Welcome to FINBIN

FINBIN is one of the largest and most accessible sources of farm financial and production benchmark information in the world. FINBIN places detailed reports on whole farm, crop, and livestock financials at your fingertips.

With just a few clicks of the mouse, you can see reports such as:

• Soybean cost and returns by tillage system
• Dairy cost and returns by size of herd
• Farm financial standards measures by type of farm

The possibilities are endless. Select Whole Farm Reports, Crop Reports, or Livestock Reports to create your own custom report.

The FINBIN database has been updated to include 2023 farm financial reports for the Minnesota farm business management programs. Minnesota farmers experienced a drastic reduction in farm income in 2023 primarily caused by decreasing prices for corn, soybean, and other commodities and challenging profitability for the dairy and hog sectors.

After three years of strong profits, the overall median net farm income for Minnesota farms fell to $44,719 in 2023, marking a return to the challenging levels faced from 2013 to 2019. This was down over 76% from the prior year. The average Minnesota farm saw a reduction in working capital, stagnant retained earnings, and limited profitability for the year. Crop yields were close to average for Minnesota, despite difficult growing conditions across much of the state. But the prices for corn, soybeans, milk and pork fell during the year, causing an economic storm for many producers in Minnesota.

You can use FINBIN’s summary reports to see the financial results for all farms by type or size of farm. Or, run a benchmark report to compare your farm to a group of farms similar to yours. Read the full report.

The University of Minnesota’s Center for Farm Financial Management partnered with the Environmental Defense Fund, U of MN Extension Southwest Minnesota Farm Management Association, the Minnesota State Farm Business Management Education program, and the Wisconsin Technical College Farm Business Management Program in 2021 to establish a financial data-gathering process for cover crops. As a result of this continuing effort, Cover Crop Impact reports are now available in FINBIN for 2022 and 2023 crop production years.

Look at the following reports to compare corn and soybeans grown with and without cover crops in Minnesota in 2023. Each report contains four columns to compare the impact cover crop production has on enterprise profitability. Read the full report.

• Corn on Cash Rent & Owned land in Northern MN - Cover Crop Impact
• Corn on Cash Rent & Owned land in Southern MN - Cover Crop Impact
• Soybeans on Cash Rent & Owned land in Northern MN - Cover Crop Impact
• Soybeans on Cash Rent & Owned land in Southern MN - Cover Crop Impact

Run Your Own Cover Crop Reports

Learn How To Run Your Own Cover Crop Reports using these real-world examples.

• September 9, 2024 - The economics of cover crops on Minnesota farms - 2023 data report (Environmental Defense Fund)
• September 5, 2024 - Trends in Corn Plant Populations (Purdue University)
• August 14, 2024 - Financial slippage is now apparent (Farm Progress)
• July 18, 2024 - Farm Machinery Expense Jumps >30% since 2020 (Agricultural Economic Insights)
• July 12, 2024 - Conventional & Organic Enterprise Net Returns, FINBIN data from 2019 to 2023 (Purdue University)
• June 21, 2024 - Ag Finance Insights: Looking Back, and Looking Ahead (Bell Bank)
• May 30, 2024 - Do farm profits equal farm size? (Farm Progress)
• May 29, 2024 - Beef with a business mindset (Farm Progress)
• April 24, 2024 - Are you overspending on fertilizer? (University of Minnesota Extension)
• April 16, 2024 - Dramatic drop in Minnesota farm incomes (Farm Progress)
• April 10, 2024 - Drop in Minnesota Farm Profitability Similar to a Decade Ago (Brownfield Ag News)
• March 1, 2024 - The Secrets of high-profit farms (Farm Progress)
• October 17, 2023 - Why liquidity is important for a farm (Farm Progress)
• August 3, 2023 - Trends in profitability and operational efficiency (Farm Progress)
• July 28, 2023 - Comparing Soybean Marketing Strategies (farmdoc Daily)
• July 28, 2023 - Elevated interest rates: How they impact producers’ cash flow and profitability (Federal Reserve Bank of Minneapolis)
• July 7, 2023 - Benchmarking Crop Machinery Cost and Investment (farmdoc Daily)
• June 21, 2023 - Understanding grow-finish barn break evens (National Hog Farmer)
• April 12, 2023 - Minnesota Net Farm Income Second-Highest in 25 Years in 2022 (Brownfield Ag News)
• February 15, 2023 - Red River Farm Network Interview: Dr. David Kohl (Red River Farm Network)
• August 9, 2022 - Learn to manage farm overhead costs (DakotaFarmer)
• July 22, 2022 - Cash Flow Management (Kansas Farm Management Assocation)
• July 1, 2022 - Trends in Working Capital (farmdoc Daily)
• November 17, 2021 - Bankers’ views: How subsidies, drought, and costs affected farmer financials (Federal Reserve Bank of Minneapolis)
• July 13, 2021 - Keep the Good Times Rolling: Boost Your Bottom Line by Building Cash Reserves, Investing in Income-Producing Assets (DTN Progressive Farmer)
• January 19, 2021 - How to use benchmarking in farm management decisions (DakotaFarmer)
• September 24, 2020 - Do You Know Your Costs to Grow Feed? (Dairy Herd Management)
• Fall 2020 - The Role of Hog Farmers in Minnesota's Rural Economy (University of Minnesota Extension)
• Fall 2020 - The Role of Dairy Farmers in Minnesota's Rural Economy (University of Minnesota Extension)
• June 11, 2020 - Succession planning and retirement for farmers and ranchers (Federal Reserve Bank of Minneapolis)
• March 5, 2020 - FINBIN – What is it and how do I use it? (FINPACK News)

As powerful as FINBIN is, you can enhance its value to you as a producer by joining a farm management association or education program. These programs provide individual farm management assistance to producers and have proven their worth to the thousands of producers who participate in these programs.