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.
FINBIN now includes year 2020 data from 3171 farms from seven states. Data has been added from Missouri, Nebraska, North Dakota, South Dakota, Utah and Wisconsin in addition to the Minnesota database. The Median 2020 net farm income for all farms added so far was $107,422, up from $39,402 in 2019.
Minnesota farms across all regions of the state saw improved profitability in 2020, despite the challenges COVID-19 created. Favorable growing conditions, increased commodity prices, and government payments all contributed to this increase profitability. Median net farm income for Minnesota farms reached $106,969 this past year. This was a welcome increase after seven years of low profitability. Working capital drastically improved for the average farm in 2020, increasing $115,419. Term debt coverage was also much improved year over year. The average farm had a term debt coverage ratio of 2.73:1 in 2020. And the average farm’s net worth increased by about $192,000. These improved financial measures speak to the stark improvement in Minnesota farm financial footing during the past year.
View the 2020 FINBIN Report on Minnesota Farm Finances to learn more about the financial health of the state’s agriculture industry.
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.