,457 982 1,038 839 1,516 2,912
Custom work income 10,021 5,012 9,434 8,808 11,157 15,684
Patronage dividends, cash 2,771 1,440 1,522 2,338 2,500 6,053
Insurance income 10,960 8,071 7,535 8,569 12,222 18,395
Cash from hedging accts 2,307 932 1,099 1,051 2,154 6,295
Contract livestock income 149 79 184 417 65 -
Other farm income 10,632 6,131 6,167 6,790 10,786 23,275
Gross Cash Farm Income 438,358 212,750 236,572 315,278 452,162 974,523

Farm Income Statement (Continued)
Minnesota State Colleges and Univerities Statewide Farm Business Management Database
(Farms Sorted By Net Farm Income)

  Avg. Of          
  All Farms Low 20% 20 - 40% 40 - 60% 60 - 80% High 20%
 
Number of farms 2234 446 447 447 447 447
 
 
Cash Farm Expense
Seed 22,729 13,535 15,485 19,293 23,715 41,596
Fertilizer 24,037 15,961 16,577 19,630 25,364 42,633
Crop chemicals 17,942 11,597 11,673 15,035 19,841 31,551
Crop insurance 7,773 4,888 5,540 6,504 8,527 13,399
Drying fuel 5,019 3,146 4,125 4,658 4,547 8,614
Irrigation energy 160 76 64 96 184 382
CCC buyback 11,877 7,357 7,787 10,707 10,550 22,975
Crop custom hire 254 96 260 116 275 525
Crop hauling and trucking 303 163 236 307 326 484
Crop marketing 1,264 1,431 803 822 1,540 1,721
Crop miscellaneous 2,756 1,892 1,863 2,183 1,955 5,885
Feeder livestock purchase 24,960 9,152 6,999 12,697 22,642 73,273
Purchased feed 54,105 16,398 16,220 27,409 49,718 160,698
Breeding fees 1,836 472 587 1,023 2,225 4,868
Veterinary 5,342 2,128 2,336 2,940 5,183 14,118
BST 675 381 205 290 599 1,898
Supplies 4,653 2,537 2,368 3,573 5,129 9,652
DHIA 413 134 165 360 520 884
Contract production exp. 3,300 295 892 1,236 4,215 9,854
Livestock custom hire 495 105 104 66 449 1,751
Livestock leases 539 150 8 53 376 2,107
Grazing fees 98 4 77 6 158 245
Livestock hauling and trucking 1,526 568 613 1,021 1,761 3,665
Livestock marketing 2,227 715 784 1,206 1,875 6,554
Bedding 1,019 467 381 585 1,045 2,618
Interest 22,932 18,544 16,334 19,436 21,748 38,590
Fuel & oil 13,919 8,992 9,726 11,086 14,299 25,483
Repairs 24,160 16,527 16,383 20,346 24,797 42,732
Custom hire 8,055 5,855 5,054 5,368 7,225 16,769
Hired labor 18,366 8,125 6,487 8,868 17,755 50,571
Land rent 41,657 24,066 27,463 34,431 42,059 80,228
Stock/quota lease 1,152 200 754 1,094 1,499 2,211
Machinery & bldg leases 7,494 3,176 2,981 4,253 6,325 20,727
Real estate taxes 3,028 2,146 2,396 2,555 2,906 5,134
Farm insurance 5,684 4,071 3,913 4,442 6,016 9,976
Utilities 6,130 4,005 4,025 4,983 6,451 11,184
Dues & professional fees 1,672 1,176 1,052 1,532 1,757 2,842
Hedging account deposits 3,612 2,210 1,666 1,049 3,489 9,640
Miscellaneous 6,159 4,089 4,313 4,873 6,279 11,236
Total cash expense 359,325 196,831 198,702 256,131 355,324 789,272
Net cash farm income 79,033 15,919 37,869 59,146 96,838 185,251
 
Inventory Changes
Crops and feed 850 -8,493 -5,438 -967 -5,229 24,358
Market livestock 4,799 -1,450 1,431 1,112 4,963 17,923
Accounts receivable 9,226 1,648 5,023 6,269 11,650 21,523
Prepaid expenses and supplies 3,712 -379 315 1,538 2,833 14,244
Accounts payable 95 -1,309 -1,261 1,133 122 1,786
Total inventory change 18,682 -9,984 70 9,085 14,341 79,834
Net operating profit 97,715 5,935 37,940 68,231 111,179 265,085
 
Depreciation and Other Capital Adjustments
Breeding livestock -1,676 -3,586 -1,240 -1,025 -1,892 -643
Machinery and equipment -18,499 -12,379 -12,341 -14,495 -19,002 -34,265
Buildings and improvements -6,093 -3,135 -3,492 -4,135 -5,615 -14,084
Other farm capital 1,314 53 566 206 1,850 3,893
Total depr. and other capital adj -24,954 -19,046 -16,507 -19,449 -24,659 -45,098
 
Net farm income 72,761 -13,111 21,433 48,783 86,519 219,987


 

 

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