Missouri FBMA2011 Analysis and

Comparisons

2011 FBMA Record Summary• 153 Farms Submitted Analysis

– 151 Included in Summary• 111 with enterprise analysis (81 in 2010)• 40 with whole farm only (57 in 2010)

– Not Included• 2 with less than 250 unpaid hours and/or small

gross income and/or non-typical operation• 1 1st –year balance sheet (8 in 2010)• 18-20 farms new to the summary

2011 Distribution of Net Farm Income (Cost)(NFI from all farms are included in the Median and Average figures but 1 farm NFI is excluded

from the upper end because of range.)

NFI by Farm

Average NFI = $148,886

Median NFI = $74,806

-30,00020,00070,000

120,000170,000220,000270,000320,000370,000

420,000470,000520,000570,000620,000670,000

720,000770,000820,000

Farm Rank

NF

I Per

Far

m U

nit

NFI by Farm Avg NFI Median NFI

Note: ‘07-’10 Hogs not included in graph.

Note: ‘07-’10 Hogs not included in graph.

2011 Missouri FBMA Income Sources

2011 Missouri FBMA Expense Sources

* FBMA farms that included a complete crop enterprise analysis, including all direct and overhead costs (53 farms in 2011).

MO2005

MO 2006

MO2007

MO2008

MO2009

MO2010

MO2011

(97 farms) (80 farms) (122 farms) (141 farms) (134 farms) (138 farms) (151 farms)

Gross Cash Farm $325,631 $394,389 $391,192 $405,230 $496,562 $567,187 $582,940

Income

Total Cash Expense $273,566 $327,150 $315,503 $331,787 $411,290 $433,597 $469,897

Net Cash Farm $52,065 $67,239 $75,689 $73,443 $85,272 $133,590 $113,043

Income

Inventory Changes $6,925 $31,317 $58,884 -$5,931 $28,059 $45,383 $61,646

Depreciation -$6,510 -$11,894 -$11,878 -$15,018 -$21,817 -$26,125 -$31,434

Demographics

MO 2005

MO2006

MO2007

MO2008

MO2009

MO2010

MO2011

(97 farms) (80 farms) (122 farms) (141 farms) (134 farms) (138 farms) (151 farms)

Net Farm Income $62,480 $86,662 $122,695 $52,507 $92,019 $160,387 $148,886

(cash)

Value of Farm $252,846 $335,070 $367,326 $314,900 $413,657 $495,231 $505,233

Production

Total Labor 2,657 3,323 3,152 2,973 3,193 3,162 3,011

Hours/Farm

Net Farm $39.33 $47.78 $70.91 $32.50 $59.72 $103.45 $100.55

Income/Unpaid

Hour

Demographics – (continued)

MO2005

MO2006

MO2007

MO2008

MO2009

MO2010

MO2011

(97 farms) (80 farms) (122 farms) (141 farms) (134 farms) (138 farms) (151 farms)

Total Acres Owned 420 426 436 403 435 477 397

Total Crop Acres 686 830 739 692 829 827 684

Crop Acres Cash 222 260 236 253 326 327 262

Rented

Crop Acres Share 209 298 240 210 227 222 193

Rented

Demographics – Acres

MO2005

MO2006

MO2007

MO2008

MO2009

MO2010

MO2011

(97 farms) (80 farms) (122 farms) (141 farms) (134 farms) (138 farms) (151 farms)

Average Age of 47.6 47.4 46.3 46.4 48.7 49.5 48.9

Operator

Average Number of 24.3 25.3 23.6 23.2 26.2 27.1 26.2

Years Farming

Demographics – Operators

Demographics – Crop YieldsMO Ag Statistical Service MO FBMA Farms

2006/Avg 2007/Avg 2008/Avg 2009/Avg 2010/Avg 2011/Avg 2006/Avg 2007/Avg 2008/Avg 2009/Avg 2010/Avg 2011/Avg

Corn (bu.) 138 142 144 153 123 128 137 131 149.2 109.8 115.2

Soybeans (bu.) 38 37 38 43.5 41.5 40 40 34 45.5 44.6 40.4

Winter Wheat (bu.) 54 43 48 47 45 47 48 52 41.3 41.4 53.9

Grain Sorghum (bu.) 85 96 97 86 78 79 89 81 - - -

Hay (T.) Mixed(All

Hay) 2.07 1.96 2.3 2.3 2.6 2.24 2.8 2.0

Current Ratio

Working Capital

Farm Debt to Asset Ratio(MKT)

Farm Equity to Asset Ratio(MKT)

Farm Debt to Equity Ratio(MKT)

Rate of Return on Farm Assets(COST)

Rate of Returnon Farm Equity (COST)

Operating Profit Margin(COST)

Net Farm Income (COST)

Term Debt Coverage Ratio

Capital ReplacementMargin

Asset Turnover Rate(Cost)

Operating Expense Ratio

Depreciation ExpenseRatio

Interest Expense Ratio

Net Farm Income Ratio

What is the Economic Impact of an FBMA Farm in a Local Community in

2011?

Money Spent by the Average 2011 Missouri FBMA Farm in the Local Community &

Service Area

• With Other Farmers $44,266

– (Brd/Non-Brd.-Livestock & Custom Work)

• With Other Landowners $42,207

– (Cash Land Rent/Land Leases)

• For Labor $20,386

• For Farm Utilities $6,474

Money Spent (continued)

• With Agribusiness Community $338,959

– Crop Production Expenses $156,858

– Livestock Production Expenses $110,541

– Fuel & Repair Expenses $51,498

– Other/Misc. Expenses $13,821

– Farm Insurance $6,241

Money Spent (continued)

• With Lenders (Interest) $19,247

• For Farm Equipment/Vehicles/Leases $77,133

• For Farm Assets $37,296

– (Bldgs./Land/Impr. - Other Farm Assets)

• For Local Government $3,878

– (Real Estate/Personal Prop Taxes)

• Family Living/Non-Farm Expenses* $70,573

– (Inc. Taxes & Purch. Of Non-Farm Assets)

*Partially reported

Total Annual Spending Within the Community or Service Area by the Average Missouri FBMA Farm…........................ $660,419