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.
We recently corrected an error in FINBIN's Whole Farm Summary "Panel Reports." The ability to run panel reports was added to FINBIN last spring. Panel reports allow us to follow a particular group of producers from year to year without the population changing between years. If you have run Whole Farm panel reports, we suggest you re-run them. You will likely get somewhat different results. Crop and Livestock Panel Reports were not impacted.
2016 data has now been added from 8 states, Michigan, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, Utah and Wisconsin. Across those eight states, the median net farm income for all farms was $39,394, up $16,271 from the previous year. Here is a Financial Summary Report for all farms so far. Thanks to all the producers, educators and analysts who contribute to make this database possible.
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.
With the addition of the 2016 data comes a new feature in the FINBIN Summary Reports. Panel Reports are often referred to as "Same Farm" reports, and are known to researchers as Longitudinal Data Reports. For example, suppose a request was made for a report on the financial performance of a group of farms from 2012 to 2016. In a normal report, all farms that fit the criteria of the report for each year are included, so there will be a different population of farms each year. In a Panel Report, only farms that have data in every year are included in the report. This will decrease the number of farms included in the report over time, however it provides a more accurate picture of the changes that have occurred in the farm population being reviewed. Here is a link to a Panel Report for Minnesota crop farms from 2012 to 2016. This report includes all farms that were categorized as Crop farms in 2016 that were also in the database in each year 2012 - 2016. There are 633 farms that met that criteria. This report allows us to say with confidence that the Working Capital on these Minnesota crop farms has decreased by $241,000 since 2014 without concern that this might be caused by some farms leaving or joining the population.
The Panel Data Report option is only available on Summary Reports when 'Years' or 'Years (ascending)' is your Column Heading. When you select either of these as your columns, the Panel Data Reporting options will appear at the bottom of the report setup. You have to check the Panel Data Report option and then specify the "Year of data used to gather initial farms." This determines the initial population of the report. All farms that fit the report criteria for that year will be included in the initial population. Then, if a farm is also represented in all other years, that farm will be included in the final report.
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.