missouri fbma 2010 analysis and comparisons
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Missouri FBMA 2010 Analysis and Comparisons. 2010 FBMA Record Summary. 141 Farms Submitted Analysis 138 Included in Summary 81 with enterprise analysis (71 in 2009) 57 with whole farm only (63 in 2009) Not Included - PowerPoint PPT PresentationTRANSCRIPT
Missouri FBMA2010 Analysis and
Comparisons
2010 FBMA Record Summary• 141 Farms Submitted Analysis
– 138 Included in Summary• 81 with enterprise analysis (71 in 2009)• 57 with whole farm only (63 in 2009)
– Not Included• 3 with less than 250 unpaid hours and/or small
gross income and/or non-typical operation• 8 1st –year balance sheets (3 in 2009)
2010 Distribution of Net Farm Income (Cost)(NFI from all farms are included in the Median and Average figures but 4 farms’ NFI is excluded
from the upper and 4 from the lower end because of range.)
NFI by Farm
Average NFI = $160,387
Median NFI = $105,443
-14,0006,000
26,00046,00066,00086,000
106,000126,000146,000166,000186,000206,000226,000246,000266,000286,000306,000326,000346,000366,000386,000406,000426,000446,000466,000486,000506,000
Farm Rank
NFI
Per
Far
m U
nit
NFI by Farm Avg NFI Median NFI
2003 2004 2005 2006 2007 2008 2009 201010,000
25,000
40,000
55,000
70,000
85,000
100,000
115,000
130,000
145,000
160,000
Net Farm IncomeData Source: Missouri Farm Business Management Anal-
ysis Program
Nom
inal
Dol
lars
2003 2004 2005 2006 2007 2008 2009 20102.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
Rates of Return -- All FarmsAssets Valued at Adjusted Cost Basis
Data Source: Missouri Farm Business Management Analysis Program
2003 2004 2005 2006 2007 2008 2009 20100%
5%
10%
15%
20%
25%
30%
Farm Debt to Asset Ratio -- All FarmsData Source: Missouri Farm Business Management Anal-
ysis Program
2003 2004 2005 2006 2007 2008 2009 20100%
50%
100%
150%
200%
250%
300%
350%
400%
450%
500%
Term debt coverage ratio -- All FarmsData Source: Missouri Farm Business Management
Analysis Program
Note: ‘07-’10 Hogs not included in graph.
2003 2004 2005 2006 2007 2008 2009 2010
-150000
-50000
50000
150000
250000
350000
Net Farm Income by Type of FarmData Source: Missouri Farm Business Management Analysis Program
Dol
lars
2003 2004 2005 2006 2007 2008 2009 2010
-5
0
5
10
15
20
25
30
Return on Farm Assets by Type (Cost)Data Source: Missouri Farm Business Management Analysis Program
Perc
ent R
OA
Note: ‘07-’10 Hogs not included in graph.
<50 50-100 100-250 250-500 500-1000 1000+
-150,000
-100,000
-50,000
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
500,000
Net Farm Income by Farm Size 2006-2010FBMA Database, Missouri Average by Gross Farm Income ($1,000)
Data Source: Missouri Farm Business Management Analysis Program
<50 50-100 100-250 250-500 500-1000 1000+
-2.0%
3.0%
8.0%
13.0%
18.0%
Rate of Return on Asset by Farm Size (Cost)2006-2010
FBMA Database, MO Average by Gross Farm Income ($1000)Data Source: Missouri Farm Business Management Analysis Program
2010 Missouri FBMA Income Sources
2004 2005 2006 2007 2008 2009 20100
20
40
60
80
100
3946 47
55 56 56 58
53 44 47 37 36 31 32
8 10 6 8 8 13 10
Livestock/Crop Percent of Gross ReceiptsMissouri FBMA Program Data
Crop Receipts Livestock Receipts Other (including crop insurance income)
Perc
ent
2010 Missouri FBMA Expense Sources
Interest
Fuel & Oil
Repairs
Hired Labor
Land Rent
