Whole Farm Crop Livestock
Whole Farm Crop Livestock
Financial Ratios
 

Welcome to FINBIN

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.

2023 Farm Financial Data

The FINBIN database has been updated to include 2023 farm financial reports for the Minnesota farm business management programs. Minnesota farmers experienced a drastic reduction in farm income in 2023 primarily caused by decreasing prices for corn, soybean, and other commodities and challenging profitability for the dairy and hog sectors.

After three years of strong profits, the overall median net farm income for Minnesota farms fell to $44,719 in 2023, marking a return to the challenging levels faced from 2013 to 2019. This was down over 76% from the prior year. The average Minnesota farm saw a reduction in working capital, stagnant retained earnings, and limited profitability for the year. Crop yields were close to average for Minnesota, despite difficult growing conditions across much of the state. But the prices for corn, soybeans, milk and pork fell during the year, causing an economic storm for many producers in Minnesota.

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.

Cover crop work continues in 2023

The University of Minnesota’s Center for Farm Financial Management partnered with Environmental Defense Fund in 2021 to establish a financial data-gathering process for cover crops. As a result of this continuing effort, Cover Crop Impact reports are now available in FINBIN for 2022 and 2023 crop production years.

Look at the following reports to compare corn and soybeans grown with and without cover crops in Minnesota in 2023. Each report contains four columns to compare the impact cover crop production has on enterprise profitability. A more detailed report related to the economics of cover crops will be available later this spring.

Run Your Own Cover Crop Reports

Learn How To Run Your Own Cover Crop Reports using these real-world examples.

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Improve Your Farm Management

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.