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.
The FINBIN database has been updated to include 2021 farm financial reports for the Minnesota farm business management programs. Minnesota farms continued to see improved profitability this past year, despite the drought conditions that affected much of the state during the production year. Crop yields were near trendline, but prices were with strong for the state’s major commodities. To learn more about Minnesota farm finances in 2021, access the full report at z.umn.edu/2021FINBINReport.
Median net farm income for Minnesota farms reached $166,262 in 2021. This was the second year of improved profitability after seven years of challenging financials for Minnesota farms. When adjusted for inflation, 2021 farm profits were the second highest on record. Overall, the average Minnesota farm saw continued improvement in working capital, retained earnings, and debt coverage in 2021. All farm types experienced positive net farm income for the second year in a row. Net farm income improvement was primarily the result of higher commodity prices. Government payments received by farms were down nearly 50% for the year.
Not every operation was as prosperous last year. The lowest profit farms had a breakeven year in 2021. The median net farm income for farms in the low 20% made just over $9,000 last year and experienced negative rates of return.
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.
Environmental Defense Fund and the University of Minnesota’s Center for Farm Financial Management have partnered to establish a new financial data gathering process for cover crops within the FINBIN database — the largest publicly available farm financial database and benchmarking service in the country...Read the entire article from the Environmental Defense Fund
The first Cover Crop Impact reports are available in FINBIN. Look at the following reports to compare corn and soybeans grown with and without cover crops. Each report contains four columns to compare the impact cover crop production has on enterprise profitability.
Learn How To Run Your Own Cover Crop Reports using these real-world examples.
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.