RE Tax/Pers Tax
Depr/Cap Adj
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
Selected Operating Expenses by YearFBMA Database, Missouri Averages
Data Source: Missouri Farm Business Management Anal-ysis Program
2004 2005 2006 2007 2008 2009 20100
100
200
300
400
500
600
130 136 138 155228 234 243
80 91 85 87
96 106 11287 82 74
103
131166 162
Corn Cost Per Acre (cash rent)*Missouri FBMA Program Data
Seed, Fertilizer, Chemicals Land Rent Other Expenses
2004 2005 2006 2007 2008 2009 20100
50
100
150
200
250
300
350
400
57 63 59 6692 109 104
75 81 84 83
93104 110
79 71 6791
103
118 122
Soybean Cost Per Acre (cash rent)* Missouri FBMA Program Data
Seed, Fertilizer, Chemicals Land Rent Other Expenses
MO2005
MO 2006
MO2007
MO2008
MO2009
MO2010
(97 farms) (80 farms) (122 farms) (141 farms) (134 farms) (138 farms)
Gross Cash Farm $325,631 $394,389 $391,192 $405,230 $496,562 $567,187 IncomeTotal Cash Expense $273,566 $327,150 $315,503 $331,787 $411,290 $433,597
Net Cash Farm $52,065 $67,239 $75,689 $73,443 $85,272 $133,590 IncomeInventory Changes $6,925 $31,317 $58,884 -$5,931 $28,059 $45,383
Depreciation -$6,510 -$11,894 -$11,878 -$15,018 -$21,817 -$26,125
Demographics
MO 2005
MO2006
MO2007
MO2008
MO2009
MO2010
(97 farms) (80 farms) (122 farms) (141 farms) (134 farms) (138 farms)
Net Farm Income $62,480 $86,662 $122,695 $52,507 $92,019 $160,387 (cash)Value of Farm $252,846 $335,070 $367,326 $314,900 $413,657 $495,231 ProductionTotal Labor 2,657 3,323 3,152 2,973 3,193 3,162 Hours/FarmNet Farm $39.33 $47.78 $70.91 $32.50 $59.72 $103.45 Income/Unpaid Hour
Demographics – (continued)
MO2005
MO2006
MO2007
MO2008
MO2009
MO2010
(97 farms) (80 farms) (122 farms) (141 farms) (134 farms) (138 farms)
Total Acres Owned 420 426 436 403 435 477 Total Crop Acres 686 830 739 692 829 827 Crop Acres Cash 222 260 236 253 326 327 Rented
Crop Acres Share 209 298 240 210 227 222 Rented
Demographics – Acres
MO2005
MO2006
MO2007
MO2008
MO2009
MO2010
(97 farms) (80 farms) (122 farms) (141 farms) (134 farms) (138 farms)
Average Age of 47.6 47.4 46.3 46.4 48.7 49.5 Operator
Average Number of 24.3 25.3 23.6 23.2 26.2 27.1 Years Farming
Demographics – Operators
Demographics – Crop YieldsMO Ag Statistical Service MO FBMA Farms
2006/Avg 2007/Avg 2008/Avg 2009/Avg 2010/Avg 2006/Avg 2007/Avg 2008/Avg 2009/Avg 2010/Avg
Corn (bu.) 138 142 144 153 123 128 137 131 149.2 109.8
Soybeans (bu.) 38 37 38 43.5 41.5 40 40 34 45.5 44.6
Winter Wheat (bu.) 54 43 48 47 45 47 48 52 41.3 41.4
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
Current Ratio
97 Farms 80 Farms 122 Farms 141 Farms 134 Farms 138 Farms2005 FBMA 2006 FBMA 2007 FBMA 2008 FBMA 2009 FBMA 2010 FBMA
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
5.00%
Working Capital
97 Farms 80 Farms 122 Farms 141 Farms 134 Farms 138 Farms2005 FBMA 2006 FBMA 2007 FBMA 2008 FBMA 2009 FBMA 2010 FBMA
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
Farm Debt to Asset Ratio(MKT)
97 Farms 80 Farms 122 Farms 141 Farms 134 Farms 138 Farms2005 FBMA 2006 FBMA 2007 FBMA 2008 FBMA 2009 FBMA 2010 FBMA
15%
20%
25%
30%
35%
40%
45%
50%
Farm Equity to Asset Ratio(MKT)
97 Farms 80 Farms 122 Farms 141 Farms 134 Farms 138 Farms2005 FBMA 2006 FBMA 2007 FBMA 2008 FBMA 2009 FBMA 2010 FBMA
45%
50%
55%
60%
65%
70%
75%
80%
85%
Farm Debt to Equity Ratio(MKT)
97 Farms 80 Farms 122 Farms 141 Farms 134 Farms 138 Farms2005 FBMA 2006 FBMA 2007 FBMA 2008 FBMA 2009 FBMA 2010 FBMA
