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 2022 farm financial reports for several farm business management programs across the country. Overall, farms saw continued financial improvement in 2022. Median net farm income for the farms in the database reached $185,554 in 2022. 2022 saw almost a 10% improvement in profitability over 2021, and when adjusted for inflation, 2022 farm profits were the second highest among the historical records. The average farm saw continued improvement in working capital, repayment capacity, and retained earnings. Repayment capacity, solvency, and financial efficiency performance also remained strong. 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.
In 2021, the University of Minnesota’s Center for Farm Financial Management partnered with Environmental Defense Fund to establish a financial data-gathering process for cover crops. As a result of this continuing effort, more Cover Crop Impact reports are now available in FINBIN.
Look at the following reports to compare corn and soybeans grown with and without cover crops in Minnesota in 2022. 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.