Appendix Three --  Comparing Financial Performance of Two Types of Graziers and Conventional Farms.   DRAFT
NFIFO = Net Farm Income from Operations
FFAMIS = Farm Financial Analysis and Management Information System which is the name of the computer system used by the Fox Valley and Lakeshore Farm Management Associations.  There are data from over 800 farms, ranging in size from 19 to 1300 cows, on the FFAMIS system.  *FFAMIS values for NFIFO and NFIFO/Cow adjusted to comply with grazing study procedures.
		Average of 9 Low Capital Graziers	Average of 10 High Capital Graziers	Average of 19 Graziers	FFAMIS	Highest Among 19 Graziers	Lowest Among 19 Graziers
$NFIFO
	1995	39,210	42,809	41,104	38500*	97,450	-4,444
	1996	34,382	50,349	42,786	43899*	109,707	-11,504
	1997	30,030	52,355	41,780	46122*	105,595	-2,827
	1998	56,539	76,500	67,045	86572*	109,675	7,746
$NFIFO/ Forage Acre Harvested
	1995	276	251	262		425	-30
	1998	320	448	387		876	52
	4 Yr. Ave. (98 A.)	227	280	278		597	-18
$NFIFO/Cow
	1995	910	756	819	505?*	1662	-178
	1996	737	788	768	527*	1832	-460
	1997	637	802	737	483*	1535	-113
	1998	1,066	837	1,059	834*	2593	310
	4 Yr.Ave.	837	850	837		1905	-110
Cash Income/Cow
	1995	2234	2706	2,514		3269	957
	1996	2304	2952	2,695		3575	928
	1997	2060	2756	2,482		3303	913
	1998	2505	3066	2,844		4061	1027
Cash Expense/Cow
	1995	1508	1962	1,777		2452	791
	1996	1482	2013	1,803		2803	562
	1997	1438	1969	1,760		2557	473
	1998	1464	1983	1777		2585	562
Basic Cost/Cwt.
	1995				7.85	9.72	5
	1996				8.55	14.65	5.7
	1997				7.41	11.19	4.84
	1998				8.23
Invest/Cow
	1995	4,601	7,154	6,116	7223	11,395	1,457
	1996	4,484	6,800	5,881	7630	9,928	2,723
	1997	5,063	7,071	6,280	6752	9,487	3,438
	1998	4,864	6,477	5,837		9,973	3,561
Debt/Cow
	1995	1,370	2,478	2,027	2507	4,846	0
	1996	1,314	2,435	1,990	2604	4,900	0
	1997	1,757	2,571	2,251	2748	5,386	0
	1998	1,636	2,301	2,037		4,364	0
Number of Cows
	1995	43.10	56.6	50.2	76	104	25
	1996	46.70	63.9	55.7	84	130	25
	1997	47.10	65.3	56.7	92.5	132	25
	1998	53.1	72.6	63.3	99.5	128.5	25
Lbs Milk/Cow
	1995	15,429	18,581	17,043	18436	23,702	5,960
	1996	13,733	17,360	15,769	18493	23,508	4,802
	1997	13,684	17,543	16,200	19057	24,000	6,000
	1998	14,176	17,584	16,231	20198	24,890	6,720
Annual Simple Average Milk Price
	1995	13.60	13.22	13.4		15.43	11.41
	1996	15.40	14.79	15.08		17.46	13.33
	1997	14.11	13.18	13.26		15.56	12.24
	1998	16.13	15.36	15.72		18.81	12.14
	4 Year Ave.	14.62	14.14	14.36		16.28	12.28