Copyright © 2004 Center for Farm Financial Management, University of Minnesota. All Rights Reserved. Farm Financial Database

Copyright © 2004 Center for Farm Financial Management, University of Minnesota. All Rights Reserved.

Farm Financial Database

www.finbin.umn.edu

Comprehensive Farm Financial Information System

FINPACK – Individual Farm Financial Analysis

RankEm – Benchmark Individual vs Group

RankEm Central – Group Summary Reports

FINBIN – Dynamic Web-Based Financial Reports



FINBIN Reports

Whole farm reports

Crop enterprise reports

Livestock enterprise reports


FINBIN Includes:

Data from 2500 MN producers, 3400 total

2.88 million acres of cropland60,000 dairy cows35,500 sows654,000 grow/finish pigs


FINBIN Data Sources

MN Farm Bus Mgt 2200 farms 1996-pres

SW MN Farm Mgt Assn 200 farms 1993-pres

SE MN Farm Mgt Assn 60 farms1993-pres

ND Farm Bus Mgt 550 farms 1993-pres

Nebraska Farm Bus Assn 160 farms 1995-pres

Ohio Extension 50 farms 1997-pres

Missouri FBMA 66 farms2003-


Data Security

Whole farm reports -- minimum of 10 farms in each report

Enterprise reports -- minimum of 5 farms in each report


5 Steps to Generating a FINBIN Report

Select a report type/enterprise




Select a report type/enterpriseSelect location

• State• Group• Region• Counties




Select a report type/enterpriseSelect locationSelect column format

• Any characteristic can be chosen as a column format




Select a report type/enterpriseSelect locationSelect column formatSelect characteristics

• Years• Type of farm • etc





Select a report type/enterpriseSelect locationSelect column formatSelect characteristicsRun the report


Whole Farm Report Characteristics

YearsType of farm (70 % rule)Size of farm (gross farm income)Size of farm (total assets)Size of farm (total crop acres)Net farm income (high/low profit farms)Debt to asset ratioAge of operator


Crop Enterprise Report Characteristics

Years Tenure (owned, cash, share rent) Net return (high vs. low return) Acres (total on farm) Production practices

• Tillage system• Row width• Roundup ready• Bt• Organic• Manure application


Livestock Enterprise Report Characteristics

YearsNet return (high vs. low return)Enterprise size


Example Whole Farm Report

Farm Financial Standards Sweet 16 by type of farm





Example Crop Report

Roundup Ready vs. Conventional Soybeans







Corn, Cash Rented, 2002FINBIN Database, So MN

Profitability Group < 20 % 20-40% 40-60% 60-80% 80-100%

Yield 150 157 161 167 173

Gross return $322.84 $344.16 $352.34 $366.93 $384.41

Seed 38.45 37.82 37.37 36.99 36.56

Fertilizer 48.03 48.01 45.87 43.91 42.13

Chemicals 29.48 29.90 26.81 26.03 24.49

Rent 103.50 103.19 101.67 101.97 98.06

Total direct cost 302.08 296.06 280.41 270.17 258.41

Total costs 373.94 350.05 330.90 319.17 296.09

Net return to operator lbr & mgt -51.10 -5.89 21.44 47.76 88.32

Cost of production 2.53 2.26 2.09 1.94 1.75


Example Livestock Report

Dairy by Herd Size



Documents

Copyright © 2004 Center for Farm Financial Management, University of Minnesota. All Rights Reserved. Farm Financial Database