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:
The possibilities are endless. Select Whole Farm Reports, Crop Reports, or Livestock Reports to create your own custom report.
Minnesota farmers experienced their fifth consecutive year of low profitability in 2017. The median farm earned $28,551, down slightly from just over $36,000 in 2016. Declines in farm income were largely driven by low profits and losses for cash crop farms, while livestock farms, in general, had a better year. With average investment of over $2 million, farms earned a 2.2% return on investment. Across all farm types, almost one-third of farms lost net worth in 2017.
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.
The 2,306 Minnesota farms included in the FINBIN database represent a broad cross-section of Minnesota production agriculture. While there is no “typical” Minnesota farm, these farms include a large enough sample to provide a good barometer of commercial farming in Minnesota. FINBIN data is provided by farms that participate in Minnesota State Farm Business Management Education programs and the Southwestern Minnesota Farm Business Management Association. These farms represent about 3 percent of the farms in the state and 14% of commercial farms with sales of over $250,000.
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.