摘要：Average net farm income was $322,165 in 2010 for the 97 farms included in this annual report of the Southwestern Minnesota Farm Business Management Association. Average earnings increased by 362% from $69,787 in 2009 (Figure 1). Inflations adjusted profits rebounded after a downturn in 2009 that was caused primarily by low profits in the livestock sectors. Strong yields, substantially higher crop inventory values, and rebounding profitability of the livestock sectors led the way to much higher profits in 2010. Highlights of association financial results for 2010: Entire report is available at: http://www.cffm.umn.edu/Publications/Pubs/FBMA/SW_MN_FBMA_2010.pdf• Median net farm income, or the income earned by the middle farm, was $234,879, substantially lower than the average, indicating that the average was skewed by high profits of the most profitable farms. In 2009, this effect was reversed due to large losses suffered by some of the large livestock farms in the association. • As is the case every year, incomes varied widely across the entire group. The average net farm income for the most profitable 20% of the farms was $819,795 while the least profitable 20% earned only $62,563. • Average gross cash income was up 11% from 2009 (Figure 2) while cash expenses increased by 5%. • Government payments were down 5% and accounted for 2% of gross cash farm income (Figure 2). Crop sales accounted for 46% of income while livestock sales were 47%. • Average rate of return on assets (ROA) rebounded to 17% with assets valued at adjusted cost or book value, up from 3% in 2009 (Figure 3). Rate of return on equity (ROE) averaged 24%, up from 2%. The fact that ROE was higher than ROA indicates that debt capital earned more than the average interest rate paid. • The average farm reported net worth growth of $291,599. Net worth growth from earnings (farm and non-farm) averaged $254,596. The remainder resulted from changes in asset values. The average debt-to-asset ratio decreased from 40% to 38% (Figure 4). Crops • Corn yields were almost unchanged from 2009 but above historical averages at 184 bushels per acre. Soybeans yields averaged 51 bushels, up from 49 in 2009 (Figure 5). • Both corn and soybean prices received decreased from 2009 levels but remained above historical averages. The average price received for corn was $3.67 per bushel compared to $3.83 in 2009. Soybeans average $9.72 per bushel, down from $10.15. Most of the increased profits for crop farms resulted from the increased value of inventories with the run-up of prices at the end of the year. • The cost to raise an acre of corn (with land rent) decreased by 5% while soybean costs were virtually unchanged. The cost to produce a bushel of corn on cash rented land decreased from $3.30 per bushel in 2009 to $3.12 in 2010, while soybean costs were virtually unchanged ($8.18 in 2009, $8.17 in 2010). These costs include a charge for unpaid labor and management, but do not include a charge for equity capital. For corn, fertilizer costs per acre decreased by 37%. Drying and chemical costs were also down, while seed and cash rent were up.
