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Showing posts from May, 2016

FINBIN Database Useful Tool

By David Bau, Extension Educator

Farm production records for 2015 have been added to FINBIN website.  Farmers who participate in Adult Farm Management programs across Minnesota production records are combined online at the FINBIN website.  The FINBIN website found at: http://www.finbin.umn.edu is full of great reference information going back to 1993. At the FINBIN website, producers can examine what has been taking place with their peers or examine costs for different crops.

At the FINBIN website, you are able to generate summary reports, benchmark reports and compare your farm financial results to peer group farms. Under the summary section, you are able to generate reports summarizing whole farm results for financial standards, income statements, profitability measures, liquidity measures, balance sheets, statement of cash flow, crop production and marketing summary, household and personal expenses operator and labor information, nonfarm summary and detailed income statement. Ther…

Women in Agriculture Quarterly Seminar

By: Pauline Van Nurden, Extension Educator

University of Minnesota Extension and USDA Farm Service Agency are hosting a Women in Agriculture Seminar on June 1, 2016 at the Willmar Regional Extension Office (located on the MinnWest Technology Campus, 1802 18th St NE, Willmar, MN 56201).  The focus of this quarter’s seminar is farm transfer and estate planning.  The day will give attendees the opportunity to learn and network with other women in agriculture in the region.  Registration begins at 9:30 am, with the seminar convening from 10:00 am to 3:00 pm.

2015 FINBIN Report on Minnesota Farm Finances

Managing for a Reasonable Profit Margin

By Don Nitchie, Extension Educator

Psychologically adjusting their expectations to the more typical long-term profit and loss environment we seem to have returned to—remains a big challenge for many farm managers.  We know from actual on-farm data, that prior to 2006, a profit margin of $50 or more per acre for cash rented corn production was a rare situation for the average farm.  It was not uncommon to experience a $20-30 per acre loss for the average farm.  If you go back beyond 1996, except for occasional supply shocks such as drought, profit margins such as occurred during the demand expansion years of 2006-12 were never experienced for such an extended period of time. Additionally, we know from actual on-farm data that there is a wide variation in a given year from farm to farm. The High 20% of SW Minnesota Farm Business Management Association Farms averaged a net return of $77.44/acre while the low 20% averaged a loss of $145.80/acre in 2015.  This variability represents opport…