FINANCIAL CHARACTERISTICS OF NORTH DAKOTA FARMS 1996-1998

The performance of over 530 North Dakota farms, 1996-1998, is summarized using 16 financial measures. Farms are categorized by geographic region, farm type, farm size, gross cash sales, farm tenure, net farm income, debt-to-asset, and age of farmer to analyze relationships between financial performance and farm characteristics. There was severe deterioration of financial performance in 1997. Financial performance in 1998, although the second lowest in the 1991-1998 period, improved because strong crop yields and emergency federal aid helped offset low crop and livestock prices. Median farm net income was $19,491 in 1998, $14,290 in 1997 and $31,603 in 1996. One-fourth of farms had negative net farm income and 51 percent of farms were not able to make scheduled term debt payments with 1998 income.