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
110%
Rate of Return on Farm Assets(COST)
97 Farms 80 Farms 122 Farms 141 Farms 134 Farms 138 Farms2005 FBMA 2006 FBMA 2007 FBMA 2008 FBMA 2009 FBMA 2010 FBMA
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
Rate of Returnon Farm Equity (COST)
97 Farms 80 Farms 122 Farms 141 Farms 134 Farms 138 Farms2005 FBMA 2006 FBMA 2007 FBMA 2008 FBMA 2009 FBMA 2010 FBMA
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Operating Profit Margin(COST)
97 Farms 80 Farms 122 Farms 141 Farms 134 Farms 138 Farms2005 FBMA 2006 FBMA 2007 FBMA 2008 FBMA 2009 FBMA 2010 FBMA
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
Net Farm Income (COST)
97 Farms 80 Farms 122 Farms 141 Farms 134 Farms 138 Farms2005 FBMA 2006 FBMA 2007 FBMA 2008 FBMA 2009 FBMA 2010 FBMA
-$150,000
-$100,000
-$50,000
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
Term Debt Coverage Ratio
97 Farms 80 Farms 122 Farms 141 Farms 134 Farms 138 Farms2005 FBMA 2006 FBMA 2007 FBMA 2008 FBMA 2009 FBMA 2010 FBMA
-300%
-200%
-100%
0%
100%
200%
300%
400%
500%
600%
Capital ReplacementMargin
97 Farms 80 Farms 122 Farms 141 Farms 134 Farms 138 Farms2005 FBMA 2006 FBMA 2007 FBMA 2008 FBMA 2009 FBMA 2010 FBMA
-$110,000
-$60,000
-$10,000
$40,000
$90,000
$140,000
$190,000
$240,000
$290,000
Asset Turnover Rate(Cost)
97 Farms 80 Farms 122 Farms 141 Farms 134 Farms 138 Farms2005 FBMA 2006 FBMA 2007 FBMA 2008 FBMA 2009 FBMA 2010 FBMA
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
Operating Expense Ratio
97 Farms 80 Farms 122 Farms 141 Farms 134 Farms 138 Farms2005 FBMA 2006 FBMA 2007 FBMA 2008 FBMA 2009 FBMA 2010 FBMA
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
110.0%
120.0%
Depreciation ExpenseRatio
97 Farms 80 Farms 122 Farms 141 Farms 134 Farms 138 Farms2005 FBMA 2006 FBMA 2007 FBMA 2008 FBMA 2009 FBMA 2010 FBMA
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
Interest Expense Ratio
97 Farms 80 Farms 122 Farms 141 Farms 134 Farms 138 Farms2005 FBMA 2006 FBMA 2007 FBMA 2008 FBMA 2009 FBMA 2010 FBMA
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
Net Farm Income Ratio
97 Farms 80 Farms 122 Farms 141 Farms 134 Farms 138 Farms2005 FBMA 2006 FBMA 2007 FBMA 2008 FBMA 2009 FBMA 2010 FBMA
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
What is the Economic Impact of an Average Farm in a Local Community?
Money Spent by the Average 2010 Missouri FBMA Farm in the Local Community &
Service Area
• With Other Farmers $41,168– (Brd/Non-Brd.-Livestock & Custom Work)
• With Other Landowners $38,437– (Cash Land Rent/Land Leases)
• For Labor $19,903• For Farm Utilities $6,255
Money Spent (continued)
• With Agribusiness Community $305,514– Crop Production Expenses $139,280– Livestock Production Expenses $93,838– Fuel & Repair Expenses $50,513– Other/Misc. Expenses $16,163– Farm Insurance $5,720
Money Spent (continued)
• With Lenders (Interest) $21,216• For Farm Equipment/Vehicles/Leases $72,249• For Farm Assets $73,833
– (Bldgs./Land/Impr. - Other Farm Assets)
• For Local Government $4,092– (Real Estate/Personal Prop Taxes)
• Family Living/Non-Farm Expenses* $75,225– (Inc. Taxes & Purch. Of Non-Farm Assets)
*Partially reported
Total Annual Spending Within the Community or Service Area by the Average Missouri FBMA Farm…........................ $657,892
